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Banking & Financial Services

Shaping the future of digital commerce—together

The banking and financial services sector witnesses an unprecedented change, and banks are left with no choice but to commit to constant innovation. It can be overwhelming to navigate the global events, disruptions in technology or new regulations, the pressure to adopt API banking, and evolving customer expectations. Moreover, with the shift to pre-emptive highly personalized financing and the growing prevalence of FinTech companies, banks may want to revisit their existing strategies, shape new business models, and reinvent workflows.

What We Offer

Innova has been a technology partner for several banks and financial services firms. We have helped our clients accelerate their digital transformation initiatives as they try to keep pace with the changing landscape. With insightful analytics, scalable banking services, innovative delivery models, and strategic initiatives, we ensure that they drive efficiencies and reduce costs. Our primary focus areas include Wealth and Asset Management, Payments, Compliance, Banking, Custody, Corporate Trust, and Transfer Agency.

Our Core Technological Strengths

Customized online banking portal and mobile banking app
Asset management application for individuals and institutions
Social media banking
Custom application for credit scoring
Mobile wallets for credit scoring
Risk management and compliance programs

Our Industry Offerings

The wealth and asset management industry witnesses increased regulatory supervision, growing competition from fintech companies, volatile market conditions, and risk averse investors. After the pandemic, the investors want to invest with a purpose, have shifted to digital interactions, and seek democratized products and services. This necessitates seamless digital channels of communication, better turnaround times, improved decision making, and reduced error rates driving financial institutions to build new operating models and adopt technology platforms.

How can we help?

  • In investment selection with Big Data analytics and AI
  • Replace expensive human resources with scalable technology
  • Assist in AI-supported investment decisions and asset allocation
  • Streamline front and back-office functions
  • Reduce manual intervention in client onboarding and regulatory compliance

The global payments industry is undergoing a paradigm shift with an influx of technology, demographics, and regulatory dynamics. While the customer-facing part of the value chain continues to witness elevated levels of innovation, service providers are still grappling with back-end infrastructure enhancements.
Innova’s payment services provide simplified payment solutions to businesses of all sizes. Finance and blockchain experts at Innova are helping transform the digitization of commerce by deploying a real-time, peer-to-peer digital payment platform; SmartEdge. This platform provides more direct control and faster settlement that allows financial institutions to redefine consumer experience. It supports digital merchant acquiring, instant prepaid, debit and credit card, or issuance of instruments.

Recent years have witnessed stupendous changes in traditional banking products and channels largely driven by customers. Internet and mobile banking have seen rapid adoption resulting in fewer customers queueing up at branches to open accounts or seek loans. Service levels are no longer the differentiating factor. The optimal customer experience at every touchpoint, that is efficient, convenient, personalized, and streamlined is what sets financial institutions apart.

How can we help?

  • Provide cutting edge technology for customized internet banking interface and mobile banking applications for a rich user experience
  • Ensure convergence of banking interfaces using IoT application
  • Ensure greater personalization and channel optimization through Big Data, Advanced Analytics, and Business Intelligence
  • Leverage Predictive Analytics to optimize customer engagement.

At a time when data breaches and fraudulent activities are at an all-time high banks and financial institutions need to move away from a siloed approach to risk management to an integrated and consistent enterprise-wide framework. The role of the compliance professionals is also evolving, and they are increasingly responsible for creating and nurturing strong and ethical corporate cultures and protecting organizations from financial, legal, and reputational risk. There is an emphasis on regulatory filings and reporting, enhanced due diligence, and surveillance to mitigate cyber and data-related risks.

With our proven expertise and wide range of IT solutions, we help you implement intelligent automation, mitigate financial crimes, protect customer data, and meet the evolving regulatory requirements.

How can we help?

  • Provide an enterprise risk management solution that enables use of dynamic, timely and ongoing insights into risks that matter
  • Undertake real-time analysis of transaction data for immediate notification of risk
  • Ensure monitoring and surveillance of written and oral communication to identify potential breaches
  • Leverage social media analytics to prevent information breach
  •  Use Analytics and Big data to assimilate and analyze data from multiple internal and external sources and predict exposure and risk.

In terms of technology innovation, custodians today are trailing behind other players in the financial services industry. To ensure compliance with new regulations they are looking at modernizing their legacy systems by adopting a patch-up strategy which creates incompatibilities. It restricts their ability to scale or extend the functionalities of their existing systems.

Keeping in mind the unique needs of custodians we apply our deep asset management experience and increase operational efficiency. This leaves them adequate time and budget to focus on new opportunities and work towards services which can act as differentiators.

How can we help?

  • Leverage Robotic Process Automation (RPA) to automate repetitive and partially manual processes
  • Use Distributed Ledger Technologies and implement smart contracts to ensure cheaper and faster settlement processing
  • Adopt AI, Blockchain, and Cloud solutions to act as aggregators of data which custodians have at their disposal

Additionally, with our corporate trust services, we provide assistance with both issuance and administration of corporate debt. We ensure that we treat each transaction with individual attention so that it meets our customers’ needs.

 

Our Solutions

Payment Solutions

Power the future of digital payments with SmartEdge

The Innova Edge

We help you reimagine banking by modernizing core systems and payments

Leverage modern technologies and reference architectures

With our advanced analytics capabilities and BFSI consulting services, you can combat financial crimes in real-time

We help you adopt a collaborative mindset to accelerate innovation

We are focussed on delivering value through transformative approaches, a thought partner ecosystem, and a widely experienced digital team

The Value We Bring

Ensure frictionless customer experience in e-banking and m-banking

Enable simple, seamless, and compliant payment experiences, by leveraging open APIs, digital payments, blockchain, and analytics

Reduce business risks by ensuring that they are compliant with all regulatory standards

Blogs and Insights

The Cloud: A Catalyst for Innovation and Agility in Banking

As banks look at transforming how they have been doing business in the past, they are considering a fast switch to the cloud. According to a recent McKinsey survey, 60% of the banks plan to shift their operations to the cloud in the next five years. We have discussed this topic further, the regulatory needs and benefits of cloud migration in this blog.

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