Is ‘API Banking’ Really Working for Indian Banks and NBFCs?
For many Indian financial institutions, ‘API Banking’ has taken away their ability to adapt and has increased the costs — but APIs were meant to do the opposite
Does any of this sound familiar to you?
• A Bank pays for eKYC product, but still must use another software for signature verification for a client transaction and cannot use the service from the KYC product
• A lender uses one software to read identity documents and another to read income documents like Bank Statements
• Insurance TPA uses a product to automate claims processing with hospital invoices, but the finance function needs to process non-hospital vendor invoices manually
As Indian Banks, NBFCs, Investment firms and Insurers spend on digital technologies like RPA (e.g. UiPath, Blue Prism), Low Code / BPM platforms (e.g. Pega, Newgen, MS Power Automate), it is easier to address this problem upfront. Low Code platforms and, increasingly, most RPA solutions are designed to provide FIs the ability to make business processes agile and use your software assets in a cost-efficient manner.
At IN-D.ai, we do not have an RPA or a Low Code solution — rather, our AI platform provides every cognitive solution outlined in the above schematic, with ‘drag-and-drop’ connectors for most process orchestration platforms. You can still use them as a fully packaged Digital KYC, VIPV or Income Analysis or Insurance Claims solution if you want to, but don’t have to!
Recently, Ramesh Gopalan, Head of Risk and Controls for Financial Market Operations at Standard Chartered Bank, published a white paper on how they combined cognitive component (from IN-D.ai) with a process orchestration solution to automating the controls testing process to increase the breadth and depth of operational risk audits, a big challenge for banks and financial institutions.
Digital should mean agile and efficient. High time, Indian financial institutions took back the control of their process and their costs.
