Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members


India is to reach a Trillion Dollar Fintech market by 2025 – while it currently stands at sub 40 Billion Dollar market size and is expected to grow at a CAGR of 31% y-o-y. The emerging trends in the Indian Fintech Industry are – Neo banking, Investment Tech, Insurtech, Fintech SaaS, Embedded Finance, BNPL, Hyper personalised offerings, and Wealth Tech. The established BFSI players have also upped their ante by introducing novel use cases such as customer acquisitions through partnership-led models, liability-based use cases, undertaking targeted marketing initiatives and not just via CASA visibility and Account aggregator-based solutions, among others. As per a survey conducted by Yobota, 60% of companies launched one or more digital products over a period of twelve months due to a rise in client demands. 44% of companies plan to invest in BNPL or other embedded finance and lending solutions by the end of 2022.

The main reason for switching to API-led banking is to enhance customer experience and consumer liquidity decision-making. In order to serve the underserved and unbanked and provide them with goods and services that are better suited to their needs, API banking promises to stimulate innovation and save costs.

As online transactions and digital adoption clearly increase, banks and fintechs are working together more frequently.

2022 is expected to see a sustained boom in this industry as fintechs are crucial in offering various means of access to financial services. The Indian Union Budget for this year pledged to place more of an emphasis on the digital economy and fintech in order to combine macro-growth with universal micro welfare.

On the other hand, over the last 14 years Perfios Software Solutions, headquartered in Bengaluru, has grown to become one of the largest Indian SaaS-based B2B Fintech software companies. Since its inception, Perfios has been the bellwether of innovative products for real time data aggregation, credit decisioning and analytics.

Perfios has built an extensible data platform which can handle data from various sources with a capability to extract, curate, clean and analyse the data. Leveraging the extensible data platform and using the power of artificial intelligence and machine learning, Perfios processes data in real time, running deep analytics to come up with insightful reports for varied use cases. The core technology platform helps in aggregation and analysis of disparate financial data such as bank statements, tax data, business financials and alternate data to build consolidated insights and domain-intensive solutions across credit assessment, monitoring, fraud analytics, personal finance management and Account Aggregator (AA) offerings.

At its heart, Perfios leverages evolving algorithms to categorize transaction behaviour, understand customer profiles, build hyper personalised models, and detect frauds across document types. Perfios is one of the very few Fintechs in the country that builds and operates its products in compliance with the regulatory nomenclature given that it services the BFSI sector at large. As an organisation, it is over one thousand people strong, and Perfios enjoys a reputation for being an equal opportunity employer which offers its employees a chance at global exposure and an opportunity to work alongside its senior management and co-founders at close quarters.

Given the changing landscape of Fintechs in India, Perfios’ tailor-made product called PCG solves for problems of handling multiple integrations between financiers and aggregators – both on OCEN rails and otherwise. It has transaction scores and analytics to enhance customer profiling especially for bureau thin files and for borrowers with low bureau scores who are not necessarily bad borrowers. In the digital platform enablement area, Perfios offers InteGREAT which is a low-code platform with plugged in Perfios proprietary APIs for easy onboarding via website, DSA led channels and branch walk-ins. On the underwriting side, advent of RPA is writhed with long delivery cycles, therefore Perfios offers Digital Credit Assessment Memo (D-CAM) which can be easily incorporated in the existing Digital Lending Platforms (DLPs) of the Financiers or can be used standalone. This helps in cost and process optimisation at scale in addition to possibilities of advanced analytics at a future date.

Authored by

Sabyasachi Goswami, Chief Business Officer, Perfios Software Solutions

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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