Reported by: banking|Updated: October 14, 2020
Capri Global Capital will leverage business intelligence, ETL, automation tools and low code platforms to meet customer needs:
Capri Global Capital, which has a robust understanding of the rural as well as urban markets, has modernized its business by adopting digital capabilities. As modernization is going to continue to drive strategic business change, the company is investing to help customers bridge existing and emerging technologies for digital transformation says the company’s Head – Information Technology, Suraj Prakash. He explains: “To provide a comprehensive, integrated, customizable, cutting-edge solution, designed to manage the complete loan lifecycle, we use .net framework and cloud-based tools and services. We use a mix of open source databases like MySQL and proprietary ones like Microsoft SQL server along with other open-source ecosystems and platforms.”
While adopting new technologies, the company’s foremost focus is to make the existing workforce skilled with the required capabilities. Suraj Prakash says that in turn would bring the desired system efficiencies, which would result in customer delight. The company is looking to implement business intelligence, Extract-Transform-Load (ETL), automation tools (RPA) and low code platforms to cut down on the manual process and build a landscape, which is more tuned towards its customer needs. This would help reduce ‘Go To Market’ timings and increase cross-sell profitability. We aim to increase our digital footprint through mobility enabled by these new solutions,” adds Suraj Prakash.
PULSE OF FOCUS SEGMENTS
Since the first priority for any business is its market and the need of its customers the next step is planning the strategy which encompasses the various aspects like technological needs, talent needs and marketing designs. Suraj Prakash says the company has consistently managed to gauge the pulse of its focus segments and offer them solutions which it believes would bring ease of credit availability. “Cost is generally the fine balance used to fit these parts of the entire equation,” says he.
The company uses tools from small and large vendors based on their merits and applicability. Suraj Prakash says the smaller players provide a more customized solution, turnaround/delivery time in a cost-effective manner because of their flexibility. Solution-based approaches work well with smaller companies. The suites offered by giants are uniform and have universal acceptance in terms of standards and securities and they follow the global trends, he adds.
TOOL COSTS RISING
As security and the need for micro integration increases, the solutions are also becoming more complex. It is always a moving target when it comes to technological advancements in the financial space, says Suraj Prakash, adding the cost of these solutions thus is steadily rising.
According to him in today’s world, open source platforms offer a competitive advantage due to quicker adaptability and turnaround time. Open platforms are ideal and can be used by even a semi-skilled developer. Their framework supports various types of environments, platforms and serves the purpose without being cost intensive. Whereas, proprietary tools, though time tested, are accompanied by huge licensing cost, not easily portable, require specific skill sets, and cost of such a talent pool is also substantial, which in turn push the cost higher, says he.
TIMELY TECH UPGRADATION
At Capri Global,, IT systems not only drive the day-to-day operations but also serve as the core platform for new capabilities and growth. “We believe the timely upgradation of these systems is the best way to reduce complexity and support business growth as long as the magnitude of the change doesn’t translate into high costs and high risks. Over time, next-generation platforms, better able to deploy and integrate emerging technologies, have also improved markedly,” says Suraj Prakash.
For efficient remote functions, the company has provided laptops to 95% of the employees that have all the required software as per the company’s SOPs. A legacy server infrastructure has been adopted with hyper-convergence and real-time network monitoring tools to optimize the existing bandwidth.
DIGITAL INITIATIVE PLAN
Suraj Prakash says the temporary pause in the credit business because of the lockdown has been witnessing a momentum due to effective contactless lending services. “We believe big data analytics and artificial intelligence can be useful strategies to evaluate the newer forms of credit risk post-covid as well as serve as a backbone of a new low-cost strategy for customer acquisition and on-boarding. Maximizing the digital footprint to re-engineer the business process and build a self-service portal for employees and customers that would effectively manage the loan cycle time, queries and productivity of employees will create a new business dimension.”