Processware Systems: Enhancing Banking Experience with Enhanced Microsoft Based Technology

Guru Murthy- Processware Systems

Every business sector across the globe is at the cusp of the digital revolution. While being a part of the digital revolution, businesses need to select the proper technologies that can simplify and secure their workflow. Processware Systems is a name that earned the trust of many businesses in the banking and finance landscape across the world with its comprehensive and cutting-edge offerings, advancing over time. 

Processware Systems was started in 1989 and has firmly established its position in the software market, as a solutions provider. The organization has been able to gain the customer’s confidence in providing quality solutions to business problems. In an ever-changing IT scenario, Processware has been able to design and implement novel solutions for its customers, both in India and abroad.

Processware Systems has been involved in the design and development of Enterprise-class products in the B2B segment. These products have been widely accepted by customers across the World. Processware Systems launched its Core Banking Solution – BankSoft on the Cloud in 2011, one of the first to do so in India. Mr. Guru Murthy, CEO is a backbone behind the long-standing growth of Processware Systems Pvt Ltd.

The Company: Processware Systems

Processware Systems is a 30-year-old organization, focusing on providing innovative products to the financial sector. Processware is ISO 9001:2015 and AS 9100 certified organization based in Bangalore. The Company was one of the first software product-oriented companies in India. A deep domain understanding of customer needs have helped Processware evolve a suite of digital products for the financial sector.

Processware laid the foundations for bringing technology-led products to the financial domain. By getting the user involved in the development phase of the product, helped in ensuring the widespread adoption of the product. Processware Systems was one of the few organizations in India, to have a customer meet on an annual basis to hear from them. A formal customer meet, where all the customers participate and share their views on the sector, technology, and user preferences have helped the organization over the years.

Tackling Initial Hurdles

Like every business dreaming of the long success ahead, the initial period for the company was extremely challenging. In those days, the software products sector was not existing in the country. There was no venture capital activity in India. The bulk of the activities focussed on services being provided to customers overseas. Raising the required capital for product development was a big challenge. Processware System’s BankSoft is an enterprise-class product, which required substantial capital for development and marketing.

Their efforts to raise loans from banks were not successful. Getting the proper resources was a challenge since most of the programmers were suited for service-oriented projects. Development requires a lot of innovative thought processes and hence they were forced to train the resources to think like product designers and developers.

And Then the Growth Started

Back in 1994, a set of new banks were licensed by RBI and they started looking at automating the entire activity. Even large PSU banks were not completely automated. They were still using ALPMs (Automatic Ledger Posting Machines). BankSoft was rolled out in these new banks, which enabled widespread adoption of the product.

Focus on the sector coupled with perseverance has been one of the key factors for success. Processware believes that deep domain expertise is required to gain the trust of customers. They not only provide software solutions but also deliver great insights to their valuable customers in their journey. This has resulted in long-term partnerships with its customers.

Mr. Guru Murthy says, “Processware’s success can be attributed to a deeper understanding of customer needs, rapid introduction of new technologies, and excellent customer support. Early on, the company realized that service is as important as the product. So a lot of efforts were spent in ensuring a long-term relationship with customers.”

Taking Innovation to the Table

Processware provides the following suite of digital banking solutions for the financial sector.

  • BankSoft – Core Banking Solution: This is a cloud-based core banking solution. Processware Systems was one of the first movers of the cloud. BankSoft was launched on the cloud in Nov 2010.  The solution provides a comprehensive set of features for the banks to manage their transactions and regulatory compliance. BankSoft has been stress tested by IBM and benchmarked at 1790 tps (transactions per second).  BankSoft generates more than 300 MIS reports to enable the management to get a comprehensive view of their organization. A 3600 view of the customer information is available on-demand for the staff of the bank.
  • BankSoft – Agency Banking Solution: An android based solution to enable agents to provide financial services at the doorstep of the customer.
  • BankSoft – Mobile Banking App: A full-fledged intelligent app to serve the needs of the customer. Customer can maintain their accounts, transfer funds, issue instructions to the bank, and open new accounts.
  • BankSoft – Internet Banking: A comprehensive online banking application to enable customers to manage their accounts online
  • Loan Origination Bot: An AI-based chatbot to enable banks to receive loan inquiries digitally. Customers will be able to interact with the bot and get their credit decisions instantly.
  • BankSoft – CRM: A QR code-based CRM solution to enable banks to quickly obtain deep customer insights

The key differentiation in the marketplace is the quality of their customer support. Many of their existing customers have spoken about the responsiveness of their support team.

Mr. Guru Murthy – Anchor of Processware’s growth

Mr. Guru Murthy is the CEO of Processware Systems.  He completed his engineering at UVCE, Bangalore. Then he left for the US to pursue his Masters in Engineering and a Masters in Computer Science from the University of Missouri.

Subsequently, He was working as a Senior Computer Scientist at Schlumberger in the US for 4 years, before returning to India to start Processware. He says he admires Elon Musk the most and Jeff Bezos’ business story inspires him a lot.

Talking about the massive change in the banking sector over the years, Mr. Murthy says, “I remember the banks in the 1990s, where the customer needs to wait at the branches to be served. In the absence of delivery channels, all transactions were performed at the branches. Getting a loan from the bank was itself a project.

Today, banks have transformed themselves using technology. Customers rarely visit the branches. Banking can be done from anywhere, anytime using a mobile phone. Payments have seen a large-scale transformation.”

Mr. Guru Murthy says, The current Covid situation has affected the banking sector significantly in terms of loan recovery, regulatory compliance, etc., BankSoft is completely developed using Microsoft Stack (Visual Studio, .Net, and MS SQL Server). This cost-effective platform will allow many small financial institutions to deploy leading-edge technology to grow their business.

Covid 19 has resulted in the larger adoption of digital platforms in the financial services industry. Today, most banks are spending a lot of their resources to enable their digital channels to offer unprecedented convenience to customers.

Covid 19 has a large impact on societal habits in terms of visiting branches to fulfil their financial needs. Today, customers are comfortable in opening an account, applying for a loan, or manage their existing account through their mobile apps. Hence, businesses should offer more on their digital platforms to ensure their growth.

The Key Achievements

  1. Launch of Enterprise-class products for Manufacturing, Education, and financial sectors
  2. Establishing a customer base of more than 400 institutions
  3. Deployment of leading-edge technology including cloud computing, AI, and Analytics
  4. Nurture a culture of product innovation and enriched customer experience

Overwhelming Client Experience

Processware System’s one of large customers based in Mandalay, Myanmar have used their branchless banking solution through a network of 200 agents. The institution has been highly successful in having a customer base exceeding 280,000 within the first few years of operation.

This rapid growth has been made possible through technology deployed by the company. The ability to provide doorstep financial services has helped this institution to be one of the leaders in that country.

The Work Environment

A healthy work environment boosts productivity. A team of smart and hard-working professionals is a true asset for any business. At Processware, they have always treated their employees as family members. They provide a high degree of freedom for them to innovate new ways to develop the product.  Product development requires certain discipline and passion. They encourage them to bring their ideas and transform them into features in their product.

They keep a focus on technology so that they can deliver them in the right format to customers who can benefit from them. It is extremely important to constantly listen to customers, which enables the company to provide them with the right mix of solutions.

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