Perfios: Faster and Efficient Data Aggregation for Fintech
The manual process of preparing credit scores, financial evaluations, and establishing individual identity for the purpose of approval of loans and sanctioning of funds by financial organizations take a substantial amount of time. The current user experience is not ideal as the end users or applicants have to wait for a long time to get to know the decision. Fintech companies are constantly on the lookout for innovative techniques to provide various financial products such as loans, insurance policies etc. in a faster and efficient manner. This is where Bangalore-based Perfios is a game changer by providing a platform for financial organizations to offer various financial products at a quicker pace. The firm caters to B2B organizations seeking faster ways of providing financial products such as loans, insurance, and credit-based transactions. “Banks, non-banking financial companies (NBFCs), and other fintech companies want to provide loans at a faster rate to a larger audience without compromising on the quality of service. The pain point here is the laborious process that is followed and the amount of time required for documentation and processing,” says Govindarajan V R, Co-founder and CEO, Perfios.
The company has developed an extensible data platform that allows them to aggregate various types of structured and unstructured data to streamline information processing and documentation. By leveraging the real-time analysis capabilities of their engine, the company is capable of crunching high volumes of financial data in real time to produce credit reports and various other collaterals required to provide a fast turn-around-time for applicants.
Perfios is capable of aggregating and analyzing all types of banking , financial and related data within a few minutes while the traditional set of processes takes weeks to complete
Govindarajan emphasizes that Perfios is capable of aggregating financial data and providing required analysis and reports within a few minutes while the traditional set of processes takes a long time (days-to-weeks) to complete.
Personal finance management (PFM) is another area where Perfios provides specific solutions. Their flagship solution in this space, Perfios Money Manager, provides a 360 degree view of one’s personal finance, aggregating data from across various institutions and asset classes in an automated way. Once the data is aggregated, the Money Manager provides various insights through its analytics engine to end users letting them save more, spend less and get more out of their investments. The Money Manager and various derivative products such as Robo Advisor, Expense Manager, Goals Application etc. are provided through a Software Development Kit (SDK) so that any organization can leverage the aggregation SDK to build their own application and look-and-feel. With the Reserve Bank of India (RBI)’s initiative of regulating account aggregation through its NBFC-AA route, the PFM space is expected to grow significantly and Perfios is well poised to ride on this growth wave as a pioneer in this space in India.
In a traditional scenario, when financial organizations opt for customized software, the development process goes through multiple stages of coding, testing, debugging, deployment etc., before it reaches the production stage— as a result, the actual revenue generation and ROI takes a significant amount of time to establish. Perfios provides SDK suites on the cloud that can be integrated into any financial platform to customize or deploy applications in very quick time with very little capex investment. Perfios offers its solutions on the cloud in a true SaaS model. As the model is completely opex based with very little upfront investment, clients are able to realize their ROI very quickly. The core data platform is constantly enhanced with support for new data sources (both structured and unstructured). Also, leveraging the platform, Perfios continues to roll out new solutions that address the specific needs of credit decisioning and Personal Finance management domains. In addition to addressing the Indian market, Perfios is now expanding to address the South East Asian and Middle East markets.