The Indian banking, financial services and insurance (BFSI) sector is going through the next-generation digital transformation where banks pan-India need customised and optimised automated solutions to meet the ever-growing demands.
JJIT Fintech Pvt Ltd, a leading banking solution provider with latest emerging technologies, is already helping more than 81 co-operative banks across the country in their digital transformation.
Established in 1997 in Pune, the company is working closely with customers in the BFSI sector by thoroughly understanding their businesses.
Kantilal Badale, CEO, JJIT Fintech Pvt Ltd told IANS that cloud technologies are helping accelerate adoption of their solutions in the cooperative banks segment, especially in the Unified Payments Interface (UPI) era which has just exploded with record transactions with each passing month.
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Here are excerpts from an interview:
Q: What is JJIT Fintech's USP and mission statement?
A: Our USP is a strong support system and team with Banking domain expertise which is focused only on the co-operative banking sector.
We are the only core banking software (CBS) provider offering CBS application on AWS Cloud and aims to provide robust and secured banking solutions and services to the co-operative banking sector with user-friendly and state-of-the-art technology.
Q: What is the current scale of your operations and your growth plans over the next 4-5 years?
A: JJIT is servicing 81 co-operative banks pan-India and plans to increase the service platform to more than 300 customers banks in association with Amazon AWS.
Q: As a leading banking solution provider to co-operative banks, how have you educated your customers on embracing new digital technologies?
A: In addition to the programmes designed (pan-India) by RBI and NPCI to educate the banks in understanding the updates in banking industry, JJIT has been arranging seminars as well as customer-specific programmes to educate them and help them adapt to new technologies.
Q: Can you tell us about some of your customer success stories?
A: We are serving one of the big scheduled co-operative banks with more than 40 branches, having their own data centre and disaster recovery site at another city, investing on human resources to manage it with heavy investment on various outsourced services and server Upgrades.
JJIT implemented an AWS solution, that helped the bank to utilise their human resources and costs of infrastructure and various services. The ultimate investment on the solution saved almost 40 per cent of their on-premise data centre.
At the same time, AWS Services geared up the bank's transaction capacity and performs much faster than their on-premise server setup.
A cooperative bank with over 20 branches and more than 150 users utilised private-cloud vendor services. They were experiencing communication issues, any upgrade/ change in infra-services quotation to be approved, delay in services, low performing servers, and other issues.
We migrated the bank to AWS and now they have to coordinate with only JJIT. They are directly registered with AWS to utilise the selected services with AWS service to replicate the critical data. The execution speed is much higher then their previous DC vendor.
Also, another co-operative bank with six branches, with on-premise setup had their database server down due to some reason. The Bank was planning to restore the server and continue with the on-premise setup.
JIIT immediately guided and migrated the bank on AWS, Within no time the bank went live and after a week, the bank management decided to continue with AWS services instead of on-premise setup.
Q: You have been one of the early adopters of cloud in BFSI space and built your CBS platform on AWS. What were some of the key reasons that you chose AWS and how did it help you in terms of business outcomes
A: JJIT built the Browser-based CBS solution way-back in 2014, but infrastructure management was always a challenge. In 2017, based on our understanding of the market trend, we thought of exploring services beyond Private-Cloud providers and reviewed then available players.
After thorough research and conducting POC & UAT, our Tech team finalized on AWS as it was the perfect solution for the Co-operative sector especially with their managed Database offering of RDS where database Licenses were also included in pay as you go model.
The AWS team worked closely with us to help us optimize our application & deployment architecture, while also helping us bring down costs using Reserved instances. Our team was also quite comfortable with User-friendly console and compute services catering to high performance.
Our association with AWS helped us create a CBS platform with high capacity & high performance infrastructure. As an infrastructure partner, JJIT could seamlessly serve the clients and the brand of AWS helped build trust & credibility with our customers.
Also, in last few years, the banking sector have gone through a lot of digital transitions which the traditional IT infrastructure couldn't keep up with; for instance, UPI, which is a very convenient mode of payment for end-users, requires high capacity, uninterrupted computing performance and seamless support service, such end to end services were made available by AWS.A
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Another critical area was Data Replication, which is part of the compliance process in the banking sector; with AWS we could perform it in real time, with no time-lag using automated multi-AZ replication service.
All these reasons helped us build our core proposition of CBS on AWS and extend the value of AWS cloud to our customers, which helped accelerate adoption of our solution in the cooperative banks segment
I am an expert in the field of financial technology (fintech) with a particular focus on banking solutions and the digital transformation of cooperative banks. My knowledge and expertise stem from a deep understanding of emerging technologies, especially in the context of the Indian banking, financial services, and insurance (BFSI) sector. I can demonstrate a firsthand understanding of the challenges and opportunities within this industry, providing insights into the latest trends and technologies that drive innovation.
The article highlights the role of JJIT Fintech Pvt Ltd, a prominent banking solution provider, in powering the digital transformation of more than 81 cooperative banks across India. The company, established in 1997 in Pune, has positioned itself as a leader by leveraging the latest emerging technologies to meet the evolving demands of the BFSI sector.
Here are key concepts covered in the article:
Digital Transformation in BFSI Sector:
- The Indian BFSI sector is undergoing a next-generation digital transformation to meet the growing demands of customers.
- Cooperative banks, in particular, require customized and optimized automated solutions to stay competitive in this evolving landscape.
JJIT Fintech Pvt Ltd:
- A leading banking solution provider established in 1997 in Pune.
- Specializes in digital transformation for cooperative banks, focusing on understanding their businesses thoroughly.
Role of Cloud Technologies:
- Cloud technologies, especially AWS Cloud, play a crucial role in accelerating the adoption of solutions in the cooperative banks segment.
- Cloud technologies are particularly beneficial in the Unified Payments Interface (UPI) era, marked by a surge in transactions.
JJIT Fintech's USP and Mission:
- JJIT Fintech's Unique Selling Proposition (USP) is its strong support system and a team with banking domain expertise, exclusively focused on the cooperative banking sector.
- The company provides Core Banking Software (CBS) on AWS Cloud, aiming to offer robust and secure banking solutions with state-of-the-art technology.
Operational Scale and Growth Plans:
- JJIT Fintech currently services 81 cooperative banks across India.
- Growth plans include expanding the service platform to more than 300 customer banks in association with Amazon AWS.
Customer Education on Digital Technologies:
- JJIT Fintech actively participates in programs designed by RBI and NPCI to educate banks about industry updates.
- Conducts seminars and customer-specific programs to help cooperative banks adapt to new technologies.
Customer Success Stories:
- Examples include significant cost savings and performance improvements achieved through the implementation of AWS solutions.
- Migration to AWS resulted in enhanced transaction capacity, faster performance, and streamlined operations for cooperative banks.
Early Adoption of Cloud (AWS) by JJIT Fintech:
- JJIT Fintech was an early adopter of cloud technology in the BFSI space, building its Core Banking Software (CBS) platform on AWS.
- Key reasons for choosing AWS include infrastructure optimization, cost-effectiveness, managed database offerings, and strong support for the cooperative sector.
Key Benefits of AWS:
- AWS's managed database offering, RDS, with database licenses included in a pay-as-you-go model.
- Collaboration with AWS helped optimize application and deployment architecture, reduce costs using Reserved instances, and provide high-capacity and high-performance infrastructure.
Value of AWS in Digital Transitions:
- AWS facilitated the transition to digital services, accommodating high-capacity, uninterrupted computing performance, and seamless support for services like UPI.
- Data Replication, a critical aspect of compliance in the banking sector, was achieved in real-time with AWS's automated multi-AZ replication service.
In summary, JJIT Fintech's strategic use of AWS Cloud and its commitment to providing tailored solutions have positioned the company as a key player in the digital transformation journey of cooperative banks in India.