Hozefa Muchhala- Founder & CEO of Ginger root Code Factory Pvt. Ltd. connected with The Global Hues to discuss his company’s success.

Ginger root code Factory was incorporated in March 2019. A relatively young company that holds vast experience in working with core IT systems and delivering extraordinary solutions. The company is currently powering payments in key sectors of retail, banking, insurance, and enterprise. However, they are not just working towards enabling payments, acceptance, and remittance but also powering, building, and enabling business environments around the payments space with integrations into small to large business systems, whether it is ERPs, online systems, financial account systems, or small desktop solutions.

“We use the best and latest technologies in the industry, wishing to innovate, invent, and produce state-of-the-art products and services across the globe in fintech space. Ginger Root ensures all the products are delivered with the highest security standards following the best industry practices,” said Hozefa.

Ginger Root has a Mobile-based innovation GRIP to allow easy transfers and payments between entities utilizing a digital network. GRIP is contactless, proximity flexible which does not require alignment. It is a highly efficient and effective Mobile based solution for payments, eradicating the need for any additional hardware or tangible ecosystems such as POS, cards, matrix-based codes, etc.

Every hardware or hardwired systems have a limited life span along with direct and indirect cost overhead such as external devices, cards, printing, mobilizing or delivery, paper use, etc. Therefore, these systems are incapable of taking quantum leap with modern technology. The future applications must be made downward compatible for support otherwise the devices need to be recreated and re-programmed. GRIP steps in this process to provide the desired results.

The Clientele

The company’s current engagements are in ASEAN, African and American corridors. Services such as customization, POC, and integration are currently in progress. In India, Ginger Root is all set and ready to go LIVE soon.

Ginger Root has over 20 years of experience in architecting innovative solutions globally within various domains of BFSI as a key focus area. They have done extensive work on core banking protocols to invent and innovate future-ready products and services. Their abilities to use open-source coding and cloud computing technologies to deliver cross-platform architecture solutions make them a preferred customer choice. The company’s astute understanding of legacy systems and marrying them with modern-day computing tech is what puts it right in front as Technology Partner or Business Alliance in the market.

Differentiating Factors

The company’s mobile-based innovation known as GRIP is their USP separating them from other key players in the market. GRIP is software-based, flexible, and future-ready, with highly effective programmed security it can be overlayed on existing business systems or can be merged or customized easily as per business requirements. GRIP is OPEX driven, hence, makes adoption for Business Entities, Customers, and Banks a simple, easy, viable, and seamless solution.

Some key features that GRIP offers include:

GRIP is a multi-tiered solution hence it can be easily plugged in with different business arrangements at various domain and requirement levels.

GRIP could easily merge into a banking system as a transacting form factor and business ERP processing system for good and service fulfillment.

GRIP could also be plugged into a wallet system for convenient transfers.
GRIP can easily paint itself as a closed user group environment.

Impacts of Covid-19 on the company

Innovations in BFSI have definitely taken a big hit over the last year. Sectors where innovations could have been appealing such as travel, restaurant, entertainment, etc. have gone silent or limited in operations globally. These have left the BFSI industry to work on small and limited scales. Companies have had to crunch numbers and fine comb the existing deployments. Just like all others, Ginger Root had a tough time circling COVID-19. However, they took a chance to take steps ahead, got their development phases coupled, and in motion.

“We achieved our PCI DSS certification also during the period of the pandemic which usually takes over six months,” explained Hozefa.

Challenges faced by BFSI companies

“I think globally we are running ‘Problem of plenty and this is the primary reason for roadblocks. Every product is trying to capture market space without alliances and hence there are product feature crossovers and so the struggle,” said Hozefa. With the help of equating alliances between large and small entities, innovative products would have better scope and mileage to outstand the current market.

Strategies and Operational efficiencies to enhance the customer experience

In Hozefa’s opinion, cost-effective solutions are the way forward. Solutions with relatively low CAPEX and move costs to OPEX should lead into the future. He also believes that the dependency on external hardware devices replacing with software solutions should keep cruising to ensure a better customer experience in coming years.

Current Hardships

One challenge that Hozefa faces daily is convincing clients. It requires extreme patience and good communication skills to effectively showcase all that the company has to offer to the customers. Generating leads is a time-taking process. Another challenge is to deploy innovative tech in existing frameworks.

Views on emerging technologies in the BFSI industry

Ginger Root Code Factory is a core technology company. They believe that with the fast upgrading technological changes in the coming years, BFSI would have to keep integrating and updating newer techniques in their processes to gain customer satisfaction. No one can ignore digitalization. Becoming tech-savvy is no more a choice but a necessity to stay ahead in the market.

Vision and Future Prospects

The company is looking forward to building a stronger foundation in the future. They are planning to expand in a bigger market, gain more momentum. The vision is to include AI in the calling systems. The company is already using evolved technologies and is aiming to migrate to big data analytics, IoT, and AI. Blockchain is an interesting segment that has gained popularity in recent years. There’s a lot of scope for rising in blockchain technology in the future.