Quale Infotech: Intelligent Automation platform Digitizing BFSI

Siddhartha Singh the CEO of Quale Infotech talked about his company’s contribution to the BFSI sector with The Global Hues.

Quale Infotech is a leading end-to-end IT consulting and implementation company with a laser focus on RPA & AI with technological know-how, industry insights, experience, and proprietary methodologies on knowledge management. The company ensures business continuity and zero downtime. In addition to Digital Transformation services, they offer a state-of-the-art Intelligent Automation platform, Aiwozo. It is designed & developed by RPA experts who have closely experienced the limitations of available tools.

With built-in AI and deep-learning capabilities, Aiwozo achieves a higher degree of automation that is not feasible using just RPA, with minimal or no technical support. Quale Infotech has developed the Aiwozo Forum. It aims to bring together & grow the community to share their reviews and experiences. The community Forum also helps companies look for skilled professionals for their automation projects. Quale Infotech also offers an online Academy that provides free learning to individuals to understand and create automation. This offering allows for greater digital technology adoption and experience for companies globally. 

Quale Infotech has positioned itself as a comprehensive product and solution-driven company in the Robotic Process Automation (RPA) and Artificial Intelligence (AI) space. They enable customers to adopt intelligent automation seamlessly and be the one-stop-shop to do so. They have extensive knowledge and proprietary methodologies to the customer’s internal way of doing work. A project’s success depends on the right tool and methodology that matches the client’s way of doing work. Therefore, Quale has built frameworks and adapted them over multiple engagements keeping the ever-changing environment in mind.

The Clientele

Currently, Quale’s customer base is spread across various industry verticals like BFSI, Telecom, Travel & Hospitality, and Retail. Since RPA as a technology is not dependent on industry or geography, it can be adopted by any organization, irrespective of size, location, or industry. The company ensures customers’ success by not just providing the Aiwozo intelligent process automation platform, but also a service-based experience to help them during their entire RPA journey. With robust technical and customer support, they ensure proper guidance to the customers at every stage, helping them realize their ROI. These include solutions that have helped in the digital transformation of businesses, including the following:

• Compliance issues of processing transactions without validation;
• Operational control to ensure work allocation and avoid confusion;
• Audit Trail of transactions;
• Regulatory compliance reporting on a timely basis and with much higher accuracy;
• Faster turnaround time with 24×7 availability for businesses;
• Lowering the costs of operations over time

Differentiating Factors

Quale’s RPA solutions have enabled global institutions to ensure differentiated customer experience, efficient processes, improved productivity, cost reduction, and overall business agility. Their bots assure 24/7 productivity and zero percent errors. Aiwozo is the company’s key offering product. It is an online cloud offering on a SaaS-based model.

The architecture allows users in different geographies to access and manage their bots and automate their business processes. The tool provides AI solutions around NLP, image recognition, document data extraction, sentiment analysis, text summarization, to name a few. Aiwozo also allows third-party AI components and solutions that a customer wants to use with automation to integrate with the platform. 

Some of the unique features that Aiwozo offers are:

1. Use of preconfigured Machine Learning algorithms that help automate more complex tasks easily.
2. Multiple hosting options, like on-premise and cloud-based, to service both large and small enterprises.
3. Computer Vision and Document Extraction to enhance the applicability of the tool in a business enterprise.
4. A single platform to support multiple environments.
5. Enhanced security features like credential management, role-based user login, integration with Active Directory.
6. Community Version and Online Academy for easy and low-cost adoption of the tool in business enterprises

Impacts of Covid-19 

The impact of COVID-19 has been quite significant. Many organizations slowed down their implementation of RPA or adopting other digital technologies during the pandemic’s initial phase. The lockdown resulted in financial distress due to the market uncertainty for most industry verticals, including travel, hospitality, manufacturing, logistics, and retail. However, Siddhartha believes that post the pandemic, organizations will see structural changes to work. Automation and digital technologies will be the savior. 

Company’s association with BFSI 

The Banking, Finance, and Insurance sector was an early adopter of RPA technology. “Our approach was to automate the legacy applications in financial institutions with an innovative enterprise-wide approach,” said Siddhartha.

Quale helped in improving customer onboarding and enhancing the Know Your Customer (KYC) process via successful implementation of RPA technology. “One of our clients is a leading financial institution responsible for acquiring new Current Account and Saving Account (CASA) customers. The process was manual and had a high turnaround time (TAT) of completing the onboarding formalities,” said Siddhartha.

“We developed an AI and ML-based solution to automate approximately 90% of the onboarding process. It reduced the turnaround time from about ten days to less than an hour for customer onboarding. Cost reduction by nearly 60% for the process and 23% increase in the first-time resolution for customer KYC,” he added. 

Major Threats 

While RPA is a game-changing technology that provides a cost-efficient way for organizations to optimize processes, improve ROI & improve accuracy, there still are some challenges at various stages of the RPA journey. 

Some of the key ones are:

• Operational and Executional Risks: Organizations must deploy the bots with a proper operating model defining the automation solution. Otherwise, it may lead to unclarity among the implementation team about their roles and responsibilities and failing to generate cost savings or manage the ROI. Quale helps organizations build a robust RPA solution to avoid making incorrect assumptions.
• Change Management Risk: Flawed communication plan that puts operations at risk. The absence of a robust well-communicated change management strategy compromises the inter-departmental alignment, leading to delays and missed opportunities for a successful RPA implementation.
• Maturity Risk: Businesses often face sustainability risks once their initial deployment is complete and begin scaling up. A Center of Excellence (CoE) team should ensure ongoing automation efficiency, avoid redundant efforts across departments, shortage of talent, and create standardized solutions.

Current Roadblocks

As the customer base is constantly growing across multiple continents, some of the critical functions the company is internally working on are to provide support to a global customer base and to strengthen regulatory compliance.

“AI as a technology is continuously evolving, we need to be innovative on an ongoing basis. Our solutions have to be up-to-date with constant improvement of AI capabilities in the technology,” explained Siddhartha.

Key technology trends that will shape the BFSI segment going forward

In Siddhartha’s opinion, various factors are contributing to the improvement of the BFSI sector. In the coming years, banks and other financial institutions will see a rise in a hybrid work environment for everyone. At the same time, Fintech startups will also see a surge in demand for innovative financial services. Reliance and implementation of technologies like automation and AI will no longer be a luxury.

These technologies will instead be a need to survive in this competitive industry. The insurance sector will become more consumer-centric as the pandemic has created an environment of increased demand. More such trends can be expected in the coming years as the BFSI sector undergoes a digital transformation in its services.

“We are currently on the cusp of a new age. Data has been the driving force behind progress, and our most significant advantage with such emerging technologies is interconnectivity. Emerging technologies like big data analytics, IoT, and Blockchain give the BFSI sector an unparalleled advantage in the management of large databases. It will result in improved customer service, reduced turnaround time, and overall improvement in the BFSI sector’s functioning,” stated Siddhartha.

Along with increased efficiency, data security and auditing functions would also witness a significant turnaround. Technologies like AI are still in a nascent stage. The next decade would see the implementation of AR to manage virtual databases, AI assistants that could help consumers carry out almost all financial proceedings, and increased adoption rate of technologies like Intelligent Process Automation to help the workforce focus on high-value tasks. 

Awards and milestones 

• Aiwozo was placed in the High Performer quadrant in G2’s Grid® Reports for Robotic Process Automation (RPA), released in March 2021. 
• Awarded multiple badges to Aiwozo in the categories High Performer, Best Support, and Easiest To Do Business With by G2.
• Ranked by Analytics Insight as the world’s 10 best companies spearheading innovation.
• Received the “Emerging Company 2020” award by the Indian Achievers’ Forum.
• Aiwozo was listed as the “10 Most Innovative Intelligent Automation Providers in 2020” by Analytics Insight. 
• Mr. Siddhartha Singh was acknowledged as the “Most Promising Business Leaders of Asia” in 2019 by The Economic Times.

Vision and Future Prospects

Quale Infotech’s vision is to empower organizations to be AI-driven enterprises. The company is committed to helping organizations understand, adopt digital needs, and be the partner of choice in their digital journey. Their near-term goal is to focus on building a strong customer base in India while opening new geographies for their products and services. With this, they aim at helping organizations connect the dots in their process to augment decision-making and deliver results to enhance experiences.

Advice to aspiring entrepreneurs

• Understand what you want to do i.e. understand the problem you want to solve through your startup. 
• Have your objectives clear. It is crucial to not run behind money but let it be the by-product of your efforts. 
• Work hard and evolve with time and not be adamant.
• Our motto is a quote and a book title, “Success is Never Ending, Failure is Never Final!”. Failure is never the final result if one can get up and have the perseverance to continue chasing their dreams. 
• Success is something that never ends and one follows one success with another.

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