Transition towards the digital world reshaping the BFSI and Retail Sector

Digital transformation has accelerated every sector whether it’s BFSI, Retail, or any other. In order to meet consumer demands and match today’s pace of innovation, It is a vital change in how they interact and satisfy customers.

While digital transformation is seen by many as critical to business success, many DX initiatives do not achieve stated goals.

Novac Technologies is a part of SRIRAM value services, leaders in Financial Services, Insurance Services, Retail Solutions and Digital Learning. They are helping their customers transitioning into a digital world.

N S Nanda Kishore, Director and CEO, talks about how digitally secured products have been created to protect the end customers. Excerpts from an interview: 

DQ: How are you empowering businesses to go digital?

N S Nanda Kishore: Novac Technology Solutions is first and foremost a digital transformation and cloud solutions company with strong expertise in Financial Services, Insurance, Retail, and Digital Learning.

We empower businesses to initiate the transition towards the digital world with our wide range of niche solutions curated for each industry. Our robust enterprise solutions have the strong technological foundations to transform businesses from the ground up.

Novac monitors and assesses the client’s adequacy on IT and cyber, security-related governance, and considering the organization’s future needs, the apparent risks as continuously monitored by improving security protocols, and the concerned stakeholder addressing any challenges encountered regularly.

DQ: How can digitally-secured protect the end customers?

N S Nanda Kishore: As a digital technology company, we provide cost-effective, end-to-end product development services running in a resilient and secured infrastructure with cutting-edge engineering, cloud technology, and the power of design, thereby enabling digital transformation for businesses.

We always stay on top of all security updates & measures and ensure the utmost data security for our clients. Our Web applications/Web portals are segregated with network segmentation.B2C portals are hosted in DMZ Zone. All applications are HTTPS.

Our B2C portals are protected under the Web application Firewall (L7 Protection). Vulnerable Assessment and Penetration Testing is done with regular frequencies. Regular backup and replication to secondary locations are enabled.

DQ: What are the trends reshaping the BFSI & Retail segments?

N S Nanda Kishore: The alliance between the innovative solutions and the financial/retail sectors has changed the conventional banking and shopping experiences and taken the tottering steps towards creating a cashless society, complete with digital transformation.

In the BFSI sector, the emergence of innovative financial technology has transformed the banking sector, paving the way for radical growth in the rise of fintech companies, internet banking, mobile banking, and much more. Our digital finance solution, Ziva, can provide a comprehensive lending management system of all business sizes and advance to a higher level.

The retail solution market integrates various upcoming innovations such as omnichannel retail strategies, personalized retail experience, digital mobile wallet, and more. Novac’s KAZITO® improves and evolves to keep up with the growing trends and deploy the solution to the organization as needed.

The BFSI and Retail segments are ever-evolving to meet the needs of customers. In the same vein, we, as a digital transformation company, provide top-shelf digital solutions, namely Ziva and KAZITO®, to aid organizations in keeping up with the trends.

DQ: What sort of products will reshape this decade in BFSI & Retail?

N S Nanda Kishore: The emergence of digital transformation and innovative technological resources has revolutionized the BFSI and Retail sector, contributing to the radical growth in a short period. The digital surge allows and relentlessly pushes the institutions towards the future with a goal to innovate and prepare for the future.

Cloud-based solutions that shift gear towards a customer-centric innovation will establish the stance of BFSI and the Retail industry. Novac’s platter of digital solutions can reshape and revolutionize businesses by harnessing technological capabilities with AI, Big Data, and Machine Learning to enhance the process-driven, response-first efficiency through digitalization and mapped customer journey.

By enabling innovation and the needed capabilities to propel forward, digital solutions along with the customer-centric business model can obtain an information advantage required to foster the upcoming change in the BFSI and retail sector by proactively managing risk, regulations, and capital.

DQ: A lot of focus is on BFSI and retail. Are there solutions for other segments, such as medical, industrial, etc?

N S Nanda Kishore : We deliver high-quality, cutting-edge, online training solutions for the eLearning industry. We can tackle next-generation training challenges and accelerate the path of learning with our flagship solution, Axle LMS, a well-developed, cost-efficient, and customized learning management system that unifies various training courses on an accessible, engaging, and intuitive platform.

With a plethora of features and modules, Axle LMS contains seamless course and activity management to track individual learner’s performance. The learning industry has shifted its stance from traditional training to the next level of corporate training, complete with custom-learning solutions that entice learners to advance in their training with ease.

DQ: What are your future plans?

N S Nanda Kishore: There is a tremendous demand for digital and cloud solutions with a focus on customer experience. We are heavily focused on reinventing our solutions on a continuous basis to meet the evolving needs of our customers.

We are completely India based, but expanding our geographical presence is on the cards for FY22.  We have been talking to some interested partners and would like to expand through partnerships and acquisitions. While the expansion plans are in a nascent stage, there is an effort to push it through by next year. In terms of revenue , we are expecting to grow 20-25%, in line with last year's growth rates.