Bridging the Regulatory & Technology Divide of Fintech Industry: Newgen Software
In an exclusive interview with Faiz Askari of SMEStreet, Mr. Diwakar NIgam unleashed some insightful details about India's cutting edge trends in the IT/ITES industry and also highlighted some of the contemporary priorities of Newgen Software.
Emerging as an entrepreneur from a business school or engineering school in itself is great evidence of a positive change. Some do it for the family legacy and some do it for their own passion. This is the story of a passionate entrepreneur who emerged as an iconic figure of the Indian IT industry. Mr. Diwakar Nigam, Managing Director, Newgen Software is India’s IT & ITeS leader and have been known to establish some of the major landmarks in the industry. Apart from being one of the founders of NASSCOM, Mr. Nigam has been a committed entrepreneur since he passed out from IIT Delhi.
Newgen started its journey in 1992. Headquartered out of New Delhi, India – Newgen Software Technologies Limited is present through its subsidiaries in the United States, Canada, United Kingdom, Australia & Singapore and through its branch office in Dubai.
For over two decades, organizations leveraged Newgen’s innovative technologies and solutions to streamline their processes and drive smarter business decisions. Newgen through its proven configurable unified platforms provides a perfect amalgamation of information/content, technology, and processes; the building blocks of digital transformation. This has enabled clients to manage their content, processes, and communication while transforming their customers’ experience, bringing agility to their operations and context to their data for real-time visibility and control. Newgen Software is certified for ISO 9001:2015 and ISO 27001:2013.
In an exclusive interview with Faiz Askari of SMEStreet, Mr. Diwakar NIgam unleashed some insightful detials about India’s cutting edge trends in the IT/ITES industry and also highlighted some of the contemporary priorities of Newgen Software.
Faiz Askari: What was the inspiration and motive behind starting Newgen Software?
Diwakar Nigam: Back in the 90s, it was very common to get caught up in the rut of getting a good job after graduating from one of the Indian Institutes of Technology (IITs). But I had always dreamt of being an entrepreneur. I dreamt of building the best software products out of India; to do something worthwhile and change how businesses work from the inside out.
We used to see the flow of paper in banks — it once took me forty days to get a small loan approved. Something clicked and I decided to build an imaging software to automate the flow of paper within enterprises. Thanks to our software, numerous organizations were able to centralize all their operations in India to one location and this eventually led to the advent of business process outsourcing (BPO). By taking a risk, my team and I genuinely changed how businesses worked. Ever since then, Newgen has always stayed at the forefront of the technological transformations happening across the globe.
Faiz Askari: What is Newgen’s exclusivity in the market?
Diwakar Nigam: Our exclusivity lies in our digital automation platform, with low code capability, that integrates various capabilities needed to build business applications across the spectrum. Our flagship products in business process management, enterprise content management, and customer communication management help organizations in their digital transformation journey by bridging silos and transforming the customer experience. The products are powered with cutting-edge technologies, such as mobility, social, analytics, cloud, robotic process automation, blockchain, and artificial intelligence to enable organizations to stay ahead of the curve.
Faiz Askari: Do you agree, that digital transformation is challenging the whole BFSI sector?
Diwakar Nigam: BFSI sector has always been an early adopter of technology. However, factors such as changing customer expectations, diminishing boundaries of operations and ever-changing regulatory requirements are posing significant challenges to the financial institutes. To overcome these hurdles, organizations need to leverage a platform with low-code capability that drives intelligent process automation, brings context to content, and ensures omnichannel customer engagements. In addition, organizations also need to leverage new-age technologies like AI/ML, RPA, blockchain, analytics, and others to build a competitive digital business model.
Faiz Askari: What sectors are you catering your services to and which one is the most challenging?
Diwakar Nigam: We have a strong presence in the industry segments of Banking, Insurance, Government/PSU, Healthcare and Shared Services/BPO. However, we cater to a total of 17 verticals through our digital automation platform with low code capabilities. We are seeing robust growth in the banking and financial services vertical which accounts for 50-60% of our revenue. Additionally, the BPO/IT/Shared Services vertical has also performed quite well. While the pace of implementation in the Government/PSU sector is a bit slow, we see a huge potential for the adoption of innovative solutions and new technologies in that segment.
We are working towards bridging the regulatory and technology divide. The technology we provide helps in multichannel onboarding, thereby ensuring compliance with the regulatory framework.
Faiz Askari: What kind of fintech innovations are you planning to implement?
Diwakar Nigam: We are working towards bridging the regulatory and technology divide. The technology we provide helps in multichannel onboarding, thereby ensuring compliance with the regulatory framework. Our platform’s low code capability enables the BFSI industry to quickly adapt to regulatory changes.
Faiz Askari: What are Newgen’s plans for 2020?
Diwakar Nigam: We are expanding our product portfolio and are developing new delivery models. We are also focused on developing agile, low-code, purpose-made solution accelerators for banking, insurance, government/PSU, and shared services/BPO industries. Our innovation pipeline includes intelligent content services, a low code application development platform, collaborative work management, digital sensing, blockchain, and RPA. We have also introduced a new version of our product iBPS (Intelligent Business Process Suite) which will enable organizations to respond faster to the needs of a digital business
We will continue to focus on the U.S., European, and Australian markets and expect to build a strong growth momentum in these regions. As a part of our focus on sales and marketing beyond our new territory expansion, we are investing in building the sales channel for a global system integrator network. We hope to achieve a significant part of our revenues in the next five years through this channel.
Faiz Askari: Digital payment has become a great enabler of fintech domain. but data security is still a major concern for many of the users. What message you have for those who believe that data security is still something which is lagging?
Diwakar Nigam: Data security is on top of the mind of every enterprise dealing with sensitive information. Robust data security and privacy measures should be leveraged to prevent data leakage. The integrity of enterprise data is critical as any loss can result in financial damage and affect a brand’s credibility. Effective data storage and security are imperative to win customers’ and partners’ trust.