Launched in 2005, Acute Informatics has revolutionized the IT space by providing fintech companies with banking solutions and services that enable organizations to secure a competitive advantage. With more than 150 active engagements with customers and more than 350 people, Acute Informatics delivers solutions that aim to improve operational efficiency while innovating and minimizing costs. Their flagship products are:
- EasyBankCore® which is a browser-based multi-channel central banking solution that has enabled a full range of banking services for many customers.
- DiGi.X™ – Range of Online Digital Channels: API | interfaces
- EasyNetPro™: Online Net Banking Solution
- MobiPro™: next-generation mobile banking solution
After realizing the importance of faster backups, increased application security, and lower costs, Acute Informatics decided to migrate its workloads to Oracle Cloud Infrastructure. They were able to ensure the availability and security of their products to focus more on the scalability of their business. Additionally, not only are they able to run their applications at peak performance on OCI, but they have also been able to do so at a fraction of the on-premises costs. Today, they empower over 100 small and medium banks in India. Mr. Chirag Patel, CEO of Acute Informatics, shares more information on the same topic.
What are the trends in the digital banking space
The digital banking space is extremely dynamic and has seen many changes over the past few years due to the increased use of technology. Banks are leveraging technologies like AI/ML, blockchain, and cloud to make their services much more reliable, accessible, and future-proof. With this, customers too are coming to realize the convenience of personalization they get with digital banking, and it has now become imperative to ensure continued customer satisfaction. There is a higher demand for convenience-oriented banking services, where both individuals and organizations want to be able to have more control over their transactions. Proof of this lies in the 6.28 billion transactions worth Rs 10.63 trillion processed by the UPI network in July 2022, which is the highest ever recorded since 2016. Also, if we directly compare it with June 2022 figures, July 2022 volume and value transactions are up 7.16% and 4.76%, respectively. Moreover, according to Statista, the number of digital transactions in India is expected to surpass 214 billion in fiscal year 2026. Through such research, banking systems are also leveraging technology to become much more robust and automating transaction flows. work to reduce costs and improve efficiency. .
What is the key technology impacting the digital banking space?
The digital banking space has embraced technology in all its aspects to become what it is today. Of these, the cloud has truly been one of the most critical technologies that is catalyzing this evolution. Cloud-based digital banking solutions have been able to help banks with reduced infrastructure costs, better scalability and improved agility. Additionally, the cloud enables unprecedented innovation in the IT industry and helps build efficient machinery that responds quickly to business needs. There is a visible movement of non-critical workloads to the cloud in line with industry regulations. Banks are also actively leveraging new cloud technologies such as serverless architecture to develop better applications. Catalyzed by the cloud, banks have also been able to leverage other emerging technologies like AI/ML, blockchain to provide protection against cyber attacks.
How do Acute Informatics’ products, namely EasyBankCore® & DiGi.X™, EasyNetPro™, MobiPro™, impact the industry?
The bank is transforming from being based in physical branches to using information technology (IT) and digital banking, as well as highly specialized human capital. A shift in the use of technology in the development of new services and business models has occurred with the rise of the FinTech & Digital Banking sector, which can be understood as the use of innovative information and automation in financial services.
Acute Informatics’ digital products and services are helping to accelerate the adoption of various new digital technologies and the acquisition of users associated with them has significantly accelerated, regardless of the size and scope of banks. The range of digital banking products we offer, outdated legacy technologies (e.g. mainframes) and expanded branch networks to meet service standards that new competitors can provide. Customers have new service expectations in terms of interface usability and transparency.
Acute Informatic’s Mobile Banking – MobiPro™ & Online Net Banking EasyNetpro™ applications enable third-party access to consumer banking data (with consumer consent) and become a fundamental tool for digital disruption in the banking industry. Moreover, with the advent of Cloud Computing, banks have reduced their operating costs and have a fast GTM.
Our secure APIs and cloud computing infrastructure have enabled the same for our banking customers. He has helped banks implement improved customer relationship management. Acute Informatics’ digital banking offerings have impacted all aspects of banking, including storing, processing and collecting information efficiently, securely and cost-effectively. Acute’s digital technology has had a significant impact in terms of increasing efficiency, managing competition and making banking markets contestable. He has helped our banking clients build a customer-centric platform. By adopting Acute’s products, banks have significantly improved their digital footprint and this has acted as an acceleration catalyst to impact their customers and revenue base. Some of the use cases of the same are: Mobile Banking, Online Net Banking, RTGS/NEFT (24x7x365), CTS, Debit Cards, e-Lobby, Credit Scores, ATMs etc.
Today, Acute’s banking technology offerings have helped many small and medium-sized banks create their digital footprint, which do not have physical locations or physical branches.
How does Acute Informatics leverage OCI to improve customer experience?
We run our core banking application EasyBankCore as well as other applications such as human resources and loan management systems on multiple on-premises Oracle databases. However, we started aiming for a more cost-effective method given that it was expensive to keep the hardware stretched out and we also saw limitations on how fast the infrastructure could be scaled out. We then decided to look for an elastically scalable database solution in the cloud to increase processing speed and reduce operational costs.
Our main priority remains small and medium banks and therefore we needed features to ensure the best security for the infrastructure, critical applications and the Oracle database. Additionally, we needed a strong disaster recovery strategy and business continuity to maintain compliance as well.
After reviewing other cloud service providers, we decided to move our workloads to Oracle Cloud Infrastructure (OCI), considering that it offered the optimal performance to support our core banking application EasyBankCore. The lower total cost of ownership was another deciding factor for us to migrate workloads to OCI. In addition, OCI’s extensive security features, as well as support for tuning multiple Oracle databases, were also of great importance to us. We reduced total cost of ownership by 35% while increasing system performance by 50% after migrating to Oracle Cloud Infrastructure.
How does Acute Informatics plan to further leverage technology to scale its business?
Acute Informatic is committed to adopting and building the right technology stack, which may require companies to try something completely different given the type of business and scaling plan, keeping in mind mind the investment of our customers.
A few of the key areas where we plan to grow by leveraging technology to stay relevant are:
- Workflow Automation
- Real-time data analysis.
- Security and data protection, cybersecurity improvements.
- Migration to the cloud.
- Data visualization.
- Project management.
- Collaborative apps.
- Development of new Fintech products such as: Loan Origination Systems (LOS), Loan Management Systems (LMS), Business Automation Process (BPA), CRM