Talking FinTech: In Conversation with Mr. Digvijay Singh Baghel- Senior VP Online Payment Gateway, Innoviti Payment Solutions

The popularity of FinTech has been on the rise. We talked to Mr. Digvijay Singh Baghel- Senior VP Online Payment Gateway, Innoviti Payment Solutions about the importance of FinTech and the potential it holds to make multiple processes simple.

Why do you think Fintech is important in today's time and how?

In today's time, technology has changed the way companies do business. FinTech's has significantly reduced the cost and turnaround time of various financial services and has continuously enabled customers with better service and innovative products. Today in the post-Covid world, Fintech's has enabled people to adapt to a digital lifestyle. FinTech has unsurprisingly become one of the essential elements of today's economy and finance.

While advancements in the area of FinTech have been happening at lightning speed, we have only just begun to scratch the surface of what is possible and likely to occur in the next few years.

What distinguishes Innoviti from other Fintech solutions?

Traditionally speaking, the I.T. companies in India have evolved with a service mindset. This mindset becomes a blocker when you conceptualize innovative products. We in Innoviti have continuously evolved our product offerings via tech innovations, empowering merchants, banks, and brand partners to provide better customer service. We at Innoviti focus on technology & innovations that brings great customer experience and not just solving customer problems. All our products are designed and engineered with a Customer-focused strategy, to provide them a seamless, cost-effective, and hassle-free payment experience.

Innovation is crucial to the development of technologies. We have filed for over 26 patents and have been awarded two patents. As we speak, Innoviti has more technology patents filed than all the payment companies combined in India. We are the first and the only SOC3 certified payments platform whose claims on reliability, speed and integrity of transaction information have been validated by SOC3 processes.

Why should Fintech be the point of focus in the current scenario and what revolution can it bring in the way we pay and work with money?

Fintech companies are at the forefront significantly due to the current scenario with digital transactions/pay tech taking place higher than ever. The Indian Fintech sector has surfaced as one of the key players in the global industry. Banks, brands, and Consumers have encouraged payment technology used in all channels right from U.P.I., Peer 2 Peer, Digital Wallet, mPOS, and voice payment. The disruption from financial technology(Fintech) has ushered in an era of innovation — enhancing convenience and customer experience for consumers and businesses.

While the FinTech industry is still nascent, it is well-positioned to witness long-term growth in the coming years, particularly in digital payments, digital lending, and open banking, which would create new opportunities for firms and help empower them in the digital age. India has the second-highest number of new FinTech start-ups in the last three years, right behind the U.S. Also, within FinTech segments, digital payments have been at the forefront, followed by lending, Insure Tech, Wealth Tech, Neo Banks, Reg Tech. Therefore, many innovations can be expected from the players that transform the way we pay and receive money.

How does the L.C.A.P. benefit the merchants in terms of profits?

Low Code Application platform (L.C.A.P.), also known as 'Code less, do more' philosophy of Innoviti, democratizes access to technology, enabling even the smallest merchants to become incredibly productive. For the first time, they do not have to derive business insights from their payments data manually. They can instead focus on growing their businesses using real-time insights shared by Innoviti's apps.

Innoviti has reduced the go-to-market time of various campaigns, features, and products from days to few minutes. Our merchants and partners can design various campaigns and offerings - like zero cost E.M.I., Flexible E.M.I., B.N.P.L. (Buy-now-pay-later), cashback etc., using these L.C.A.P. and get more store walk-ins, extend customized offers to consumers and get an x-ray view of their payment operations. L.C.A.P. has reduced the cost for merchants to design various promotional campaigns by almost 60% and has also increased the conversion of store-walk ins. Our onboarding app built using these low code application platforms for onboarding new merchants eliminates wait time and gets a new merchant transacting digitally on our terminals within 30 minutes.

What is the importance of the L.C.A.P. platforms in today's scenario?

In today's digital world, a transformation is needed. Because of digitization, customer needs are changing and evolving very fast. At this time, the business doesn't know if strategy A will work or strategy B. Traditionally, to design these strategies, it used to take a few days to months. L.C.A.P.s has helped businesses quickly prototype strategies A & B, test in the market & figure out which process works the best. Low code platforms enable enterprises to build applications by combining various stand-alone components, APIs, drag and drops etc., eventually reducing the effort of writing and testing thousands of lines of code. With these low-code benefits, organizations are better equipped to adapt quickly and respond to fast-changing business conditions.

What's the market size and the potential that you see for this in India right now for L.C.A.P.?

Gartner projects the worldwide low-code development technologies market to a total of $13.8 billion in 2021, an increase of 22.6% from 2020. In India as well, the L.C.A.P. market is anticipated to expand at the CAGR of approx. 24% from 2020 to 2027. With 100s of millions of APPs getting built every year, sound engineers are scarce (Dev & QA). These low code platforms enable the user to create applications using fewer resources and lesser costs, eventually reducing the operating expenses of businesses.

What are some emerging technologies at Innoviti?

Innoviti products are focused on extracting better value out of a payment transaction than anyone else. The company recently announced - G.E.N.I.E., a smart marketing application for local mobile dealers to help them fight back online by bringing to them the same technology used by online merchants to attract consumers. This product supports conventional Brand E.M.I. schemes and unique and exclusive E.M.I. and cashback schemes not even available online.

Furthermore, Innoviti's self-healing technology for payment terminals' Juno' enables automatic detection and healing of complex payment systems. Juno takes over from where humans find it hard to find patterns. Built using advanced automation and AI/ ML technologies, Juno detects and cures issues and leads to significant business impact by ensuring zero downtime of all terminals. Juno has ensured an uptime of 99.7% across its pan-India base of payment terminal installations since its launch in 2020. The technology pro-actively tracks 5 million transactions every day to identify & resolve issues that are hard for humans to detect.

Innoviti uses payment technology in unconventional ways to turn payment transactions into customer acquisition and retention tools for merchants, bank, and brands, by bringing them on to a common platform and helping them deliver unique customer experiences, such as this one.