Orion Innovation (Orion), a leading digital transformation and product development services firm, today announced strategic partnerships with FinTaar Technologies Private Limited and bizAmica Software Private Limited. This is in sync with the company’s ambitious plan to have India contribute 10% of its revenue growth from the Financial Services vertical by the end of 2024.
Fintaar Technologies offers end-to-end lending solutions right from their Loan Originating Systems that automate and streamline the loan application and origination processes across multiple channels to the Loan Management System that simplifies all the procedures to manage multiple stages of the loan journey. The company’s robust Debt Recovery and Collection Management System streamlines delinquency management and debt collection by minimizing the cost and efforts involved in the recovery process. Following this, Lending Analytics easily generates meticulous and dynamic data-driven reports to optimize costs, streamline processes and help identify new product opportunities.
bizAmica, founded in 2018, is focused on powering businesses using its globally recognized product izDOX AI platform. izDOX automates process flows involving documents across Banking, Finance, Insurance, Logistics and Healthcare domains. On account of their deep technology and domain expertise, izDOX auto identifies business risks from transactions and does auto compliance for go and no-go decisions.
Commenting on the partnerships, Mr. Anoop Gala, Global Head – Financial Services, Orion Innovation said, “Digital transformation has rapidly accelerated within India’s BFSI sector over the past decade, ushering in a new era of customer experience, automation and insights. As part of our aggressive growth strategy, Orion is making substantial investments in SAAS offerings that are powered by cloud, AI & Machine learning, hyper-automation and modern data platforms. Recognizing the immense potential in India’s financial services sector, we hope to position ourselves as leading player in the market through partnerships with Fintaar and bizAmica combined with our deep domain expertise in Banking, Trade finance, lending & insurance.”
FinTaar Technologies and bizAmica Software bring with them a wide array of solutions built using AI-driven business, document & workflow automation for trade finance, supply chain financing, loan origination & servicing, insurance claims processing.
“Collaborating with Fintaar and bizAmica, we are launching these solutions to be available in a SAAS model fully integrated in the financial services ecosystem. Our aim is to deliver accelerated digital outcomes, including achieving an impressive 98% accuracy in document processing, enabling precise delinquency prediction, guiding next best actions (NBA), and ultimately, fostering improved cash flow for financial institutions and businesses operating in this dynamic and ever-evolving digital landscape,” Gala added.
“We are happy to be partnering with Orion. The demand for cutting-edge technologies like artificial intelligence (AI) and machine learning (ML) has soared. This augurs well for Orion Innovation with prospects in the Indian market and their existing clients globally. Empowering enterprises and teams to engage in decision-making using AI and not data processing has been and continues to be our mission. We look forward to working closely with Anoop and his team to build and expand Orion’s client base in India and globally,” says Mr. Rahul Bhanose, CEO, bizAmica.
“With our extensive experience in the financial services domain, and cloud offerings in emerging areas like Supply chain finance, embedded financing, Co-lending and recovery, we firmly believe that we are the right partners for Orion in the lending technology space. At the end of the day, it’s all about enhancing the customer experience and providing our clients with a seamless digital journey, which is why digital transformation is unquestionably the need of the hour for the BFSI sector. There is also a need for the lending products to continuously evolve with the changing customer demands, which our flexible and modern technology architecture facilitates. With this alliance, we look forward to delivering innovative solutions and delightful experiences that will meet the ever-evolving expectations of Orion’s clientele,” adds Mr. Hemant Jain, CEO, FinTaar Technologies Private Limited.
Orion recently signed a new deal with Philippines-based Cebuana Lhuillier Bank in its transformative journey towards financial inclusion and modernized banking services. Cebuana Lhuillier Bank, which serves 6 million Filipinos, signed the deal with Orion to implement the advanced Temenos core banking platform to revolutionize its operations and expand its outreach to unbanked and underserved Filipinos with an aim to grow more than 11 million customers over five years.
Orion firmly believes that financial institutions must proactively adapt their business models to not only survive but thrive in the face of today’s dynamic and ever-evolving landscape. With a relentless focus on helping clients ideate, innovate, and accelerate, Orion empowers organizations to stay at the forefront of the competition. By embracing a digital-first mindset and possessing a deep understanding of compliance requirements in the financial services industry, Orion uniquely positions itself to assist financial institutions in rethinking, reimagining and reinventing their businesses.