The U.S. stands as the world’s largest financial services market, boasting approximately 6,500 banks and around 4,500 credit unions. Remarkably, no other country or region, not even the entirety of Europe, can match these numbers.

And it’s not just about quantity; it’s about influence too. The U.S is a vibrant ecosystem that encapsulates the best of the best across various industries. Consequently, our performance standards need to be nothing short of exceptional when competing in such an arena.

We’ve been entrenched in the Business Process Management (BPM) industry for the past 15 years. Launching the Quinte brand in the US was a natural progression from our previous work. This transition marked an enhanced phase, both technologically and in terms of service delivery. In the world of BPM, as banks undergo digital transformation, the need for digital support becomes inevitable. While manual operations still play a significant role, there’s a growing demand for redefined services delivered through digital channels. This shift aligns with the booming realm of digital commerce, presenting a substantial opportunity for Quinte.
This dynamic environment keeps evolving at an unbelievable speed, with technologies changing on an almost daily basis. In just the past three years, we’ve witnessed trends shift and now the focus is on generative AI.

Talking about AI and machine learning (ML), they have been around for nearly three decades now, making them far from ground-breaking concepts. However, what has changed is their accessibility and widespread adoption. In the past, acquiring such technology meant hefty investments, but today, anyone can harness AI and ML tools via cloud services.

While we embrace these trends, we also acknowledge the caution exercised by financial institutions. They remain grounded, focused on substantial returns for their shareholders and customers. Our role is to strike a balance between the tech sector’s inclination to jump onto the next big thing and the pragmatic approach of financial institutions.

Within this landscape, there’s a further distinction between credit unions and larger banks, each with its unique set of challenges and opportunities. So, if we were to define our unique offering, it’s not solely about offshoring; it’s about delivering the pinnacle in technology, solutions, and expertise. People, processes, technology—it’s all about providing the best in these areas.

Convincing banks isn’t merely a matter of presenting something new; they need to see it in action, and that’s precisely what we offer—a proven track record. Our journey begins with processes, guided by our experts, and gradually transitions towards automation. Our central focus revolves around achieving process excellence, continuous improvement, and the eventual automation of these processes.

Understanding the financial institutions and fintechs in the US is crucial for continuous progress. We need to identify the opportunities available to us because we can’t be present everywhere. We must find our sweet spot, leveraging our strengths. No matter what sector you are in, there is always going to be competition.

However, competition can also be a source of improvement. Competitors point out areas where we need to enhance our service offerings and allow us to learn from their mistakes. Competition is a fundamental aspect of the marketplace.

The opportunity lies in the growth of the US digital economy, which is still relatively small compared to the overall economy. India’s abundant talent pool, youthful population, and innovation capabilities position us well in this ecosystem. The entire industry is geared to seize this opportunity, given the logical appeal of the US market.

Priorities shift swiftly, and it’s crucial for us to understand our customers’ evolving needs. Internally, we must ensure that our processes, solutions, systems, and personnel remain up-to-date and optimized for performance. It’s a continuous journey, marked by learning and adaptation.

Our primary focus will remain to assist financial institutions on their journey from the initial hype surrounding a concept to the point where it becomes a profitable and practical adoption. This is where our expertise comes into play. We provide financial institutions with the means to explore and experiment with group solutions, drawing from our own experiences for valuable insights. As we move forward, more doors open, and we aim to enter every relevant one that has our potential customers waiting for us.

– by Sriram Natarajan
President
Quinte Financial Technologies.

Source: This article was originally published in “Business Standards” on October 11, 2023