SAP India announces the availability of SAP financial services solutions especially leveraging payments and small finance banks to enable through a digital transformation journey. The initiative comes after a nod from RBI to non-banking entities to set-up payments and small finance banks to digitalize the Indian banking sector.
“Digital banking will make financial services more accessible and affordable to the unbanked population. Banking the unbanked with innovative solutions underpins SAP’s vision of a technologically streamlined world that will improve people’s lives.” said Deb Deep Sengupta, Managing Director, SAP India.
For the Indian market, SAP aims to commence the digital core banking solutions set including the mobile wallet which are designed to provide a holistic platform that will cover mobile banking, analytics, digital customer experience and commerce.
The payment and small banks will be able to quickly deploy mobile financial services to previously unbanked customers in remote geographies. SAP solutions are built to integrate various entities in the banking ecosystem like agent/partner networks to extend its reach through feature phones, smart phones, and online portals.
“I am extremely positive about the success of these financial solutions, which will also provide freedom, security, convenience and reliability to millions of consumers” said Mr. Avinash Purwar, Vice President, Global Partner Operations, SAP India.
Globally, the SAP Solution Portfolio for payment banks and small banks have empowered similar banks especially in emerging markets to become superior financial services providers in their markets by leveraging technology to achieve speed, large volumes, robust security, lower total cost of ownership, efficiency of transactions in a real time manner.