Winsoft and Financialisation of Indian Savings

About Winsoft Technologies

Winsoft Technologies was founded in 1993, with a mission of delivering excellent, creative, cost-effective solutions with the most suitable and latest banking and financial solutions. Winsoft provides business solutions to Fintechs across the Banking, Financial Services, and Insurance (BFSI) industry using leading-edge technology and expertise, and almost all top blue-chip financial distributors are clients of Winsoft.

Journey Towards Providing Game-Changing Solutions

BFSI encompasses organizations that offer a variety of financial products and operations to a broad set of individuals as well as corporate clients. The BFSI software products help entities such as financial distributors and insurance businesses to use digital technologies to make their operations scalable.

Due to the digitization of the BFSI product distribution, it has become easier for consumers to go paperless. Bank accounts can now be fully operated remotely. When an IMPS transaction can be done at the tap of your fingers, why would you want to spend hours standing in line to make the transfer?

Post demonetization, the digital products helped the financial institutions increase in size and influence as there was a shot up in saving flows into equity and debt-oriented mutual funds and life insurance policies. In short the financialisation of savings began at rapid pace. The thrust towards the cashless economy forced all BFSI organizations to partner with digital service providers for disbursement of other banking and financial distribution products such as Demat accounts, insurance policies, Mutual Fund, Direct investments, etc.

Efficient Financial Product Distribution with Winsoft

Back in the late 90s when dematerialization of shares was a new concept in India, people hesitated at first concerning safety but now 100% switch from physical shares to dematerialized shares has happened increasing transaction multiple folds. This demanded a comprehensive system for management. Since 2001, Winsoft’s DeMATrix has been helping clients with the Depository Participant (DP) solution. DeMATrix is an integrated CDSL & NSDL solution that simplifies more than 1 Lakh DP transactions every day.

Dematerialization and stock market investment awareness gave a parallel rise to the mutual funds industry. This sudden boost during that era when markets were touching all-time highs called for a solution that provided ease of operability for fund houses and to maintain customer data in a more efficient and customized way. In 2003, Winsoft’s SmartMutual, a leading mutual fund distribution solution, enabled the mutual fund distributors to operate efficiently. It has automated all the process right from digital customer onboarding to customer dashboard and income calculation for distributor

The smart money had invested huge piles generating immense wealth by the time markets fully recovered. The number of Indian millionaires are increasing very rapidly every year. This paved the way for rapid growth for wealth management business in India. To meet the needs of financial planners and wealth managers, Winsoft developed SmartWealth in 2014 ; a robust software that enables financial managers to manage multiple asset classes seamlessly. It features a front-office interface and a back-office system that works seamlessly.

From 2009, the National Pension Scheme (NPS) was opened for all the citizens of India. For many years, the scheme did not gain popularity, until they came up with pension cum investment plans. This sudden boost in the National Pension Scheme (NPS) and Atal Pension Yojana (APY) investments called for a smart application. That’s when SmartNPS & SmartAPY was born out of necessity in 2015. SmartNPS is an automated solution that enables you to manage your investments into a National Pension scheme. It is easily integrated with various back-office processes. SmartAPY is a web-based solution that simplifies the processing of APY contributions. It features a unique reporting feature that allows users to easily analyze their contributions.

With the introduction of Application Supported by Blocked Accounts (ASBA), investors could safely block their funds in their accounts while making an application to an IPO. This reduced the transaction costs and unnecessary processing of payments from one account to another. Application refunds got faster and accurate with ASBA. When the distributors needed smart applications to manage the processing of the volume of IPO applications, Winsoft developed SmartASBA. It is a platform that enables financial distributors to process IPO, FPO, NFO, and DEBT applications.

With the covid-19 pandemic there was a big realization amongst Indians about the importance of having health and life insurance. The India market offers the immense opportunity for insurers as insurance penetration is very low in India. The insurance distributors were finding ways to increase their reach and hence rapidly adopted digitization.

Winsoft’s Smart Insurance is a comprehensive software solution that provides a complete view of your insurance distribution business. AGILE is a general insurance & life insurance enrolment system and AGENT is a training system that enables the insurance industry to run smoothly.

Due to the pandemic, many people started investing in different asset classes. Increased awareness led to a sudden boost in Sovereign Gold Bonds investment and financial distributors lacked robust platforms to handle the load. That’s when Winsoft provided SmartSGB in 2021 to fulfill clients’ needs by providing an end to end software for Sovereign Gold Bonds.

The Bottomline

Winsoft Technologies have ventured into the arenas of Artificial Intelligence and Machine learning to help banking and financial solutions providers to offer a seamless banking experience. AI’s optical character recognition (OCR) allows user information to be auto-filled by nitpicking relevant information from documentation given as proof at the time of the customer onboarding process. This process minimises fraud and increases the efficiency of their products and services.

To know more about our innovative solutions & services connect with us today!

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