IBS Journal: The iconic monthly FinTech magazine

February 2020 issue out now! Subscribe now

Launching India FinTech Report 2020

Market sizing and forecast of Digital Lending, Payments, WealthTech & RegTech. Subscribe now

Leading Back Office Systems for Banks

In-depth Supplier Profiles and User Lists. Subscribe now

In-depth Banking Tech and FinTech Research

Over 300 research reports that's updated quarterly. Subscribe now

Slowdown is a good time for banks to invest in technology: EbixCash MD

Milan Ganatra

Milan Ganatra, CEO, EbixCash Financial Technology

There seems to be a slowdown in business activities across the sectors but one. According to EbixCash Financial Technology, there has been a steady growth amongst the FinTechs or players providing technological solutions to the financial institutions and traditional banks.  This, he said, is coming on the back of rapid changes in technology, fluctuation, and volatility in the market and cut-throat competition.

Milan Ganatra, Managing Director at EbixCash Financial Technology told IBS Intelligence that with more and more banks wanting to go digital, there has been an increase in the business opportunities for the FinTechs. “This (fin-tech) is one such segment that has not witnessed slowdown. Several banks and financial institutions are now wanting to implement futuristic technologies to stay ahead of the competition. The banks and FIs should use slowdown as an opportunity to update their technologies and systems,” Ganatra said adding that the company had witnessed a record growth at 30 percent in the fourth quarter (January to March) of the financial year 2019.

EbixCash Financial Technology, a tech solution provider for wealth management and investment banking products, was formerly known as Miles Software, which was bought out by Nasdaq-listed Ebix Inc. last year.  The Mumbai-based company with a strong presence in Southeast Asia and India was historically growing at a CAGR of 20 percent but post takeover by Ebix Inc. has been growing at a 40 percent rate.

“We were strong in those markets but post the acquisition, we are growing faster as we have a backing of Ebix, which is helping us get larger contracts and brands. Besides, our ability to serve bigger clients has also gone up,” Ganatra said adding that the company will bank on Ebix’s brand name to enter developed markets such as the US, Europe, and the Middle East.  The company supports over 300 financial services clients across 17 countries.

As the focus shifts to the overseas market for EbixCash, the company also expects the revenue mix changing in the coming years. “While India remains a bigger market but with entry to more countries, we have witnessed that our non-India business now enjoys about 75 percent of the revenues. About, four years ago, India used to enjoy that kind of share,” according to Ganatra, who feels that banks in India are still trying to cope with their legacy issues. He, however, added that the company is in the process of signing a couple of Indian public sector banks that are currently not providing wealth management products to their customers.

The company’s wealth and asset management platform has Robo-advisory and is also plugging in technologies such as ML(machine learning) and AI (artificial intelligence) to solve challenges faced by the banks and customers when it comes to wealth management.

The company also plans to introduce newer products and technology that would cater to the non-MF (mutual fund) investment product besides technologies that will help the banks understand their customers better and allowing the banks to make better investment decisions for their customers.  Apart from that, the company is also working on technologies that can manage the cost for the banks and create more DIY (do-it-yourself) initiatives.

Related Posts