PERFIOS BANKS ON LEADERSHIP STRENGTH
Company confident top banks in Malaysia will use its solutions within a year
PERFIOS Technology Solutions, a pioneer in financial statement analyses and artificial intelligence (AI)-based credit decisioning, aims to be the most trusted technology enabler for financial institutions in Malaysia.
With a track record spanning 14 years, 18 countries and more than 400 institutions, Perfios enables financial institutions, insurance companies and financial technology (fintech) firms to quickly, efficiently and seamlessly transform the way they function while reducing human error and keeping costs low.
Perfios chief executive officer of international business Pramod Veturi said the company was fundamentally strong with an enviable reputations in India.
In India, the company commands a more than 90 per cent market share, where its clients include leading financial institutions such banks, non-banking financial companies, lending institutions and fintech firms.
“In every market where we have established our presence, we always take market leadership. We believe that in a couple of years, 60 to 70 per cent of all banks’ lending decisions will happen on the Perfios platform.
“We also expect that within a year, almost all top banks in Malaysia will use our solutions to improve their efficiency,” he told the New Straits Times.
Veturi said Perfios had always been known as an innovative disruptor with its unique financial statement analyser, AI-based credit decisioning, fraud check products and, more recently, the InsurTech solution “acclaim”.
He said the InsurTech solution enabled health claims to be processed up to 200 per cent faster while helping insurance companies deal with issues of fraud, waste and abuse.
“Most of this has been possible because Perfios has deeply invested in building solutions that are backed and powered by the latest technologies, including machine learning-based algorithms,” he said.
Veturi said in Malaysia, RHB Bank Bhd and Standard Chartered Malaysia Bank Bhd were among those benefiting from its statement analysis solutions.
Its proprietary algorithm is capable of digitising bank and other financial statements in any format across countries, and can provide business insights that make credit decisioning backed by data, faster and fraud free.
“Globally, we process close to 10 million transactions a month. The data points that we touch is close to about 500 million every month. Data is the fuel that powers the efficiency of our models,” he said.
“We have constantly evolved through the past 14 years and the Covid-19 pandemic has been a pivotal point in our evolution as we have been able to successfully support financial institutions in their digitalisation endeavours.”