Doing business is not all about making profits by putting ideas and capital to use. As a company spreads its wings into different domains expanding to different parts of the world, it should keep the compliance and risk factors pertaining to a country's regulatory framework, under the radar, all while keeping up with shareholders and brand value. BCT digital, Fin-Tech firm offers various services in risk management, asset & liability management, and governance & compliance management tools with a 'Business First, Technology Next' approach. Analytics Insights has engaged in an exclusive interview with Jaya Vaidhyanathan, CEO, of BCT Digital.
BCT Digital is an award-winning digital transformation company delivering FinTech, RegTech, and CleanTech solutions to international banking and financial markets, and key industry sectors. Ranked among the top 100 global companies by Chartis Research, the company offers disruptive, new-age solutions that empower large organizations and transform the way they do business.
BCT Digital has transformed some of the world's leading financial institutions through its flagship rt360 Risk Management Suite that draws on the strengths of next-generation technologies, sophisticated AI/ML models, data-driven algorithms, and predictive analytics. Through the rt360 suite, the company helps enterprises optimize their core Governance, Risk, and Compliance (GRC) processes, enabling them to augment their positioning and go-to-market capabilities.
BCT Digital offers a range of products to manage different types of risks for banks, financial institutions, and other enterprise verticals. The top products include the below:
The FinTech, CleanTech, and RegTech markets are fast expanding, which is why we are constantly building new products and innovating on existing ones. Our strategy has been to look for whitespaces and critical gaps in the risk and governance space and create innovative products to close these gaps. We facilitate the transformation of an enterprise by focusing on:
BCT Digital owes a fair share of its success to its lightweight, cost-effective, and innovative product portfolio. As a company that is built by industry specialists and technologists, innovation and out-of-the-box thinking are critical components of our DNA. We rely on our core team to solve complex challenges in the risk management, governance, and compliance space, and establish a steady grip in an extremely niche marketplace.
Another key differentiator is how we use technology to facilitate the thought leadership that is demonstrated by our products – but never let technology take center stage. The focus has always been on the business problem at hand, and technology acts as an enabler to solve the problem in the most cost-effective, innovative, and agile way possible.
Strategically, BCT Digital has been founded on the threshold of the Make in India movement. We leverage the groundbreaking 'Make local, take it global' scale-up strategy to tailor-make products for the Indian market and then expand it to international waters. Thanks to this strategy, the company has seen robust organic growth.
ESG reporting and related requirements are still evolving areas. Organizations that are trying to imbibe the principles of ESG into their operations often face multiple challenges, including the below.
To ensure profitability and sustainability, banks need to integrate ESG into their lending framework. One way to do this is to restrict their credit transactions to companies that have invested in strong ESG practices. A robust ESG performance is indicative of the future success of a company. However, before they inculcate these practices, banks need to fortify their own systemic wellness, by overcoming challenges prevalent in their industry sector today.
Banking technologies are evolving rapidly, even as challenges in banking – such as keeping pace with compliance and regulatory requirements, threats of data breaches, and security challenges – continue to grow. As banking remains primarily paper-based, many parts of the system are inefficient and incur significant overheads. Banks have to rethink their operating models to stay competitive in the new digital era.
Thankfully, with digitalization, new technologies are rapidly transforming the banking sector, which has the potential to benefit banks and consumers immensely. Technology offers a greater degree of autonomy to perform tasks that have become increasingly difficult. Innovative banks are finding ways to adopt emerging technologies, by automating tedious processes, reducing the cost of compliance through AI/ML/big data, and using predictive analytics to strategize and manage risks.
For example, BCT Digital has been drawing on the strengths of disruptive technologies, like AI/ML, analytics, and so on, to enable better accountability and predictability in banking risk management. However, for us, the focus is not only to stay profitable and risk-averse but also to create sustainable and socially resilient workplaces and communities.