Modus Information Systems: The Fifth Generation BFSI Technology Partner
The global core banking solutions market size was valued at $9,856.45 million in 2019, and is projected to reach $28,785.85 million by 2027, growing at a CAGR of 14.6 percent from 2020 to 2027. What has driven this growth and the promising future? KL Mohan Kumar, CEO & Managing Director of the Banking tech solution provider Modus Information Systems, says, "The last four decades have witnessed core banking technology evolving, while the current wave can be termed as the 5th Generation of Banking Technology. In this phase, the focus is on Platforms, Cloud, Mobility and Digital Channels with a backend Core Banking System which seamlessly integrates through open APIs. With even the smaller community banks with ultra-local presence becoming tech savvy, there is a growing demand for multiple niche solutions to complement the traditional Core Bank Systems. This space is being filled by an eco-system of niche technology companies".Right at the centre of this ecosystem of niche technology, Modus Information Systems is positioned to address the changing trends in the Banking Technology. With a segmented approach to the market, Modus Information System offers differentiated solutions to different segments of clients. The firm pursued the Eco-system play by building segment specific niche solutions on the IP/Platforms of its alliance-partners of niche technology firms. Modus offers end-to-end solutions to the clients at multiple price points at different levels of sophistication.
Modus has been a trusted Finacle partner for nearly two decades. Modus was inspired by Infosys in the initial years, wherein it was helped to internalise the processes, technology and the client centric focus.
Over the years Modus has built a strong reputation for being a dependable and reliable services partner. Modus has developed a unique model of implementation (and support) which focuses on the outcomes. On-time delivery, within budgets, etc. are no more the differentiators, they are mere hygiene factors. The critical success factor of banking technology implementation is to enable the client to leverage the feature richness and versatility of the solution to deliver better value to their end customers in terms of product offering, user experience and convenience of anytime and any device service delivery. Modus' wealth of experience in designing such solutions to cover end-to-end requirements, and its deep expertise in integration helps Modus to deliver seamless implementation services to the clients.
"Our focus on processes, tools and techniques and automation has helped us raise the bar continuously. We are amply aided by Infosys in terms of enablement and sharing of best practices," adds Mohan.
Demonstrating Exceptional Expertise in Implementation
Having done multiple customer engagements and to ensure business benefits of implementing Finacle, Modus' approach to any implementation is an end-to-end offering, just to leverage the inherent strengths of Finacle which, unless unfolded, will remain latent. Modus helps clients to choose the right applications and the right integration approach to derive the best value to the business process being fulfilled. The wealth of experience Modus' teams bring to the table helps the bank to configure Finacle in a way which facilitates right levels of flexibility and efficiencies. Finacle has a robust and flexible customization framework, which Modus teams have been able to use to develop client specific differentiators to create the WOW factor.
The firm has pre-integrated partner solutions with CBS which will reduce the implementation time. At the same time, Modus has developed micro-services/APIs to cover majority of the integration between the CBS and the surround application, which facilitates seamless orchestration of business processes across the sub-systems.
Some Cases of Implementations in Record Time
Recently RBI awarded a provisional UBS license to a Financial Services Company. They had to set up their Core Banking System within four weeks to fulfil the mandatory requirements. They engaged Modus to do the Core Banking implementation within four weeks. It was a formidable challenge, but Modus could achieve the same in three weeks. This could be achieved because Modus had created a repository of accelerators in terms of basic configurations, workflows, integrations, etc. This feat is an improvement over the earlier record of fastest implementation.
A Multinational Bank chose Modus as its strategic End-to-End Testing Partner for its key Finacle Core Banking Solution version migration. The critical aspect of this Project was aligning the Testing Strategy to overall Finacle Migration; thus, time is of essence. Modus' deep expertise in Finacle coupled with its niche Testing Practice made it so cohesive that the right test cases that may occur post-Go Live, were aptly written to validate the fitness of purpose. In a Testing Project, Modus believes that it is not the skill to exhibit writing of Test cases but actually writing the right set of Test cases which are paramount.
Finesse in Partner Solutions
Modus has performed exceptionally well in the past couple of years while having invested in building surround solutions, particularly in the niche domains like Lending Platform including Microfinance, AML, Enterprise Recon and Digital Hubs for multichannel services. All of these are Modus' eco-system play where the firm leverages its alliance partners to provide end-to-end solutions. Chandar Raman, Director - Business Development, says, "Modus has developed competency to offer implementation and support services of all these applications thereby becoming a one-stop-shop for the entire range of Banking Technology. Modus has white-labelled its Partner Solutions for Business Intelligence/Analytics space (ModusBI) and Enterprise Mobile Learning Platform (Modus-Quiklrn)".
ModusBI is a business intelligence platform enabling interactive enterprise dashboards with KRAs for different user profiles within a bank. The solution comes with preload of dashboards and reports that are a ready-fit for banks. ModusBI can be made as a plug-in menu within the Bank's Core Banking system and accessed by SSO. The solution is also made available on multi-channels enabling BI dashboard access instantly. Easy integration of ModusBI through standard APIs helps leverage the data from combination of backend applications within the Bank, thus providing a 360 degree view of all departments and operations.
ModusBI leverages premium BI features like self-service, trending and predictions with high-speed and precision. ModusBI leverages the data science and machine learning framework to perform `what-ifs' to give real time predictive data analysis. The solution is available both on-premises and on SaaS Models with a variety of licensing models.
For the Cooperative Banking sector in India, Modus has developed pluggable solutions which generally are not part of the standard offering by leading Core Banking Solutions. These solutions include Share Accounting, Fixed Asset Management, Collections and Delinquencies, NPA Management, etc. thus reducing the gaps in the application landscape and enable banks to comply with all regulatory requirements from day one.
Humble Beginning with a Humble Approach Customer Centricity
With a humble beginning in 2001 as a startup, Modus has grown in strength acquiring new skills, expanding the scope of engagement and scripting customer success stories. Under the one-man-army leadership of Shivaprasad (Current Chairman Emeritus), Modus was accorded `Value Partner' status by Infosys/Finacle in 2003, and ever since Modus continues to nurture and strengthen the relationship. In 2006, Nanaiah PD, an executive in a Public Sector Bank chose to cast his destiny with Modus. He was co-opted as the Director on the Board with Finance as his portfolio. Nanaiah's unrelenting focus on cash flows and cost control has helped Modus to remain debt free for more than a decade now. Collectively Modus leadership team represents 300 years of Banking and Technology experience.
"Modus has been rediscovering itself from time to time. Modus' attention to risk management, diversification and talent acquisition has helped it to grow consistently over the last 15 years," says Nanaiah, Director Finance & Administration.
On the customer front, Modus' primary focus has been on retaining of existing customers and adding value to the ongoing engagements. Modus believes in an `Altruistic Approach' with every Client engagement. Further elaborating on this ideology, the CEO says, "We put `Customer First' and train our employees to view the concerns from the customer point of view. This has helped Modus relate to our Customers better. We follow this approach right from the sales cycle to delivery in every BFSI customer. Banks draw comfort from this".
Positive Outlook on the Future
"We think like a large company but work like a startup," says Mohan. Like a large company Modus has well-defined business strategy, succession planning, capital allocation policy and governance mechanisms. While in terms of decision making, organizational structure, and innovative ways of working, Modus is similar to a start-up. The future roadmap is three fold. Firstly, to expand the services portfolio to create more revenue streams with focus on productised services, consulting, Testing & Validation, Managed Services and enterprise learning; secondly, to expand geographically venturing into Africa, Middle East and South East Asia; and thirdly, to build solutions through eco-system partners to increase Modus' product or solution footprints.
Modus is riding the current wave of Banking Technological innovations. The firm is slowly but certainly coming out of the shadows of industry giants and striving to make an impact on the market as a credible player in the Banking digital technology, consulting, program management and managed services space.
Over the years, Modus has defined audacious goals to become a full- fledged services company operating in multiple domains and multiple geographies. Having received good traction in new markets, particularly in Africa and Middle East and with the white-labelled solutions being well received, Modus is confident of achieving quantum growth in the next few years.
Modus has performed exceptionally well in the past couple of years while having invested in building surround solutions, particularly in the niche domains like Lending Platform including Microfinance, AML, Enterprise Recon and Digital Hubs for multichannel services. All of these are Modus' eco-system play where the firm leverages its alliance partners to provide end-to-end solutions. Chandar Raman, Director - Business Development, says, "Modus has developed competency to offer implementation and support services of all these applications thereby becoming a one-stop-shop for the entire range of Banking Technology. Modus has white-labelled its Partner Solutions for Business Intelligence/Analytics space (ModusBI) and Enterprise Mobile Learning Platform (Modus-Quiklrn)".
ModusBI is a business intelligence platform enabling interactive enterprise dashboards with KRAs for different user profiles within a bank. The solution comes with preload of dashboards and reports that are a ready-fit for banks. ModusBI can be made as a plug-in menu within the Bank's Core Banking system and accessed by SSO. The solution is also made available on multi-channels enabling BI dashboard access instantly. Easy integration of ModusBI through standard APIs helps leverage the data from combination of backend applications within the Bank, thus providing a 360 degree view of all departments and operations.
ModusBI leverages premium BI features like self-service, trending and predictions with high-speed and precision. ModusBI leverages the data science and machine learning framework to perform `what-ifs' to give real time predictive data analysis. The solution is available both on-premises and on SaaS Models with a variety of licensing models.
Modus' attention to risk management, diversification and talent acquisition has helped it to grow consistently over the last 15 years
For the Cooperative Banking sector in India, Modus has developed pluggable solutions which generally are not part of the standard offering by leading Core Banking Solutions. These solutions include Share Accounting, Fixed Asset Management, Collections and Delinquencies, NPA Management, etc. thus reducing the gaps in the application landscape and enable banks to comply with all regulatory requirements from day one.
Humble Beginning with a Humble Approach Customer Centricity
With a humble beginning in 2001 as a startup, Modus has grown in strength acquiring new skills, expanding the scope of engagement and scripting customer success stories. Under the one-man-army leadership of Shivaprasad (Current Chairman Emeritus), Modus was accorded `Value Partner' status by Infosys/Finacle in 2003, and ever since Modus continues to nurture and strengthen the relationship. In 2006, Nanaiah PD, an executive in a Public Sector Bank chose to cast his destiny with Modus. He was co-opted as the Director on the Board with Finance as his portfolio. Nanaiah's unrelenting focus on cash flows and cost control has helped Modus to remain debt free for more than a decade now. Collectively Modus leadership team represents 300 years of Banking and Technology experience.
"Modus has been rediscovering itself from time to time. Modus' attention to risk management, diversification and talent acquisition has helped it to grow consistently over the last 15 years," says Nanaiah, Director Finance & Administration.
On the customer front, Modus' primary focus has been on retaining of existing customers and adding value to the ongoing engagements. Modus believes in an `Altruistic Approach' with every Client engagement. Further elaborating on this ideology, the CEO says, "We put `Customer First' and train our employees to view the concerns from the customer point of view. This has helped Modus relate to our Customers better. We follow this approach right from the sales cycle to delivery in every BFSI customer. Banks draw comfort from this".
Positive Outlook on the Future
"We think like a large company but work like a startup," says Mohan. Like a large company Modus has well-defined business strategy, succession planning, capital allocation policy and governance mechanisms. While in terms of decision making, organizational structure, and innovative ways of working, Modus is similar to a start-up. The future roadmap is three fold. Firstly, to expand the services portfolio to create more revenue streams with focus on productised services, consulting, Testing & Validation, Managed Services and enterprise learning; secondly, to expand geographically venturing into Africa, Middle East and South East Asia; and thirdly, to build solutions through eco-system partners to increase Modus' product or solution footprints.
Modus is riding the current wave of Banking Technological innovations. The firm is slowly but certainly coming out of the shadows of industry giants and striving to make an impact on the market as a credible player in the Banking digital technology, consulting, program management and managed services space.
Over the years, Modus has defined audacious goals to become a full- fledged services company operating in multiple domains and multiple geographies. Having received good traction in new markets, particularly in Africa and Middle East and with the white-labelled solutions being well received, Modus is confident of achieving quantum growth in the next few years.
