Message from the Director’s Desk

H.Srikrishnan, Co-founder & Director of Vayana – has Operations,Technology and Executive management experience,gathered over 26 years, with banks like Bank of America, Emirates Bank, HDFC Bank & Yes Bank.

Resurgence and Change Management are key themes as we enter a new decade
Against a backdrop of projected 7-8% YoY GDP growth in India foreseeable this decade, encouraging trends in other emerging economies and the directional turnaround in most larger economies, it is time for some introspection about the impact and the opportunities that stare at us. Some very basic findings that continue to be true:

• Low Levels of Banking intermediation
• Differentiated quality of Banking products between Metros, mini-Metros & rural areas
• Lack of access to sophisticated Banking products and credit for Small & Medium Enterprises (SMEs)
• Focus on technology, quality service and productivity
• Increase in market depth due to the rise of New Sectors, Capital raising & global ambitions.

Change management coupled with conditional challenges continue, such as

• Traditional practices getting out-modeled, yet having to keep the margins in-tact
• Strategic technology investments to be made, yet keeping existing investments in total use
• Thriving over the long term, yet competing cut-throat in the short term
• Cross-selling increasing stickiness, yet guarding over other relationship threats
• “Think customer” making the product more relevant, yet having to complete product suite thro’ partners’ life cycle…

With the above macro level observations, we at Vayana are oriented towards providing the right cutting-edge technology & services for various participants in the Financial Services space. Through our major strength in connecting Enterprises with Banks and our existing product lines in the Internet & Mobile Banking space, we are gearing ourselves for a renewed focus on enhancements to the Product suite offerings to suit the conditions for tomorrow.

In this New year, Vayana is gradually inclining towards outsourcing by building a powerful service offering in the B2B space combining innovative technology with easy-to-use processes. This launch signals our intentions clearly to support our partners allowing integration into Fee-based Products & Services while changing Payments mechanisms and emerging through sector-specific Financial Supply Chain Solutions. All this means is lesser use of a scarce commodity, i.e. Capital, Maximizing ROI with technology being an integral part of the Business strategy.

Wishing all our Clients, Business partners, Associates & Collaborators a great 2010 and a super decade.

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Solutions being implemented currently

SolutionNET Health Insurance for Leading insurance company in UAE

The rise in hospitalization and with customers moving towards insurance companies has led to growth in volumes and business expansion for Health Insurance Industry. In today's world, the Insurance companies are focused on selling a number of new products with faster time to market. In order to stay ahead with the highly competitive market and also to make the processes simpler, the Insurance companies depend on the technology products which are flexible and scalable.

SolutionNET Core health insurance is being developed to handle such challenges posed by the insurance companies in the areas of underwriting, policy management, claims & settlement. The solution will also have capability to get integrated with the external systems for Accounting or with SolutionNET General Ledger system. The implementation is likely to go-live in Q1 of 2010 for a leading Insurance company in UAE.

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Developing Solutions that position our customers to implement and benefit from the happening social media and networking marketplace

SolutionNET Social Connect

Social media is one of the most frequently used buzzword in today’s world be it business or personal networking. Few of the social networking tools like Twitter, Facebook, Myspace, LinkedIn, Orkut etc has acquired enormous numbers of users from across the world. Banks like yours are also not left far away in this race to interact with their customers using these social media tools. With Customers perceptions changing from “One-sided relationship” to “Mutual exchange of values” banks engage them as part of their network by enabling social media integration. Web 2.0 standard has evolved to a stable technology of sharing data across the network in more secured way.

With the trend of Consumer banking moving towards pervasive banking in conjunction with Social media, SolutionNET Online Consumer banking product team is working on making the online banking application ready to work with Social Media. Social Connect Framework is being implemented which are portable components to external social media websites, smart phones & desktops. Integration with Blogs and Forums are being studied and to be packaged with the online banking framework. This framework includes Independent Applications, services, workflows, In-Portal & Off-Portal plans. As part of the product roadmap, these features are expected to get released to market by Q1 and Q2 of 2010 in two phases. Know more...

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Online Application Security – An area that needs constant vigilance and upgade to manage growing threats and concerns!!

The biggest challenge in the growing web applications today is to protect both the service provider and the end users from external threats like phishing attacks & sniffing tools, other forms of identify theft, session hijacking, cross site scripting and protecting the integrity of confidential data. The other inherent need in these applications is to provide adequate assurance and accountability between the transacting parties themselves.

SolutionNET Internet Banking is protected by SolutionNET Security framework which addresses many of these issues while ongoing upgrades are focusing on the new threats. Security Framework is categorized to address various levels of security include Login security, Transaction security and Application security. It is also integrated with various products like SNORKEL, E-Mudhra, and RSA/VASCO. Vayana R & D team is in the process of evaluating more 3rd party security products such as, REL-ID TruBank, Portwise-TruId and Internet Passport to support PKI & 2FA authentication.

SolutionNET Security framework architecture is a cohesive security design, which addresses the requirements (e.g. Authentication, authorization, etc.) – and in particular the risks of a particular environment/scenario, and specifies the security controls to be applied under different conditions. Know more...

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