Perfios Software – India’s Transformational Brand 2019

India's Transformational Brands 2019



Perfios Software – India’s Transformational Brand 2019

Perfios as a brand stands for goodwill, efficiency, agility, industry expertise and most importantly stellar leadership that sets industry benchmarks

WCRC Transformational Brands 2019

Company Vision: To provide technology driven inclusive services across domains catering to entire society

Company Mission: Become the category creator, leveraging technology in our chosen domains through our Data Platform and Data Analytics

Ethos of the brand:

Innovation – Providing Innovative solutions to real life problems. Integrity – Every activity that we do is driven by this value. Impassioned – Deep involvement in everything we do Inclusive – Solutions leveraging technologies should bring services to entire society thus making everything inclusive

Total Number of Employees in the Company: 350 employees

Countries the brand is present: India, Singapore, Malaysia, Vietnam, Dubai and Indonesia

Perfios Logo

What would you define as the unique value proposition of the product: the functional, emotional and differentiating product benefits that have contributed to providing an enduring brand experience to customers?

The product ‘Insights’ redefined the way underwriting was done. It eliminated the tedious manual intervention needed earlier. Perfios’ product Insights automates the entire process of credit assessment, thereby improving the TAT and increased customer experience of analysing the financial soundness of their clientele. The brand Perfios has grown to represent an institution of secure data transactions and has earned an excellent rating on customer satisfaction. There has never been a single breach in data or leak of any end-customer’s credentials to imposters. In addition to providing core analysis of various data such as Bank statements, Financial statements and Tax statements, Perfios has created a new category of solutions that triangulate data across various data sources – banking, financials, ITR, GST etc. and in the process establishing a single source of truth about a borrower and identifying frauds, if any. These products encompass the 360-degree of tools, available for credit decisioning, all under one umbrella.

V.R. Govindarajan Perfios
V.R. Govindarajan and Perfios Leadership Team

What are the physical, character and personality attributes of the brand that have evoked and inspired consumers’ self-expression and personal identity?

Perfios as a brand identifies itself with the following attributes which allows it to connect with the personality traits of its customers:

Goodwill – The trust and faith bestowed upon Perfios by its customers which includes renowned names from the BFSI Industry as well as the Big 4s of the Consultancy Industry speaks more about the brand than words ever could Efficient and Agile – Perfios as a brand provisions efficiency and agility to its customers’ requirements Industry Expertise – Being a veteran of the Financial Services sector, Perfios has gathered the expertise to consult their customers on what is the best fit of product for their requirement Pioneering Digital Revolution – Perfios has brought-in a digital revolution in the BFSI Sector by digitizing the entire credit underwriting process Strong Information Security – Perfios provides impenetrable data security and privacy Geographic Reach – Perfios is present across India and has now branched out to other geographies of South East Asia. Perfios              

Please provide an insight into the brand marketing strategies that have effectively penetrated consumers’ psyche, established a meaningful relationship with the target audiences and ensured positive brand perception.

The road to ubiquitousness of a brand is becoming shorter day by day. The Airlines Industry took 64 years to reach an audience of 50 million whereas the brand Pokémon Go reached the same target market in just 19 days. It has become clear that agility to adapt to customers’ needs is a key determiner in the success of a company. Perfios has always been agile and have quickly adapted to the needs of the customers. Adding on to this strategy is the Perfios Data Analytics which provides algorithmic insights in determining the befitting end-customer. The Data Analytics software has been employed by multiple customers as it provides accurate data and has the least possible chances of faltering. The word non-faltering has become synonymous to the brand Perfios, which does not fail at sustaining accuracy.

How has the brand extended its’ presence to the frontiers of internet advertising and social networking?

Perfios started out by providing services across India. And now, it has extended its services to the neighbouring geographies of South East Asia. Perfios is functional in Singapore, Dubai, Malaysia, Philippines, etc. apart from serving the Indian terrain. Now to bring in visibility across the globe among the stakeholders and other audience, Perfios leverages the technological and social networking platform to its fullest. Perfios’ Twitter, Facebook and LinkedIn handles are always buzzing with news and updates taking place in Perfios and around the world round the clock. Earlier, many of the customers who were unaware or knew little to nothing about Perfios have now joined hands and are working together closely for relieving the pain-points of the focused industry and are looking forward to increasing the customer satisfaction. This has become possible by utilizing the social networking platforms with utmost care. People are more aware about Perfios and its capabilities.

Please outline few key marketing endeavours in the past decade that you feel have been landmark initiatives in reinforcing the legacy of the brands’ promise to influence consumer intent and enhanced the brands’ propensity to drive affirmative consumer action

Most of the brand marketing, in the initial years of Perfios, was through word of mouth. In the last few years, Perfios has participated in, sponsored and organized multiple events. This is to ensure that Perfios maintains a constant rapport with its customers by meeting with them at the events. This eventually helps Perfios in understanding the challenges faced by the customers and taking essential measures to curb it. Perfios also started its own talk-series FINteraction to increase its visibility and to garner better understanding of the dynamic nature of the BFSI Sector. Since the clients of Perfios are spread across the lands of India, the talk-series FINteraction has been organized in Bangalore, Mumbai, and Delhi in order to reach out to most of the audience. There are additional quirks that Perfios adds to make the event and the brand more memorable such as receiving the guests with bouquets made of premium brand chocolates, or by including a fun element of having their faces drawn on mugs, which the guests could take home, by a caricature artist present at the counter.

How has the brand derived strength from innovation as a sustainable differentiating strategy adding to long-term brand equity? Please provide few instances of measures implemented towards this goal.

Innovation is one of the core values of Perfios and believe in bringing disruptive innovation in the BFSI Sector. Perfios Software Solutions is the leading Product-Technology company in the FinTech space enabling Financial Institutions in real-time decisioning, analysis and credit underwriting. Perfios keeps adding technically advanced products to its basket to ascertain that its customers are future-ready. A recent addition to the Perfios portfolio is the Fraud Check Unit (FCU) which was devised keeping in mind the fraudulences happening across the globe, in today’s world. This innovative product helps in credit decisioning by checking the authenticity of the statement produced by the end-customer. Perfios does a full check-up on the meta-data of the document and consults the customer accordingly. Alongside this, Perfios has introduced products where there is triangulation of data across all the fields.

What is the key leadership value that drives the brand.

Innovation, Integrity and Trustworthiness are the values that Perfios thrives on. Perfios is known for bringing about disruptive innovation into the BFSI Industry. The leadership team of Perfios identifies itself as a product-centric company rather than a service-provider company. The values originated from this aspect is imbedded in all the products that are introduced and added to the portfolio of Perfios. Perfios has its roots dug deep at taking calculated risks. The decision of diversify its products to service B2B customers from serving the B2C customers (PFM) reflects the measurable risk that it took.

Perfios Advertisement
Perfios Advertisement

Perfios is a hub of adventurers, travellers and travel-mongers. The entire team of Perfios go out for an annual get-together to exotic destinations. Apart from the group-company travel, all divisions of Perfios collaborate among their teams and keep on taking quarterly/monthly tours to different locations. Perfios is also home to a multitude of sports-enthusiast. In addition to this, Perfios keeps organizing sports events like Cricket tournament, Football Tournament, etc. for all its members. Recently, in the month of February, Perfios organized the Perfios Football League which had 4 teams. The grand league followed the entire sequence of organizing auctions, selecting candidates, designing uniforms and finally battling against each other to win the trophy.

How much does your brand emphasise on employee training & development, kindly elaborate.

Perfios provides a plethora of options to work on. As an employee of Perfios, there are multiple opportunities available for an individual to grow both professionally and personally. ‘All work and no play makes Jack a dull boy’ is the principle that Perfios follows. Perfios conducts multiple sports, extracurricular events keeping in mind the well-being of its employees. This boosts the synergy of the team and smoothens out the differences of and across the team. The members of Perfios bear experience from across the BFSI Industry which bargains for healthy discussions among inter-teams and intra-teams.

What are your brands’ most effective intangible motivational tools for employees.

Even after being a 10-year old company, Perfios allows all its employees the freedom to choose their own path at reaching the common goal of the company whereas the counterparts of the same industry follow the trend of hierarchical proceedings and provide a pre-determined path to its employees. Perfios gives its employees the authority to contribute ideas for building new & innovative products and giving them the chance to see it through till the end.

Kindly elaborate on your existing & potential CSR activities.

Our potential CSR activity in the next 1 year is towards:

Education – Perfios plans on conducting Digital/Financial Literacy Camps for children and women which can include language-based learning by providing access to Internet and some structured content like WORD, EXCEL, etc. Waste Management and Recycling – Keeping a check on managing the waste by reducing the Carbon Footprint by minimizing the consumption of electricity viz. using sensor lights, air conditioning, investing in energy efficient equipment, etc. E- waste recycling can be consciously undertaken by being diligent and keeping check on the waste and routing to authorised recyclers. Eye Surgeries for economically poor people – Tying up with NGOs/hospitals which can conduct eye check-up camps on a regular basis and conducting surgeries for the economically challenged where necessary. The pilot testing to this is planned to be conducted in Bangalore and later will be enveloped across India.

Which area of social responsibility is more significant for your brand

  • Financial Inclusion – India’s flagship Financial Inclusion programme, Pradhan Mantri Jan Dhan Yojana (PMJDY), has been able to make universal access to a bank account and enabling the Digital India initiative a huge success. This in turn has led to a wave of Financial products being made available online and the entire underwriting being done instantly.
  • Financial Education & Literacy – At Perfios, workshops and training sessions are conducted on a regular basis which educates on the understanding of financial planning and investment management so that people become aware of the devastating results of taking on too much debt or purchasing wrong insurance policies. People are trained in smart spending — prioritising needs over wants, using credit card wisely, avoiding waste, funding expenses from savings and not loans, understanding terms of EMI (equated monthly instalments) before buying on EMI
  • Government Initiatives of providing Financial Subsidy – Schemes like Pradhan Mantri Mudra Yojana launched on 8th April 2015, under which a loan of upto Rs. 50,000 is given under sub-scheme ‘Shishu’; between Rs. 50,000 to 5.0 Lakhs under sub-scheme ‘Kishore’; and between 5.0 Lakhs to 10.0 Lakhs under sub-scheme ‘Tarun’. Loans taken do not require collaterals. These measures are aimed at increasing the confidence of young, educated or skilled workers who would now be able to aspire to become first generation entrepreneurs; existing small businesses, too, will be able to expand their activates, thus making such loans available to them faster.
  • Government Initiative of providing faster Credit – The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley launched transformative initiative in MSME credit space. The website named  enables in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs). It is a strategic initiative of SIBDI led PSB consortium incubated under the aegis of Department of Financial Services (DFS), Ministry of Finance. The Portal sets a new benchmark in loan processing and reduces the turnaround time from 20-25 days to 59 minutes. Subsequent to this in principle approval, the loan will be disbursed in 7-8 working days.

This one of its kind of platform in MSME segment which integrates advanced Fintech to ensure seamless Loan Approval and Management. Such loans are undertaken without human intervention till sanction and disbursement stage.

  WCRCSUPERFEST, New York 2019-2020
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