Tuesday, September 03, 2013 10:00 AM IST (04:30 AM GMT)
Editors: General: Consumer interest; Business: Accounting & management consultancy services, Advertising, PR & marketing, Banking & financial services, Business services, Information technology, Major diversified industrial groups; Technology
Bajaj Finserv Streamlines Loan Approvals with Fiorano
Bangalore, Karnataka, India, Tuesday, September 03, 2013 — (Business Wire India) — Loan-approval times reduced from hours to seconds
Fiorano Software, a leader in enterprise integration and messaging middleware solutions, announced that Bajaj Finserv Limited, a leading Indian financial services company, has deployed the Fiorano ESB Enterprise Service Bus to automatemanual tasks, scale operations and improve the customer experience.
Bajaj Finserv offers an extensive range of loan and insurance products and services. These products and services are accessed using an EMI (Existing Member Identification) card at various Kiosks located across India. The burgeoning middle-class with high purchasing power and a fast-paced financial marketplace of India required a responsive, consistent infrastructure platform to cater to customer requirements in near real-time. While this was a clear business goal, the slow and cumbersome business applications framework compromised operational efficiency with the risk of frequent breakdowns. It was critical for Bajaj Finserv to streamline and revamp its business processes.
By employing Fiorano’s integration technology, Bajaj has drastically reduced the maintenance and monitoring effort involved in mission-critical processes. With transactions running in real-time at high speed, customers that earlier had to wait for hours together now have their loans approved in matter of seconds. Business processes can now easily be monitored and updated using the Fiorano Studio GUI.
Bajaj Finserv has a vision to become the financial partner to the Indian consumer, whether for finance, investment management, protection or post retirement support, throughout the consumer lifecycle. The key to Bajaj Finserv’s phenomenal success has been its willingness to employ the best technology to meet business needs on a scale unmatched by its peers. Fiorano was chosen by Bajaj after a careful analysis of integration platforms including offerings from IBM and Oracle.
About Bajaj Finserv
Bajaj, a 100 year old industrial conglomerate, diversified into the financial services business in 2006 by establishing Bajaj Finserv Limited. Over the past 7 years the company has maintained a blistering pace of growth and now manages over $12.7 billion in assets. Today it is the third most profitable non-bank financial services company in India and ranks among the top five in the life and general insurance business.
Founded in 1995, Fiorano is a trusted provider of enterprise integration middleware, high performance messaging and distributed systems. Global leaders including ABN AMRO, Federal Bank, Commercial Bank of Africa, Boeing, US Coast Guard, POSCO, British Telecom, AT&T Labs and Vodafone have deployed Fiorano’s solutions to drive innovation through open, standards-based, event-driven SOA applications yielding unprecedented productivity.
Abhishek Merve, +91 (080) 40170000, email@example.com