KUALA LUMPUR: Perfios Technology Solutions Sdn Bhd, a pioneer in the financial statements' analysis and artificial intelligence (AI) based credit decisioning, aims to be the top trusted technology enabler in digital transformation for financial institutions in Malaysia.
Perfios Technologies Solutions Sdn Bhd chief executive officer of international business Pramod Veturi said the company was fundamentally strong with a large market share (90 per cent) and enviable reputations in India.
Veturi said given the significantly large market share of the company, Perfios believed that it would not have any adverse impact on the existing competition in the fintech market.
"In every market where we have established our presence, we always take market leadership. So we believe that in a couple of years, 60 to 70 per cent of all bank's lending decisions should happen on the Perfios platform.
"We also expect that within one year, almost all top banks in Malaysia will be using our solutions to improve their efficiency," he told the New Straits Times in an interview.
With a track record spanning 14 years, across 18 countries, Perfios enables financial institutions, insurance companies and fintechs to quickly, efficiently and seamlessly transform the way they function, focussing on customer satisfaction while reducing human error and keeping costs down.
Perfios, with its domain expertise in bank statements' and financial statements' analysis, is the most preferred software as a service (SaaS) partner to serve over 400 institutions worldwide in their digital transformation agenda.
Perfios has global presence in Malaysia, Singapore, Indonesia, the Philippines, Vietnam, Thailand, Bangladesh, Hong Kong, the United Arab Emirates, Saudi Arabia, Kenya, South Africa, Slovakia, Chez Republic, Ireland, Egypt, Australia and Qatar.
Veturi said Perfios has always been known to be a category creator and an innovative disruptor with its unique bank statement analyser, financial statement analyser, AI based credit decisioning, fraud check products and more recently, the InsurTech Solution "acclaim".
He said the InsurTech solution enables health claims to be processed up to 200 per cent faster while helping insurance companies deal with issues of fraud, waste and abuse.
"Most of this has been possible because Perfios has deeply invested in building solutions which are backed and powered by latest state of the art technologies like AI and machine learning (ML) based algorithms," he said.
According to Veturi, some of the leading banks in Malaysia like RHB Bank Bhd and Standard Chartered Malaysia Bank Bhd are benefiting from adopting the bank statement analysis solution from Perfios.
He said Perfios' proprietary algorithm is capable of digitising bank and other financial statements in any format, across countries, and provides business insights that make the credit decisioning completely data backed, faster and fraud free.
"Globally, we process close to 10 million transactions a month. The data points that we touch across these 10 million transactions is close to about 500 million every month.
"Data is the fuel that powers the efficiency of our models," he said.
Veturi said keeping up with the global standards in terms of product quality and strict adherence to data security norms, Perfios takes pride in providing real-time analysis with large volumes of data and zero instances of any privacy or security issues since its inception.
He said most of Perfios's solutions had been operated with real-time responses and the company had been able to achieve this with zero instances of any privacy or security issue ever since its inception.
"We have constantly evolved through the past 14 years, and the pandemic has been a pivotal point in our evolution as we have been able to successfully support financial institutions who have embarked on full scale digital transformation of their loan origination."
"With more medical insurance companies signing up with us for our InsurTech solution and more banks working with us for intelligent credit based decisioning solutions, we are looking forward to the times ahead," he added.