Orbis saves 10% cost and improves efficiencies using through digitalization
MANI KANT
ORBIS FINANCIAL CORPORATION
Information, which is not in the digital form, needs to be shared via collaborative mode to have a common consensus. We adopted various methodologies like shared drives, access controlled systems and unified communication to simplify our digital initiatives.
The financial services sector has been the biggest beneficiary of the recent digital revolution the Indian Government is betting on. Orbis Financial Corporation, a custodial services provider to banks, has successfully implemented several “Go Digital” programmes. Of these programmes, one that has fetched the company several awards and recognition was an e-form platform for customer on-boarding that removes voluminous manual paperwork to fulfill regulator's guidelines, reduces the chances of errors and the time taken to complete the process from 14 days to less than four hours.
The digital drive has helped the company cut costs and time by about 10 per cent. Employee efficiency has improved from chorus to focussed work and there has been a considerable reduction in the carbon footprint and printing costs.
Mani Kant, CIO, Orbis Financial Corporation, shares that the client information has been conventionally sourced through an email or a hard copy and the process often led to possibilities for errors. Besides, it was a time-consuming process. Hence, the company decided to use technology to simplify the customer on-boarding process with complete digital strategy by entering basic details on a simple form which would automatically get populated in all PDF forms and available for quick search and compliance purposes.
Kant has been driving the digital transformation at Orbis and is using digital collaborative tools for discussions and decision-making.
Kant says that the employee welfare and suggestions were automated and captured through simple static forms. Data underwent crunching and analytics and necessary information got escalated to senior management for serious flag. Employee intranet and their blogs helped them vent out their moods and problems which got collaborative support from peers.
Kant, however, feels that as infrastructure refresh involves capex and cautious scrutiny, there is limited scope of frequent infrastructure replacement. But the company has been trying to shift from legacy infrastructure to Cloud in a phased manner to address future production requirement and reduce future friction.
Being a young company itself, Orbis is conscious about the costs and has partnered with many start-ups with a motive to move digitally faster and grow together, making it a win-win situation for both, the start-ups and itself. The company is investing in blockchain, change management and better resource utilisation in technology to achieve the same.
“We are no more cost centres. We are revenue generators. Technology has touch points in every new project or support function which increases the importance of a CIO,” puts in Kant, adding that the CIOs are now being relooked from as business enablers and process automators.
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