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July - 2014 - issue > 50 Cool Startups of the Year 2014

Verinite: A Juvenile in the Banking IT Services Space But a Virtuoso Nonetheless

Poulomi Mukherjee
Wednesday, July 2, 2014
Poulomi Mukherjee
Two friends - Ashish Katkar and Ashwin Ramjas - who hold years of experience in the BFSI industry used to discuss industry's shortcomings. They came to a conclusion that despite of technology penetration in the sector, there remained a huge reluctance among the industry to adopt it. There were many challenges that put a crease on the foreheads of those operating in the sector. Despite of technology entering the space, it was only available to the royals. The bigger financial organizations operating in technically prosperous markets had reached to prime IT solutions. Realizing the imperative need of a strong domain technology provider that can address the problem with its domain as well as technology expertise, Ashish and Ashwin joined hands to use their years of experience and learning and incepted Verinite in 2011 to open doors for small and medium sized organizations.

Headquartered in Pune, Verinite was incepted to create a disruption in the IT services space and revolutionize the way in which they are delivered through the company's engagement and pricing models. Despite of the challenges of being a bootstrap company, Verinite has pushed itself ahead in the industry with its innovation not only to gather a massive clientele but has also fanned out to countries like UK, Middle-East and Africa. The company benefits its clients from its deep industry expertise to help manage risk, comply with regulations, enhance product features and handle the business transformation challenges. Fine-tuning & bending, designing & developing the products or providing quality assurances of testing services to improve the existing products are the modus operandi that Verinite uses.

While there are several companies which cater IT solutions to varied sectors, Verinite focuses its entire energy to address each and every challenge faced in the BFSI space and caters solutions using innovative domain skills. Its major solution offerings include application development, implementation & maintenance, and independent testing ranging from functional testing, compatibility testing, usability testing, performance testing & test automation services. With the entire digital world getting cramped inside one's mobile, the company also felt the need to do the same and expanded its service offerings in the mobility space. It supports its customers through the entire mobile application development cycle, i.e., UX & UI design, development and testing. For BFSI, one of the key challenges and driving factors is data privacy and that's the reason why Verinite furnishes information security service to its clients which helps financial institutions secure their network and applications in line with various guidelines. However, this is not just where Verinite ends its offerings. Outsourced product development and testing is another key area for the company.

With technology moving forward day-in and day-out, it is very difficult to keep pace with it. "It is quite a daunting task to be continuously focused on innovation and one has to keep challenging the status quo," says Ashish Katkar, Co-Founder & Director, Verinite. Nonetheless, the company has set itself way ahead than its competition with its innovative solutions and has even signed-up with an Indian Product company in Cloud-based data management solution space to setup an independent QA vertical. A pioneer in the outcome based engagement models; Verinite looks ahead with a vision to stretch out to the product space, thereby, growing in solution offerings and ensuring more client add-ups along with providing strong credibility.
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