AuraData: Accelerating the BFSI Digital Transformation Journey
(Left to Right: Sumit Puri, Executive Director; CA J Sathish, Chief Financial Advisor; Pramod Srinivas, Founder & CEO; Deepu Iyengar, VP Alliances; Mahesh Cukkemane, Co- Founder & Chief Delivery Officer)
While numerous banks and insurance companies rely on consulting firms to develop blueprints for such transformations, AuraData recognizes that the journey extends far beyond the initial strategy. The transformation must also resonate across the fabric of a business, from its processes and people to its technology infrastructure.
This holistic approach is particularly important today as banks face substantial disruption or ‘digital blur,’ as they confront not just traditional competitors, but also a diverse array of players like telecom companies, payment providers, neo banks, and challenger banks. To remain competitive, they must pivot from traditional income models and embrace agile revenue structures and operational tactics that cater to a wider customer base, including tech-savvy millennials and Gen Z consumers. A broadened digital footprint also leads to increased exposure to security threats and fraud, necessitating robust cybersecurity defenses.
AuraData addresses these challenges with its unique model, Digital T.A.P., signifying Transform, Automate, and Protect.
It covers the areas of digital banking/insurance, cybersecurity, and cloud and data services, forming an integrated solution portfolio. A key aspect of this transformative journey involves leveraging the company’s cutting-edge technologies and services to streamline and enhance customer experience and processes.
An instance of this can be seen in cybersecurity, where AuraData stands out through its iterative, hands-on approach to client assessments. It employs a Cybersecurity Maturity Model to evaluate clients’ current state against their objectives for the next 2 to 3 years. This crucial step examines all aspects of the client’s cyber environment, including ingress and egress points, applications in use, and potential vulnerabilities, to identify possible gaps and forecast future breaches. In the past, such assessments were paper-based, often yielding static insights. However, AuraData has transformed this process by using software-based tools to automate the assessments, aligning them with the globally-accepted MITRE ATT&CK framework. It allows for real-time data collection from the client’s operational environment, ensuring the insights gleaned reflect actual circumstances rather than theoretical constructs.
“We bring a wealth of knowledge about global industry best practices, cutting-edge technology through leading technology partnerships, and innovation through Digital T.A.P., all delivered at a cost significantly lower than traditional service providers, which helps us differentiate in the space. While other regional providers may have a limited view of their specific geographical markets, our footprint in the U.S., India, and the countries of Africa and Gulf Cooperation Council (GCC) give us an edge in delivering differentiated service offerings that address the evolving needs of financial services industry globally,” says Pramod Srinivas, co-founder and CEO of AuraData.
An instance of this can be seen in cybersecurity, where AuraData stands out through its iterative, hands-on approach to client assessments. It employs a Cybersecurity Maturity Model to evaluate clients’ current state against their objectives for the next 2 to 3 years. This crucial step examines all aspects of the client’s cyber environment, including ingress and egress points, applications in use, and potential vulnerabilities, to identify possible gaps and forecast future breaches. In the past, such assessments were paper-based, often yielding static insights. However, AuraData has transformed this process by using software-based tools to automate the assessments, aligning them with the globally-accepted MITRE ATT&CK framework. It allows for real-time data collection from the client’s operational environment, ensuring the insights gleaned reflect actual circumstances rather than theoretical constructs.
“We bring a wealth of knowledge about global industry best practices, cutting-edge technology through leading technology partnerships, and innovation through Digital T.A.P., all delivered at a cost significantly lower than traditional service providers, which helps us differentiate in the space. While other regional providers may have a limited view of their specific geographical markets, our footprint in the U.S., India, and the countries of Africa and Gulf Cooperation Council (GCC) give us an edge in delivering differentiated service offerings that address the evolving needs of financial services industry globally,” says Pramod Srinivas, co-founder and CEO of AuraData.
With a robust, agile global delivery framework coupled with regional support, AuraData leverages its capabilities and unique skills sets in the financial services industry to deliver on the promise for its clients. AuraData proactively engages with its customers to craft a compelling business case and deliver significant return on investments from its delivery engagements.
The secret lies in AuraData’s strength coming from a blend of subject matter expertise and technology prowess across distinct practices. While its digital banking thrives on the insights of professionals with first-hand banking industry experience, the cybersecurity practice leverages a deep understanding of different regions’ Data Protection Act to navigate the complex landscape of multi-country regulations. Each of these practices is backed by a delivery team, with roles spanning from digital channel experts to AI and ML engineers. This dynamic combination empowers AuraData to consistently deliver innovative solutions to its clients day in and day out.
We bring a wealth of knowledge about global industry best practices, cutting-edge technology through leading technology partnerships, and innovation through Digital T.A.P., all delivered at a cost significantly lower than traditional service providers, which helps us differentiate in the space
The secret lies in AuraData’s strength coming from a blend of subject matter expertise and technology prowess across distinct practices. While its digital banking thrives on the insights of professionals with first-hand banking industry experience, the cybersecurity practice leverages a deep understanding of different regions’ Data Protection Act to navigate the complex landscape of multi-country regulations. Each of these practices is backed by a delivery team, with roles spanning from digital channel experts to AI and ML engineers. This dynamic combination empowers AuraData to consistently deliver innovative solutions to its clients day in and day out.
