Role of OSS and new-gen tech in digital decision-making in fintech
Disruptions and transformations in traditional BPM/BPA landscape
Jul 2022
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6 Wed 03:00 PM – 04:00 PM IST
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For long, Business Process Management/Automation (BPM/BPA) has been a staple in fintech and insurance industries; with established enterprise players offering solutions for integration and enabling complex workflow definition/management for operations such as underwriting/claims etc. However; there have been new age challengers to these established players in the form of open source solutions, cloud based serverless capabilities as well as new age industry specialized solutions.
What has also made this space interesting is the advent of AI/ML which has truly revolutionized decision making capabilities, and has both traditional and new-gen players embracing it in their respective offerings.
This discussion intends to share across observations across the usually traditional BPM/BPA landscape which is now transforming into decision making landscape.
Rishu Mehrotra, Principal Technology Consultant at Boston Consulting Group (BCG) will drive this discussion. Participants are welcome to join with case studies, experiences and questions.
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Anwesha Sen
@anwesha25
Submitted Aug 3, 2022
Nearly all major decision making tools that are currently used in business process automation and management are still proprietary and are offered from well established players. Lately, there is a new generation of companies in Fintech who place a lot more emphasis on exploring if open source technologies can take over this well established area where enterprise players are playing.
In this discussion, various aspects linked to adopting OSS tools for digital decision making in Fintech were talked about.
The panelists consisted of:
The conversation was led by Rishu Mehrotra, Principal - Technology Consultant at Boston Consulting Group.
Problem statement: Razorpay Capital’s application journey involves multiple stages to get businesses onboarded and processed for loans. The final stage, underwriting, which is also a multi stage process in itself, was largely done offline. In order to move this process online, Razorpay decided to use a workflow engine.
Why go online: There were two reasons to take the underwriting process online-
Why use a workflow engine: Bringing underwriting online could have been done with Razorpay’s existing setup but it was a very complex workflow with different levels of approval. Hence, having a proper workflow engine would be more efficient. This could also be used to automate other parts of the application journey in the future.
Why Camunda:
Problem statement: Capillary’s new product called OTA (Over-the-Air payment) consisted of a process in which users needed to follow a certain order of steps. There were various sequences which had their own properties. So, they needed a system that would be extremely generic in nature to support the different processes.
Why use a workflow setup:
Why Camunda:
Tools like Camunda are almost there. Most of the features used in these case studies are not provided by specialized tools yet. Even in the future there are lots of other use cases where solutions like Camunda will be very helpful as compared to specialized solutions. However, specialized tools can be easily used by non-tech people in organizations as well, whereas OSS tools are more tech people-friendly as of now.
They can be easily plugged into Camunda’s workflow engine setup itself.
Rootconf is a platform for systems, SRE, and DevOps engineers to discuss practical issues and approaches towards building and managing reliable infrastructure. Since 2020, Rootconf has expanded into the following specialized verticals:
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