Going digital helps banks save 70-80%: Candela Labs CEO

The insurance and banking sectors are in the middle of a transformation, especially in the process of adopting automation in services and products that underpin their efficiencies, says Arsh Maini, CEO, Candela Labs. Here, he explains to BusinessLine , how his company is helping enterprises embrace digital technologies. Edited excerpts:

Which geographies are Candela Labs active in?

Candela Labs (formerly AWPL) is a 20-year-old-company and one of the few one out of India that has right from the start focussed on products and intellectual property rather than information technology services. Our focus is largely on Asia and Africa, and it is for multiple reasons. First, we find the highest growth in these regions. Second, we see significant innovation from these markets. The kind of innovation witnessed in these markets is allowing us to develop new products and solutions. We will bring pull from mature markets such as Europe and America into Asia and Africa. We do not want to walk into red oceans. There is so much competition, but the players will pull us in.

What do you attribute your past two years’ growth to? Did any product or innovation fetch good revenues?

We used to be a process automation company focussed on enterprises, like a business process management firm. We are a little over ₹100-crore company. Last year, we grew 65 per cent. This means, two years of over 50 per cent year-on-year growth. And this year, we expect to grow at the same rate.

Roughly, we have got 10 IPs. In the past couple of years, our focus on connecting the dots between enterprise and digital has paid off. Another reason is the significant transformation taking place in the banking and insurance sectors. Today, we have a platform called Anthill, which is a digital rapid application development platform.

On it, we have developed solutions with clients. Now Anthill and other digital solutions are kicking in revenues. And a lot of growth is coming from new customers and marquee customers as well.

What kind of clientèle do you have?

At the moment, we solve core requisite problem of companies, and not just IT. We work through IT platforms. Our clients include ICICI Prudential, ING Life Insurance, Aviva, GE Money, Edelweiss, Standard Bank and Commercial Bank of Ethiopia.

By going digital, what is the advantage for insurance companies and banks?

The cost of operations comes down drastically. There was a time when we would talk about 5-10 per cent kind of saving. Here, going digital, we see about 70-80 per cent kind of numbers.

What was the need for re-branding when you have a strong footing?

The reason for the change is, we were seen as process automation experts. As we have transformed ourself to build digital products and work on customer engagement, product positioning, etc, this different approach made us go for re-branding. It is not just a branding change; it is a different strategy and we certainly believe we are among the leaders in the world with that approach.

How do you see yourself growing from here?

We will set up IP labs in Singapore and Johannesburg, to develop solutions that leverage technology (including AI and machine learning) and solve real-world problems.

We plan to open R&D centres to develop solutions tailored to specific client demands. The company recently unveiled a new chabot solution that enables a smarter dialogue between financial services providers and their customers. Another new product, Configrata, allows brokers to configure insurance products.

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