No-Code Platform for Robust platform in Fintech Space – Decimal Technologies

June 13, 2024

24 6 minutes read

Untitled design6 — No Code Platform for Robust platform in Fintech Space Mr Lalit Mehta Co Founder CEO Decimal Technologies.jpg

The founders of Decimal Technologies, Lalit Mehta (CEO) and Arvind Nahata (CBO & Co-founder), bring a blend of business and technical expertise. Lalit Mehta’s background spans sales, development, and product strategy, while Arvind Nahata’s experience lies in accounting and financial processes. This combination positions Decimal Technologies well to navigate the complexities of the sector.

Idea Behind Decimal Technologies?

Decimal Technologies was founded to empower businesses, especially in banking, through innovative technology. Our mission centers around three key strengths. Firstly we possess deep expertise in the banking domain. This allows us to design user journeys with minimal friction, ensuring a smooth experience for businesses and their customers. Second, Decimal prioritizes agility and speed. We understand the need for rapid development and quick time-to-market.

Our experience in creating Minimum Viable Products (MVPs) ensures ideas can be launched and refined quickly. Last but not least, Decimal leverages technology to drive efficiency. As a leading provider of no-code solutions, their Vahana Hub, a fully integrated API marketplace, fosters speed and connections within the broader technological ecosystem.

In essence, Decimal Technologies bridges the gap between business needs and technological solutions, specifically within the financial services industry. Our focus is on agility, deep domain knowledge, and cutting-edge no-code platforms positioning them as a valuable partner for businesses seeking digital transformation.

What are some significant milestones the company has achieved during this time?

Decimal Technologies’ journey began in 2009 with a focus on developing mobile applications for businesses. We were among the frontrunners in India to deliver enterprise-grade apps on feature phones, a testament to the early recognition of the mobile revolution’s potential. These initial forays into mobile solutions laid the groundwork for their future innovations.

The next stage of Decimal’s evolution involved building a robust platform foundation. Between 2011 and 2014, we started developing a component-based platform, laying the groundwork for their future no-code offering. Recognizing the vast potential of the financial services sector, we strategically shifted the focus toward Banking, Financial Services, and Insurance (BFSI) in 2014.

This shift towards BFSI proved to be a successful move. Decimal achieved significant milestones in this industry. They onboarded the second-largest private bank in India in 2015, further solidifying their position. We also became the first in India to enable two groundbreaking advancements: aadhaar-based account opening in 2016 and a self-service instant account opening in 2017. These achievements cemented their reputation as a leader in driving digital transformation within the BFSI sector.

The launch of the no-code platform, Vahana, in 2018 marked a golden moment for Decimal. Vahana empowered businesses to build applications without extensive coding, democratizing the app development process. Our commitment to innovation continued with the introduction of AI/ML components in 2019, allowing for more intelligent decision-making and user experiences. In 2020, we further expanded their ecosystem by launching the lending marketplace Saarathi and the API marketplace Vahana Hub.

Decimal Technologies’ journey reflects a continuous evolution, from mobile app pioneers to a leading provider of no-code solutions. Our focus on innovation and emerging technologies has positioned them as a key player in shaping the digital future of the financial services industry.

Decimal Technologies contributed to shaping the fintech industry

Decimal Technologies has emerged as a key player in shaping the fintech industry landscape through its innovative solutions. The COVID-19 pandemic significantly underscored the transformative power of fintech, and Decimal’s approach directly addresses the growing demand for accessible financial services.

The focus on user experience and Minimum Viable Products (MVPs) allows businesses to streamline processes and deliver financial products and services quickly. This ensures these services are readily accessible to a wider audience, a critical factor in the post-pandemic world. Additionally, Decimal’s no-code platform, Vahana, democratizes access to financial technology solutions. By empowering businesses to build applications without extensive coding, even smaller players can participate in the fintech revolution.

Decimal Technologies stay ahead of the curve in embracing and driving technological trends within the financial technology sector?

One of Decimal Technologies’ biggest strengths is its constant drive to be at the forefront of technology within the fintech space. We have a dedicated team of over 80 experts who are all about research and development (R&D). This team is like a dream machine, constantly creating cutting-edge tech tools and intellectual property (a fancy way of saying unique ideas they own).

To stay on top of their game, we don’t just rely on their brains. We have internal think tanks that brainstorm ideas and help shape the future of their products, both in terms of the tech behind them and how they work. Plus, we keep in close touch with other leaders in the low-code/no-code world, learning from their expertise to make our platform even better

Could you highlight some recent technological advancements

Decimal Technologies has made significant strides in the field of business application development, establishing itself as a leader through several recent technological advancements and innovations. Below are the innovations that have set Decimal Technologies apart from its competitors:

Building rock-solid business applications: We focus on security, compliance, and making sure the applications run smoothly and are always available. We also use what we learn from the clients to keep improving the products. Plus, they can assign tasks based on specific skills and segment their customers for more efficient operations.

Serious digitalization results: They’ve helped clients reduce their operations teams by a third and even enabled some to activate accounts in just one hour (although currently, it’s more like 24 hours). This means they can handle much more business without needing to hire a bunch of new people.

Boosting sales and onboarding: They help businesses get the most out of their existing customer base, scale up their sales channels, and find new ways to grow. They also make the customer experience smoother across all their solutions, which helps drive sales. Their partner ecosystem lets them open new channels without a big investment.

Tailored solutions for different needs: They can combine their general platforms with industry-specific solutions to create something that perfectly fits a business’s needs. They even have dedicated teams with expertise in different industries to make sure everything works seamlessly.

Vahana No-Code Platform: This is a user-friendly platform that lets anyone build applications using a drag-and-drop interface (no coding required!). These applications can work across different platforms (omnichannel) and integrate with a company’s existing systems, external tools, and even custom applications. It’s a toolbox for building powerful workflows for different situations.

Fintech API Marketplace: This marketplace makes it easier for people to use the Vahana platform and see the benefits quickly. It has a huge library of APIs (think of them as building blocks) that can be easily added to any application. There’s even a helpful AI that suggests relevant APIs based on what you’re trying to do.

How does this approach influence the company’s strategies and operations?

Customer Feedback Drives Innovation: Decimal Technologies prioritizes your input. We use your feedback to design products that address your specific challenges and deliver real value.

Tailored Solutions, Not One-Size-Fits-All: We understand your business is unique. We work closely with you to craft solutions that perfectly match your individual needs.

Continuous Improvement Through Customer Input: Decimal Technologies is never satisfied with the status quo. We actively seek your feedback to identify areas for improvement, ensuring their offerings remain relevant and effective.

Exceptional Customer Support: We go the extra mile to exceed your expectations. Responsive support, timely assistance, and clear communication are hallmarks of the customer service philosophy.

Building Long-Term Partnerships: Decimal Technologies views you as a partner, not just a client. We aim to build relationships based on trust and mutual respect, aligning their goals with yours for shared success.