Synapsys envisions a Fast, Fair and Frictionless financial future
October 29, 2014
Mr. Dinesh Fernandopulle CEO/MD of Synapsys Limited and the CIO of DFCC Group.
DFCC (The Development Finance Corporation of Ceylon) was set up by an Act of Parliament in 1955 as part of a Government initiative to create a strong institution to support the private sector with medium and long term finance. Over the years the bank has played an important and innovative role in the development of the enterprises by providing them the right tools to craft their success stories. In 2003 DFCC Bank expanded into commercial banking activities through its subsidiary DFCC Vardhana Bank. In 2006, the Group incorporated Synapsys, a dynamic and innovative technology firm providing an array of products and services supporting Banks, Capital Markets, Insurance and Retail Payments across Asia.
Synapsys’ success stems from the unparalleled service commitment of their Business Consultants, Solution Experts, Operations Management teams, and the prowess to leverage deep domain expertise enabling trusted partnerships. Their stability, security and the quality of services are rooted in DFCC’s banking heritage.
In this interview we speak to Mr. Dinesh Fernandopulle CEO/MD of Synapsys Limited and the CIO of DFCC Group.
How did the establishment of Synapsys take place?
There were 3 contributing factors that led to the initiation of Synapsys. Firstly, the realization that IT innovation was a competitive advantage to banks and recognition that this innovation could be better developed and managed through a specialized entity. Secondly, the need to manage different and rapidly changing expectations and work patterns of IT specialists in comparison to conventional bank staff. The third factor was to take the opportunity to leverage the expertise from the newly formed enterprise into an additional source of revenue for the DFCC Group.
Is this a unique viewpoint for the DFCC Group?
In Sri Lanka a few banks spun-out IT companies at the same time. Globally it is a growing trend.
Do you believe that Synapsys has achieved its primary goals?
Definitely…throughout its existence Synapsys has incubated and deployed innovative products that provide a significant competitive advantage. All the while, the IT team has been able to grow and take directions driven by market demand while providing cost-effective IT services to the DFCC Group. Also our software platform business MBANX, METRIX & APEX generates revenue from external clients.
We have also been winning work from overseas financial institutions despite increasingly complicated regulatory, compliance and security concerns in the industry, in the backdrop of a push-back in western banks caused by customers opposed to offshoring because of concerns for local employment.
How big is the Synapsys team and what is its composition?
We have about 110 people in our team working in 3 pillars: Consulting, Software Engineering and Managed IT Operations. Consulting consists of people with 15-20 years experience in banking who guide our platform design and implementation. Software Engineering consists of an equally experienced team of Project Managers and Software & QualityAssurance Engineers. Managed Operations runs the IT of DFCC and Vardhana Bank and consists of about 40 people with deep domain expertise.
Do you serve other clients apart from the DFCC Group?
Many Sri Lankan financial institutions use our products or services, many big banks, stock brokers, the CRIB and the CSE. Overseas clients include banks in Fiji, Solomon Islands and Myanmar.
Tell us a little about your work beyond conventional IT & software.
Our Consultants have assisted in the transformation of non-bank financial institutions into commercial banks, setting-up of new banks and accelerating the growth of existing institutions.
You mentioned 3 platforms MBANX, METRIX, APEX. Can you describe them in a few words?
What must be mentioned is that we also support a 4th platform, although not our own product, which is Oracle Financials.
MBANX is a agile core banking system with a light footprint and a price-tag that is suitable for smaller banks and micro-finance. It was also designed with mobile services built-in from the outset. METRIX provides Analytics & Business Intelligence integrated with Risk Management. The APEX platform includes a Margin Trading solution which is the most widely used solution by stockbrokers and banks in Sri Lanka.
Which of these platforms are the most useful for a bank?
Locally DVB uses our MBANX platform: Mobile Teller has been in deployed in rural Sri Lanka for the last few years, “Lanka Money Transfer” using MBANX Remittances has just been launched, and we will be launching a Mobile Wallet at the beginning of 2015. Overseas we have a bank using MBANX as their core banking solution and others deploying specific modules to meet gaps in their existing solutions. Meanwhile, METRIX addresses the needs of ALM and Customer Profitability and is attracting increasing interest both locally and overseas.
What is the future for Synapsys?
Synapsys has a 3-pronged vision that draws its roadmap for the future. Inclusive Financial Services, Efficient Payments and “Bank Different” brought together for Fast, Fair and Frictionless Financial Services.