Enabling Technologies

Defining the Future of Big Data & Analytics – Interview with Pingal Technologies, YES FINTECH Accelerator Autumn Cohort Finalist

MEDICIResearch Analyst

The MEDICI Team had the pleasure of interviewing Digvijay Singh Baghel, one of the co-founders of Pingal Technologies along with Ajay Rastogi and Shivendra Singh. Pingal Technologies is helping to transform the analytics industry by bringing the power of natural search together with other open-source technologies, which have totally transformed the big data and analytics space.

Pingal Technologies is one of the startups selected for the Autumn Cohort of YES FINTECH Accelerator (YFA). YES BANK, India’s fifth-largest private sector bank, has been a pioneer of several key technology innovations since its inception in 2004. Continuing to be at the forefront of technology innovation and endeavors, YES BANK along with MEDICI (formerly Let’s Talk Payments – LTP) and PwC India opened applications to select startups for the Autumn 2018 cohort of YES FINTECH Accelerator.

A total of seven startups have been selected for the Autumn Cohort 2018, gaining an opportunity to get access to funding of $1 million – all without any upfront equity commitment. YES FINTECH Accelerator gives startups an unencumbered opportunity to innovate with the bank and leverage access to VCs, technology, and 20+ global markets through ecosystem partners.

MEDICI: Thank you for joining us for the conversation. Can you tell us about Pingal Technologies?

Digvijay Singh Baghel: Pingal Technologies is a new-age big data and analytics venture, co-founded by a strong and cohesive team of ex-bankers with rich technical expertise and hands-on experience of building analytics platforms for other global organizations.

Pingal Technologies is helping to transform the analytics industry by bringing the power of natural search together with other open-source technologies, which have totally transformed the big data and analytics space. Combination of our domain expertise and specialized approach for enterprise clients is unique in the industry, placing us in an extremely beneficial position vis-a-vis other players in the market.

MEDICI: Tell us about the use case(s), which you’re targeting at YES FINTECH Accelerator?

Digvijay Singh Baghel: Pingal Technologies is working with YES BANK on a business analytics framework for LPM, FinCon, TBG & risk management desks. The use case is to provide business value to managers by creating a transparent view and insights on their business using Pingal’s proprietary tool – Finalytx. Finalytx enables NL search and analytics on large set of data and enables users to track business KPIs based on their profile and hierarchy.

MEDICI: Do you think YFA is different from other accelerators? How?

Digvijay Singh Baghel: It will be difficult to mention the exact ways in which the YFA is different from other accelerators. However, it is easy to recognize the driving force behind the success of the YFA Accelerator.

YES BANK’s underlying belief in seeking growth via its A.R.T. mantra (Alliances, Relationships and Technology) is indeed deep-rooted in all the strategic initiatives taken by the bank – and YFA is no different. Through these win-win partnerships, the bank is seeking to shorten the process of technological transformation which is sweeping the industry globally. Banks have to constantly stay ahead of the curve to keep the competition from other non-banking financial institutions at bay and technology is the biggest enabler.

PwC and MEDICI have also brought their entire global expertise to the YFA and have thus ensured the governance and engagement of the program stays on course to achieve the desirable outcomes from the PoC projects allocated to all the startups in the Autumn cohorts.

MEDICI: What were your expectations from the accelerator and can you describe your experience so far?

Digvijay Singh Baghel: We expected to access the bank’s test data in a sandbox environment to build real-life use cases for banking industry and establish our credibility in the banking and FinServ industry. So far, this expectation has been fully met.

MEDICI: How do you see the future of data analytics in India?

Digvijay Singh Baghel: We are witnessing an explosion in the data analytics space in India. Enterprises of all hues are looking to explore and monetize the tremendous value hidden in their own data to improve competitiveness and deliver maximum value to their own clients and other stakeholders.

MEDICI: How do you think the Bank-FinTech collaboration is changing in India?

Digvijay Singh Baghel: Bank-FinTech narrative is witnessing a quick shift. From the vantage point of mutual suspicion and competitive undertone, the industry players on both sides are quickly moving towards coopetition. There is a realization that cooperation is the only way to be able to add value to the market place as neither can be replaced by the other. Banks have the resources and own the relationships, whereas the FinTechs bring the technology and speed to the table, which helps to deliver tremendous value to the clients.

This realization is helping the two to find a common meeting ground and work together for an overall win-win, including for the customers. It is not surprising that we are seeing so many financial services entities are setting up new innovation labs to provide the necessary environment to the FinTech startups and enabling them to succeed.

MEDICI: What is the most transformative change coming to your industry in the next 3-5 years?

Digvijay Singh Baghel: With the advent of recent advancements in open source technologies, we expect to see a paradigm shift in the data analytics space, enabling business users to have access to self-service analytics tools, which will enable the decision making to happen in real time. This will go far beyond some of the “gimmicky” use cases in consumer banking, which do not necessarily add to the bottom line in a substantial manner.

In the FinServ industry, the big value realization will come when some of the real-time decision-making in wholesale banking will be aided by analytics incorporating streaming data, and will go far more granular to help find unknown “unknowns.” We hope to be at the forefront of that trajectory, leading the analytics transformation in India and beyond.

MEDICI: What milestones do you have for the company in the next year?

Digvijay Singh Baghel: On the product front, we shall soon be releasing Finalytx 2.0, equipped with the advanced version of AI/ML studio, providing decision-makers a live access to predictive analytics. We also expect to expand both geographically into other jurisdictions, including the US, and make a strong foray into adjacent business verticals.

Learn more about Pingal Technologies at pingal.tech.

Sumit Gilitwala

MEDICIResearch Analyst

An economist and management graduate, Sumit Gilitwala is currently associated with MEDICI – Global FinTech Market Network as a Research Analyst. Sumit helps banks and other financial institutions with their Digital and FinTech Strategy through their innovation programs. He is also closely associated with the research team at MEDICI and is interested in upcoming FinTech trends. In the past, he has worked with venture capital funds for fundraising and PE investments.\ \ Working with different teams over a period of time, he has built expertise in research, economic forecasting, business strategy, private equity valuation, digital strategy, and program management.