The inception of a technological revolution which could be stated as nothing less than a wildfire has conceived the becoming of ‘digital-everything’. The conversion of almost all aspects in and around our daily lives into a digital format has resonated from the changes in our preferences. This change has evidently compelled organizations across the globe to fasten their saddles and match up to what the customers and users require.
The banking and finance industry hasn’t been aloof of this technological transformation. Organizations around the world are incessantly leveraging all windows of opportunities with the intent of delivering top class products and services and eventually engraving their brand in gold on the walls of the commercial world. One blooming company, on its way to take this business world by storm, is RM Applications.
RM Applications Sdn. Bhd. (RMA) is an MSC Status, ISO Certified boutique Software Company based out of Kuala Lumpur (Malaysia). It was founded by group of experienced professionals with a thought “Why it Can’t be Done.”
This is where the journey of RMA began in venturing into development on bespoke solutions. The organization is driven by passion and vision to strive for excellence by delivering comprehensive and customer oriented solutions. Our team, RMATEs is passionate about new technologies, new ideas and new ways of thinking and continuously upgrading its solutions to serve its customer needs effectively in digital payments, data management and analytics landscape.
Remittance & Payment, Data Management (Developing Bespoke Data Marts for Basel 3, IFRS9, ALM, and FTP Reporting), Analytics and Regulatory Reporting are a part of RMA’s larger vertical, focusing on providing tailored solutions in the areas of Domestic & Cross Border Payments and bespoke DataMart development. The company believes that these solutions address the pain points, niche requirements, seamless integration, which at times can’t be addressed through off the shelf solutions.
RMA believes in collaboration and is also working with leading solution providers i.e. Localization and integration of Partners’ Solutions such as Fidelity Information Services Inc. (FIS), MongoDB, Unscramble etc.
RMA’s Driving Force
RM Applications, on its journey to greatness, receives constant guidance and technological expertise from Lokesh Gupta, its Co-founder and CTO. He holds 17 years of experiences in Designing, Developing and Implementing Solutions in the area of Payments, Remittance, Digital Channels, Data Management, Regulatory Reporting, Analytics and, Project management.
Currently, Lokesh oversees the Asset Liability Management, Interest Rate Risk in Banking Books, Basel III, Risk and, Regulatory Reporting Data mart Development as well as Remittance & Payments Solution implementations in the region.
Lokesh has also co-authored books and published articles in Islamic Banking and Finance and an active speaker in conferences. My recent publication is ‘Islamic Finance: A Practical Perspective’, published by Palgrave.
‘Business is all about relationships and trust which have to be earned and we can’t just demand it,” says Lokesh. At RMA, Lokesh and the team manage to achieve the same with their capabilities and deliver customer centric solutions. “This is the core strategy, which helps us in meeting our customers’ expectations. We listen to what customers want, get insights into their expectations and accordingly design and deliver our solutions,” states Lokesh.
RMA believes in building a simple and customer driven solutions with emphasis on digitalization of data, workflow process, reporting etc. Beyond its solution delivery, RMA takes customer support at utmost priority, which the organization considers important post implementation.
The key initiatives taken by RMA are as below:
- Strategizing to collaborate with customers and partners, and penetrate new markets. Follow collaborative and agile approach in creating bespoke solutions across the digital value chain using Data Management, Digital platform to perform remittance using web or mobile.
- Strengthening Quality, whereby recently secured ISO Certification and improving the quality standards of deliverables further.
- Updating RMA’s Products and services based on Customers feedback. Every single feedback from esteemed customer means an opportunity for the company to continuously enhance its offerings. RMA is a strong believer of Continuous Improvement as “Work in Process,” and is a never-ending process.
- Strengthen the team and be up to date with latest technology and its implementation in the company’s current offering; exploring ‘R’ Modelling, MongoDB Skillset, Blockchain for integration with OmniRemit (remittance suite), and Big Data as part of Data Management Offerings (OmniData).
- The plan is to do more Branding, create awareness about RMA and strengthen RMA’s product portfolio.
RMA’s Core Values is to enable its customer to meet their expectation by building great amount of trust, faith and respect. The company ensures that its growth should navigate through creativity, research and innovation by providing cutting edge solutions to customers. RMA’s team displays honesty, integrity and business ethics in all aspect of business functioning. The strategy it has followed to grow the client base is as follows:
- Product/Market fit: The tailored solutions developed in RMA are in collaboration with its esteemed clients from the Industry, enabling them to gain a competitive edge in the market.
- RMA offers a flexible commercial module such as revenue sharing, which is Operational expenditure driven instead of capital expenditure.
- Agile Methodology: RMA practices Agile Methodology for solution development to facilitate product readiness for evolving functional and technical landscape, and enables addressing of dynamic business and customer needs.
- RMA stresses on continuous product enhancement and building the comprehensive functionality in system with an objective of end to end digitalization.
Voyaging the Waves of Uncertainty
“We are driven by challenges and opportunities and believe in building blocks from the bottom up,” Lokesh expresses. The founders and the team at RMA started with a clean slate and always aspire at doing something meaningfully different, which has its own challenges.
Like any company with Organic growth, RMA wants to scale up and rise high, i.e. maintain the growth, meet its customers’ expectation and keep them as happy as they are now, and most importantly to continue being agile as a team.
“Our ambition at RMA is continuing to be expansive, both in terms of the broader product offerings and broader regional expansion. We are building our presence in region such as Indonesia, Singapore, Philippines and Thailand, where we do have some ongoing engagement with clients,” adds Lokesh.
The entire team at RMA considers itself as a company that is providing advanced innovative and value-added solution in the remittance/payments and data management landscape leveraging on Big Data technology.