BCT Digital is a global FinTech specializing in Risk Management solutions with its mission to build products in India and bring back the product engineering DNA through reverse innovation. It all started in 2015 when the issue of NPA became national headlines shaking the trust of the public in India. When we were envisaging technology solutions, we did not want to force-fit global products. The Indian BFSI sector is unique and complex. We, therefore, identified the opportunity to build products for India to tackle the mammoth macro and socio-economic problems such as the NPA. We engineered the “Reverse Innovation” model for the two-fold benefit of enabling product engineering in India for both the Indian and global markets.
As a result, BCT Digital built its first product for credit monitoring – rt360-Early Warning System. We adopted a clear blue ocean strategy – we explored niches in the risk management spectrum that were not covered by the large global risk management products. Most global risk products currently offer a platform using which the banks have to create their solutions to address business problems in the risk space. Coupled with that, each country has a unique set of risk management concerns that a global outlook cannot resolve. Build local, go Global was our approach to product development along with a business first, technology agnostic approach. Our entire product philosophy was built on a framework of building for key and important adjacencies in the Governance, Risk Management and Compliance Management (GRC) space.