CTO Sijin MS (Left), CEO Jabin C (Centre) And CMO Biju Isac (Right)

Determined to revolutionise the banking and finance sector, four visionaries ventured into the then-not-popular software service provider business in Kerala, India, in the early 2000s. Over the past 25 years, Perfect Software Solutions has empowered businesses, earning the trust of numerous long-term partners, including major cooperative banks in Kerala, while navigating the challenges of the evolving tech landscape.

In its silver jubilee year, the company is exploring opportunities in the enterprise resource planning (ERP) sector apart from its primary focus on providing tech-based solutions for the banking sector. These include software development, maintenance, streamlining banking processes, and enhancing operational efficiency. The company takes pride in its centralised banking software, offering user-friendly interfaces and customisable features that meet the diverse requirements of its clients.

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In 2000, when the banking sector heavily relied on manual processes, Perfect Solutions identified a gap that technology could address. “We saw the banking sector was facing a problem and found a solution to solve it. So we introduced a cost-effective and user-friendly banking application using the latest technology for the cooperative banking sector, which helped them to serve their customers faster with great accuracy,” says Jabin C, Managing Director & CEO, one of the four co-founders. The other founding members include Director and Chief Marketing Officer (CMO) Biju Isac, and Director and Chief Technology Officer (CTO) Sijin MS. Unfortunately, the fourth co-founder, Biju KC, is no more.

Today, Perfect Solutions boasts an impressive portfolio: over 1,750 clients, most of whom are in the cooperative banking sector; over 800 core banking installations; and over 300 cloud banking solutions. The company’s mission is to automate banking processes, offering innovative solutions such as mobile banking.

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Perfect Solutions has significantly impacted Kerala’s cooperative banking sector, serving over 35% of the state’s primary cooperative banks. The company’s breakthrough came just a month after its foundation when it secured its first major client, Ulliyeri Service Co-Operative Bank Ltd. CEO Jabin recalls their competitive journey, highlighting an early success when they won tenders by Pathanamthitta ICDP against 37 other companies.

Perfect Software Solutions Team During An Office Tour And Annual Appraisal At Saptha Resort In Wayanad

The company now offers over 20 products tailored to the cooperative sector. Its flagship product, SCORE (Smart Core Banking), is a complete web-based solution for real-time transaction management, making banking efficient and effortless. With the help of the latest technology, Score continues to be a key player in the company’s services. There are several other software, applications, and solutions, such as Mscore, BizCore, BizCore Life, Score Connect, Empower, Foreman, Muttathe Mulla, Score Nidhi, Score NBFC, and Persuite ERP, facilitating and addressing tech solutions in the industry.

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According to the founders, the company took at least four years to be stable, and the significant leap in its growth trajectory occurred in 2005 when it secured Pondicherry State Co-operative Bank, a scheduled bank, to provide tech solutions. Though the company began with branch-level connectivity of banks, it soon developed a cloud-based system. “We brought Kerala’s first cloud banking in the cooperative sector,” Jabin claims.

Speaking about the marketing strategies, Biju Isac, one of the directors, says the company receives clients through proper tenders, and therefore after its credibility and trust are convinced, it gets the customers. “Customers are the major marketers, and the company receives the whole of its clients through referrals,” says Isac, noting the trust earned by the perfect solutions over the years. As the target of the marketing strategies was not the general public but cooperative banks, the company had not resorted to social media. Still, it recently created pages, aiming to gain visibility on social platforms too.

From Executive Board Meeting

CMO Biju Isac highlights the company’s reliance on tenders and word-of-mouth referrals, emphasising that satisfied customers are their greatest marketers. Although the company initially avoided social media, it has recently created social media pages to enhance visibility. Competition in software solution providers is unparalleled in the present era, and the founders of Perfect Software Solutions open up about how they overcome the challenges.

Highlighting the need for upgrades and innovation, the CTO, Sijin, says the company has a special innovation consultancy that is working to replace old and inefficient technology with the latest technology, helping the company stand out. “Our solutions for each emerging problem and requirement have been admired by our clients,” Sijin emphasised, pointing out the company’s commitment to seamless, customized service delivery.

According to the CEO, the product and service quality was the major lure of the perfect solutions. These are the mantras he also wants to share with budding entrepreneurs who want to create an impact in the industry. “Those who wish to enter the industry should devote themselves to delivering quality products and services,” he advises.

Employee dedication and satisfaction are other key factors that fuel the growth of any firm, and Perfect has its way of keeping them committed towards the company objectives with proactive efforts. There are several employees who have been navigating along with the software service provider for the past 20 years, 15 years, and 10 years, and most of the staff working in Perfect have been over five years with the firm, pointed out management, underscoring the company’s bond with staff and the latter’s satisfaction with the former.

Many employee engagement programs are being held, especially during festival seasons. The CEO claims that they conducted a survey and came to know that employee engagement was the most cited factor for what is keeping them with the company. Reminiscing about two specific instances, the CEO boasts about not having been through a situation where it had to lay off employees even during the COVID-19 pandemic. “The company had anticipated the lockdown and provided all help to set up work-from-home mode, facilitating uninterrupted workflow. Even the full salary of those who were not working was provided,” said Jabin. During Onam, the company gifted Rs 5000 each to all employees’ homes, surprising the families and staff with a small but impactful move.

During An Office Yoga session Conducted As Part Of Fitness Initiative

A total of 130 employees across three branches—Kottarakkara, Chalappuram, and Hilite Business Park-Calicut, the management include them all in key dicision-making process, collecting feedback and moulding strategies accordingly. “We hear everyone irrespective of experience and seniority,” claims the CEO.

Ragi, an employee who has been working here for more than 20 years, says that the atmosphere in the company is what makes her hold on to the company. They have a complaint management system, good packages, and employee engagement programs, to the satisfaction of the employees, Ragi explains. Shamseer Kadalur, another employee, who joined as a sales executive and promoted to sales manager, recalls he arrived when the company had around 30 staff. It has been over 12 years since he began working in the Perfect. According to him, what kept employees motivated to stick with Perfect was the freedom to share ideas and thoughts with the management, which was not based on their seniority. “The majority of the employees here have been with the firm for more than five years, showing their complacency with the company,” he adds.

Ulliyeri Service Co-Operative Bank Ltd, the first major client of Perfect Software Solutions, which continues to be with the company, is proud to associate the bank’s growth with the service provider. “SCORE: Smart core banking is a highly matured and advanced CBS, which helped us to get 100 percent customer satisfaction,” says Moncy Varghese, Secretary of Ulliyeri Service Co-Operative Bank Ltd and the first customer in the banking sector.

(This story is part of a Timelinedaily.com series – HiLITE Business Park 50)