CRMNEXT runs largest Digital-CRM implementations in Asian Banking Sector
The CEO Magazine New Delhi
When it comes to transitioning businesses from legacy CRM solutions to the Digital-age, one company has literally led from the cloud across Asia-Pacific. CRMNEXT, the flagship product of Acidaes Solutions, is touted as the No.1 Commutable-Cloud CRM solution provider in the BFSI Segment, in Asia & the Middle-East. Launched in 2006, CRMNEXT went on to win over large customers and awards like the 2014 Gartner Gold CRM Excellence Award, the Magic Gartner Quadrants of 2014-15 besides being showcased in the NASSCOM 2014 Product Excellence Matrix.
CRMNEXT helps clients by offering services like Integrated sales platform, Effective cross-selling capability, Integrated Customer Service and Engagement, Customer 360° view, Relationship strategies based on segmentation, Reporting and analytics. Their proprietary Autobot Upgrade feature, Autonoma Integration and Shape Shifting Architecture, makes business perpetual, flexible with unmatched efficiency – Cloud in the true sense of the term! The company is presently executing the largest Digital-CRM implementation in banking in Asia at HDFC Bank with 45,000+ users, across 3,000+ branches and 1,500+ cities and towns.
With its diverse set of in-house talent, the company provides its Commutable Cloud CRM services via two business arms – for SMBs and Enterprises. Now they have hundreds of satisfied clients averaging thousands of unique users. HDFC Bank, ICICI Bank, Axis Bank, Max Life Insurance, TATA AIA, National Bank of Oman, TP Bank Vietnam etc are some of their marquee clients. Their principal customers are many organizations typically with twenty thousand users each. The percentage of business can be categorized under:
1. BFSI- 70%
2. Media- 10%
3. Pharma- 10%
4. Telecom- 5%
5. Others- 5%
CRMNEXT’s Global HQ & Research Centre is in Noida and Delivery Centre is located in Mumbai. Apart from India, they also have offices in Dubai, Singapore & South Africa. Companies like Salesforce, Microsoft Dynamics, Zoho, Sugar CRM and Pegasus are presently competing with them.
CRMNEXT is based on two sources of revenues: i. License (Private cloud) or subscription (Public cloud) (Major) and ii. Implementation and support services (minor).
In May 2015, CRMNEXT raised a Series A funding from Norwest Venture Partners as a strategic investment. The Palo Alto based VC firm manages approximately $5 billion in capital and has funded more than 550 companies since inception.
Founder and CEO
Nishant Singh is considered as a leader of single-vortex architecture and is a Class-I patent holder. He established CRMNEXT in 2002. He is Chairman and CEO of the company. Since 1990s, Mr. Singh was involved in GPS development and played a key role in ushering in technological revolution for India’s first stock exchange.
This serial entrepreneur has 16 years of software experience, he was instrumental in founding qMGN, which emerged as a leader in online advertising, with collaborations with major product companies.
A social welfare technology enthusiast, Nishant also founded Nimayaa Foundation, an NGO for under-privileged children. As part of CSR, he also implemented the corporate policy of offering CRMNEXT platform free for NGOs.
- 2002: Acidaes Solutions founded
- 2006: Launched commercial version of CRMNEXT after investing over 5 Lac manhours of product development efforts to create India’s first deep intellectual property product.
- 2007: Signed up GE Finance as one of its first Large customers
- 2008: Signed-up India’s some of largest companies in the BFSI space including HDFC Bank.
2012: Got featured in Gartner Magic quadrants
- 2014: Signed up top 3 private sector banks in India. Expanded customer base in Middleast, Southeast Asia and Africa. Won the Gold Gartner CRM Excellence Award and Best CRM Technology Implementation Award by Asian Banker.
- 2015: Got Series A funding from Norwest Venture Partners.
By 2016 the company will launch a re-imagined product, which would be appropriate for the Digital Age. CRMNEXT also plans to introduce tons of innovations, like Vivid Journeys, Auto-flow process designers, Trinity cross-sell modeler, etc. These innovations will help their customers get faster ROI while at the same time driving a seamless Digital customer experience, turning it into a distinct competitive advantage.
“Our Digital-CRM Solution powers Asia’s top banks, FinServ and Insurance Companies. Soon, Asia’s biggest Digital-native Bank will run on CRMNEXT too.” a senior executive said. “With digital disruption shaking up traditional business models and challenging established processes, the customer is experiencing IT and has taken control of the business by self-servicing via multiple channels. We’re enabling businesses with the power of Zeros – Zero touch, Zero-waste and Zero-TAT. That means integrating all business functions seamlessly to respond intuitively, instantly and omni-channel to customer journeys, thereby profiting from this digital disruption.” he summarized.