In Image Mr. Abhijit Onkar, CEO at Crelytics

Crelytics – Automating Financial Processes With Predictive Analytics

Streamlined and robust workflows  form the backbone behind the longstanding success of any business. The rising technology with every new dawn has changed the market scenario in all the sectors around the world. The finance sector is also at the cusp of the digital revolution.

Crelytics is empowering the financial services sector with their utmost and cutting edge technology offerings crafted by domain experts in financial risk.

In a talk with Mr. Abhijit Onkar, CEO at Crelytics let’s discover their journey since inception, their quality offerings, and his thoughts on the current market scenario.

Brief us about the company.

Crelytics is a Financial Technology venture that aims to disrupt traditional financial services delivery through turnkey automation and analytics. Crelytics product suite helps progressive firms acquire customers faster and at a lower cost, through an enterprise SaaS platform and API solution that simplify financial process flows using AI.  

What were the initial challenges you faced? 

Initially, Crelytics served smaller clients where willingness to pay was limited, and there was always an ask to customize the core product. It was a tough call to say no to incoming revenue to stay focused on building a world-class scalable SAAS product, and not get caught up in service projects.

Crelytics as a firm places tremendous focus on getting the right people, constantly evolving internal processes, and strengthening the core technology IP.

Which was that point that triggered the growth of the company?

With innovative tech and a fast growth trajectory, Crelytics was shortlisted by multiple global accelerators in 2019 including Alchemist Accelerator and YCombinator US. As the first grant recipient of a State Government’s Fintech program and backed by the world’s best B2B accelerator, Crelytics received a lot of positive press including a feature in TechCrunch. It helped gain pilot projects with top-notch private banks with over billions in assets, and at the same time gain the trust of fintechs looking at accelerating their go-to-market.

How has the company graphs changed since the foundation

Crelytics grew its client accounts by 10X in 2019 and grew profitable in 1st year of operations with 80+ B2B clients registered and 62 financial workflows pre-configured on it. Crelytics platform has analyzed 2,041,514 financial transactions for deep customer insights. 142,120 financial profiles were verified  on the platform.

What is the reason behind your company’s long-standing success?

Crelytics as a firm places tremendous focus on getting the right people, constantly evolving internal processes, and strengthening the core technology IP. These 3 focus areas have helped in fast growth without compromising on financial or operational sustainability. With the right people bringing the best of corporate best practices and startup mindset, there is a culture of getting things done, which matters the most in a fast-paced global fintech landscape.

What are the products/services the company focuses on? How are your services different from those in the market?

  • Pre-Configured Workflow Automations: The platform comprises pre-configured workflows, Plug-play APIs, and SDKs which enables friction-less user journeys and superior data analytics. The company provides Platform as a service to the frontrunner fintech players in the fintech ecosystem and this allows them to rapidly scale up. Crelytics also offers mobile app SDKs and CRM dashboards integrated with powerful APIs that allow clients to adapt to their customers faster.
  • Analytics as Service: The decision Engine of this platform facilitates flexible rule-based decisions as well as Machine Learning decisions for complex process flows. In turn, these products have been reported to reduce customer acquisition cost 4X as well as turnaround time by 10X. This differentiated business value separates Crelytics from other players. 

How do you decide to take the company a step further in terms of your products/services?

Crelytics gives true power to its clients. Our client strategy is to  unlock clear ROI for  them, by iterative learning adding more features to the core tools – the powerful workflow and decisioning engines that enables deeper insights around their customers’ transactions and behavior.

Is there any new addition to the list of products/services? Anything exciting you would like to share?

With the founding team’s deep-rooted background in cyber-risk and the current demand from the market in aftermath of pandemic, Crelytics is foraying into fraud analytics and cyber security product extensions that help clients focus on their core without worrying about fraudulent attacks.

Competition is for Losers.

Peter Thiel

What do you think are the responsibilities of an entrepreneur?

Setting a vision for the firm is most important, as it is easy to get lost in a plethora of choices.

What are the key achievements of your entrepreneurial journey?

After successful corporate stints with outstanding achievement awards and best performances among his peer set, Abhijit decided to work towards a longstanding impact in the way financial services were delivered. In a short span of time, Abhijit grew the firm from the idea stage to a profitable venture supporting multiple clients. For contribution to the Fintech ecosystem, Abhijit has been awarded and applauded by State Governments looking for innovative solutions that can benefit masses. Abhijit and Crelytics have been featured in TechCrunch, CIO Review, and other publications.

How do you look after your employees? What makes your team unique?

The founding team of Crelytics has around 25 plus years of strong domain experience in the financial sector. The company has built and sold solutions to bank, fortune 100 Financial services firms and has rendered advisory services to C-level executives. The management team of Crelytics also has expertise in building banking technologies at Infosys and lending processes for Tata Capital.

One person who you admire the most?

Elon Musk. While most of the Silicon Valley and Indian VC ecosystem is heavily skewed to funding only founders from a select set of institutions, recent stellar failures of such ventures prove what matters most is the mettle of entrepreneurs like Elon, who can bounce back stronger from failures. 

Whose business story do you find the most inspiring?

In the global context, the business story of Lego is very inspiring – they survived in the worse of times and built unparalleled customer loyalty by focus on quality over the next 100 years.

Which is the most inspiring quote you have read?

“Competition is for losers” by Peter Thiel, is counter-intuitive at first but makes a lot of sense if you think about it. In fact, we have achieved more by focusing on what we can do best rather than worrying about competition.

Constant vigilance- a need or a strategy? Please share your views.

Constant vigilance is an indispensable need, especially in a rapidly digitizing world where the online identity of the customer is getting complex, defensibility of technology IP is getting blurred, and fraud exposure perimeter has suddenly increased for all firms without their defense scaling up. 

It’s a rat-race out there. How do you cope with that?

Focusing on the core, staying resilient to cycles and shocks, and building undeniable value for our customer segment are some of the principles we live by, that helps stay clear of the rat race in the industry.

An Unmatched Leadership at Crelytics

The founding team of Crelytics has around 25 plus years of strong domain experience in the financial sector. Mr. Abhijit Onkar, CEO has 15+ years of fintech and financial domain experience, has built and sold solutions at C-level. Mr. Abhijit is an ex-Dell /Deloitte Technologist who led product teams on $10Mn+ projects for Fortune 100 firms and has an MBA Finance from ISB (Forbes 9th, globally). The management team of Crelytics also has expertise in building banking technologies at Infosys and lending processes for Tata Capital.


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