Artificial intelligence has made a considerable impact on financial services, credit, payments, and banking. More and more companies are jumping into the bandwagon of AI technology, and for a good reason.
With the help of Artificial intelligence and automation, companies can capture consumer behavior, gather relevant data through technologies like natural language processing, computer vision, and machine learning.
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With a wide variety of fintech Business models operating in India, the adoption of AI in the Fintech industry has seen a massive rise in recent years. Let’s look at five fintech startups that have succeeded in utilizing AI to streamline and innovate their daily operations. AI algorithms have strengthened their decision making processes and data analytics capabilities.
5 Fintech Startups in India making the most of Artificial intelligence
Capital Float utilizes the latest AI technologies in combination with expert human insight for things like risk assessment, marketing, and collections. Artificial intelligence and machine learning help Capital Float to determine the creditworthiness of applicants and choosing the right time to offer them a loan. They have also incorporated intelligent AI models in their marketing campaigns for better customer targeting.
CreditMate uses continually evolving technology that takes into account the most critical needs of today’s Fintech companies. Some of the necessities in the Fintech industry today are fraud detection, risk analytics, virtual chat assistance, and propensity models, among others. Creditmate focuses on providing technology for a better and more efficient onboarding of new customers by fulfilling the requirements mentioned above.
The financial industry is full of intensely decision driven processes such as making calls to the right person at the right time, resolving conflicts and figuring out what triggers the customers, and so on. Presently, millions of human agents are responsible for carrying out such processes. However, with the help of Fintech companies like Creditmate, this knowledge is gradually being translated into cutting- edge artificial intelligence systems.
Coverfox is an AI-based insurance comparison startup. Besides, enabling the consumers to choose the right company and most suitable plan for their needs and budget, Coverfox also helps companies to make more sales and make their services better and more efficient. Coverfox has also integrated the essential processes such as policy issuance, inspection, claims, and endorsements to make these services effortlessly accessible for consumers.
Lendingkart uses artificial intelligence for credit evaluation, product interaction, and quality lead scoring. Lendingkart’s algorithm analyzes over 10K data points to check the creditworthiness of every consumer. AI allowed them to predict delinquent accounts in advance to a high degree of accuracy.
When it comes to marketing, AI helps them to know how their marketing efforts and campaigns are precisely performing and which ones are bringing them better results, allowing them to optimize their budget across various channels.
Mswipe utilizes AI in its Field Force Automation App (F2A2). F2A2 is a technologically advanced merchant onboarding solution developed by Signzy – a Bengaluru based startup.
What makes Mswipe’s F2A2 Asia’s most unique technology is its ability to capture KYC documentation, profile information of merchants digitally, and authenticate them automatically by taking into account over 40 government databases. This high tech solution has reduced the onboarding time for new merchants from 3 days to half an hour.
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