Fintech's continuous growth and adoption have aided in the promotion of greater financial inclusion in India. Emerging technologies such as artificial intelligence (AI) and machine learning (ML) are predicted to boost the use of Fintech apps in the $2.5 trillion industry, benefiting both consumers and enterprises.
Financial services, credit, payments, and banking have all been affected by artificial intelligence. AI technology is attracting an increasing number of enterprises, and for good reason.
Companies can record consumer behavior and obtain relevant data using artificial intelligence and automation technologies such as natural language processing, computer vision, and machine learning.
To facilitate risk assessment and marketing, Capital Float combines AI technologies with human expertise. AI and machine learning algorithms assist the company in determining the creditworthiness of applicants, allowing them to select the appropriate form of loan for the individual. Capital Float also used AI models in its marketing campaigns to better target clients. In 2018, they bought Walnut, a popular personal finance management app, which pushed them even deeper into the credit-solutions business. They currently offer personal financing (via Walnut), business finance (including short-term loans for small enterprises), and their Buy Now Pay Later platform.
For things like risk assessment, marketing, and collections, Capital Float combines cutting-edge AI tools with skilled human expertise. Capital Float uses artificial intelligence and machine learning to assess applicants' creditworthiness and identify the best time to provide them a loan. For better client targeting, they've also included intelligent AI models into their marketing initiatives.
CreditMate is a debt collection tool that helps lenders collect late payments from debtors. To make its procedures more effective, the software uses AI and machine learning. The company launched its ‘Sherlock' product in 2019, which employs a machine learning system to rate debt defaulters and handle debt resolution operations efficiently. By meeting the aforementioned needs, Creditmate focuses on offering technology for a better and more effective onboarding of new consumers.
The financial industry is full of highly decision-driven procedures, such as making calls to the correct person at the right time, settling problems, and determining what causes clients to become irritated, and so on. Such processes are currently carried out by millions of human agents. This expertise is gradually being converted into cutting-edge artificial intelligence systems with the support of Fintech companies such as Creditmate.
It was founded in 2014 to provide enterprises with quick access to working capital financing solutions. The firm use technology to assess creditworthiness in a timely and efficient manner. It is a non-deposit-taking NBFC that lends to small businesses in India. In addition, LenkinKart aims to assist small businesses by making loans more accessible to them. The company analyses data points from many sources in order to maintain track of small businesses' creditworthiness and accurately operate it.
When it comes to marketing, AI assists them in determining how well their marketing initiatives and campaigns are doing and which ones are yielding better results, allowing them to better allocate their budget across various channels.
In its Field Force Automation App, Mswipe makes use of artificial intelligence (F2A2). Signzy, a Bengaluru-based firm, has developed F2A2, a technologically sophisticated merchant onboarding solution.
The capacity of Mswipe's F2A2 Asia technology to digitally record KYC papers and merchant profile information, as well as instantly authenticate them using over 40 government databases, makes it the most unique solution in the region. The onboarding period for new merchants has been cut in half thanks to this cutting-edge technology.
It is one of the fastest-growing fintech startups, having built the industry's first no-code regulatory compliance platform since its inception in 2019. It involves simplifying and automating regulatory compliance in order to make it cost-effective for financial institutions, thanks to technologies like AI and ML. It also offers powerful solutions for managing and scaling up the credit business of various financial institutions, using NLP, Deep Learning, and Predictive Analytics.
It operates on a subscription-based business model, with clients such as banks, financial institutions, non-banking finance firms, and neo banks paying an annual subscription fee.
Platform X, a CogNext automated technology platform, delivers regulatory compliance solutions that are "nimble, flexible, interactive, scalable, and cost effective." Financial institutions can use such technologies to better regulate the risks they take and increase their integrity and transparency. Project X is based on a technology foundation that makes it simple to process client data and calculations.
With its range of solutions, Razorpay is India's sole payments solution that allows businesses to accept, process, and disburse payments. Third watch, an AI-powered technology, helps e-commerce businesses avoid Return-to-Origin (RTO) fraud losses. Customers commit RTO fraud when they return a product by either switching it for a damaged one or denying that they ever got it in the first place.
It is an Indian payment service that assists businesses in receiving, processing, and disbursing payments through its products. JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp are just a few of the payment options available with Razorpay. It also supports credit cards, debit cards, net banking, UPI, and other popular wallets. From a single platform, it manages the marketplace, simplifies money transactions, collects regular fees, swaps client invoices, and accesses working capital loans.