From digital money lending to large-scale data analytics, the use of artificial intelligence and machine learning has enabled FinTech, an industry that spans the integration of finance and technology, to ‘reach new heights, especially with the ever-growing coils of data that must be processed. Let’s see how this is reflected in some of the Indian FinTech startups (listed in no particular order):
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RazorPay
Razorpay is India’s only payment solution that enables businesses to accept, process and make payments with its range of products. Their AI-based system, Thirdwatch, helps reduce return-to-origin fraud (RTO) losses in e-commerce. RTO frauds take place when customers return a product either by exchanging it with a defective product or by denying that they received it in the first place.
AI helps reduce RTO fraud by having an AI engine process orders directly from the user’s account on the Shopify ecommerce platform. Here, the AI ​​signals low-risk orders and red signals high-risk orders. These orders marked with a red flag may be rejected or approved depending on the reason for their risk.
Source: RazorPay
Money
INDmoney is an AI-based financial advisory offering by FinZoom Investment Advisors. The company was founded by Ashish Kashyap, founder of Goibibo and PayU India. Its IND SuperMoneyApp automatically organizes users’ money and advises users on increasing their savings and income in terms of investments, loans, taxes and expenses. INDwealth is the company’s wealth management platform.
CogNext
CogNext is a Regulatory Tech (Regtech) start-up that enables financial institutions to automate and digitize analytical processes and solve problems at scale using AI and ML algorithms. Using these algorithms, CogNext cost-effectively simplifies and automates regulatory compliance.
CogNext also has an automated technology platform, Platform X, which provides “agile, configurable, interactive, scalable and cost effective†solutions for regulatory compliance. Such solutions allow financial institutions to control the risk they take and improve integrity and transparency outcomes. Project X operates through a technological framework that allows for easy processing of customer data and calculations. Another element of CogNext is its AutoML solution which encourages domain experts and companies working in financial institutions to use ML and AI to create business value. Teams can use it to develop advanced AI projects without coding or even understanding the underlying ML algorithms. Therefore, CogNext streamlined the workflow of the banking or FI model to higher volumes and reduced turnaround times without requiring specific technical knowledge.
Capital float
Founded in 2013 by Gaurav Hinduja and Shashank Rishyasringa, Capital Float is one of India’s leading platforms for credit and buy now solutions.
Capital Float uses AI technologies as well as human knowledge to aid in risk assessment and marketing. AI and ML algorithms help the business understand the creditworthiness of applicants, enabling them to choose the right type of loan for the applicant. Capital Float also used AI models to better target customers in their marketing campaigns. In 2018, they acquired a leading personal finance management app, Walnut, pushing them further into the credit solutions industry. Currently, they provide personal finance (through Walnut), corporate finance, and short-term credit solutions for small businesses, as well as their Buy Now Pay Later platform, also known as Walnut 369.
CreditMate
CreditMate is a collection platform that helps lenders collect deferred payments from borrowers. The app uses AI and ML to make its processes more efficient. In 2019, the company launched its “Sherlock†product, which uses an ML algorithm to assess defaults and manage debt resolution processes in a cost-effective manner.
Source: CreditMate
Loan kart
Founded in 2014, Lendingkart uses AI to easily access working capital financing options. The company is a no deposit NBFC (Non-Banking Financial Corporation), which provides loans to SMEs (Small and Medium Enterprises) in India. Thus, he uses this technology to help with credit scoring, product interaction, and scoring of quality leads. The AI ​​algorithm analyzes over 10,000 data points to analyze a candidate’s creditworthiness. This technological integration helps small businesses thrive, which is an integral part of India’s digital ambitions.
Source: LendingKart
Mswipe
Developed in 2011, Mswipe is one of the largest independent mobile point-of-sale merchant acquirers and network provider in India. In 2019, Mswipe started its expansion towards smart point of sale terminals and UPI QR codes. The company is also using AI in its Field Force Automation (F2A2) app, a merchant integration platform from Signzy, another Bangalore-based startup. The use of AI reduced the onboarding time for new traders from about three days to half an hour.
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