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3 AI-powered companies redefining FinTech in India

By Gloria Mathias

July 31, 2023

  • Ai Financial Services
  • AI Listicle
  • AI Powered

In today’s ever-evolving world, the rapid advancement of technology has profoundly impacted various industries in India. One sector that has experienced significant transformation is FinTech.

The AI-powered companies represent FinTech innovation, leveraging the potential to transform traditional financial services in India. The FinTech landscape is being reshaped, promising a future where technology and finance converge to offer all seamless, efficient, and personalized financial experiences.

Within this space, three companies have emerged as pioneers, harnessing the extraordinary power of artificial intelligence (AI) to revolutionise the industry. These platforms recognise and leverage AI’s vast potential to enhance financial services, streamline operations, and deliver highly personalized experiences to individuals and businesses.

Below listed are 3 AI-powered platforms leveraged by FinTech companies in India:

Founded in 2019, Digitap harnesses the power of AI and machine learning (ML) technologies. It addresses the segment of customers that have been underserved by banks and larger non-banking financial companies (NBFCs) due to being New to Credit (NTC) or below prime borrowers. Their solutions cover many applications, including digital customer onboarding and the development of scoring models to assess creditworthiness through many sources (device data, banking data, social signals, employment data and many more). Regarding KYC Solutions, Digitap has now expanded to incorporate AI/ML algorithms that process extensive customer data points, generating scoring models for decision-making.

Founded in 2014, Scienaptic is an AI-powered platform enhancing operational efficiency by automating manual processes and reducing processing time. This allows financial institutions to streamline operations and deliver faster, more efficient services. Secondly, they utilize AI-driven predictive analytics to provide valuable insights for decision-making. By analysing historical data and market trends, AI algorithms enable organizations to make informed decisions, proactively adapt to market dynamics, and identify growth opportunities. Lastly, Scienaptic leverages AI to personalize the customer experience.

Founded in 2011, Zaggle, the AI-powered expense management platform, automates expense tracking, reducing manual effort and improving compliance. AI algorithms detect and prevent fraud by analysing patterns and historical data. Personalized financial recommendations are provided based on individual preferences and goals. AI-driven risk assessment and credit scoring evaluate creditworthiness accurately and efficiently. AI-powered chatbots enhance customer support services, providing quick and accurate responses. Overall, Zaggle’s AI solutions optimize processes, enhance security, personalize services, improve risk assessment, provide efficient customer support, and enable informed decision-making in the FinTech industry.

Also read: Applications of Artificial Intelligence In Banking Q2 2024

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