5 Companies leveraging AI to transform the future of FinTech
By Leandra Monteiro
The FinTech industry has been revolutionised by the integration of artificial intelligence (AI) in recent years. Startups are leveraging AI to improve efficiency, enhance customer experience, and mitigate risk in the financial sector.
For instance, AI-powered chatbots can handle customer inquiries 24/7, reducing the need for human customer support, and saving costs. Fraud detection and prevention systems powered by AI can analyze large amounts of data and identify anomalies that may indicate fraudulent behavior.
AI can also be used to personalise financial services and investment recommendations to individual customers, increasing engagement and satisfaction. Overall, startups that leverage AI in the FinTech industry can gain a significant competitive edge over others and have the potential to disrupt traditional financial institutions.
Here are 5 FinTech startups unleashing the power of AI to bring transformation in the industry:
Credgenics is a provider of Loan Collections and Debt Resolution technology to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table 2022.
Credgenics works with more than 100 customers and has reached an overall loan book worth $47 billion in FY 22. It has handled 40 million retail loans till date. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections cost by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%.
Razorpay is a developer of payment processing solutions for businesses. It offers solutions such as payment gateways and link-based payment solutions for accelerating and automating banking operations, working capital loans, and corporate credit cards. Its features include UPI-based recurring payments, payment buttons for accepting payments on the websites, and the third watch for AI-enabled fraud management. It also offers business banking services in partnership with other banks.
Signzy provides AI-based solutions for digital onboarding and automating back-office operations. Offers interactive digital onboarding systems that use document reading, facial recognition, and multiple financial dataset integration. Also offers an AI & learning-based core regulatory engine that allows scaling of on-premise applications.
INDmoney provides an app-based comparison and advisory platform for financial products. It provides a comparison of consumer loans such as personal loans & mortgage loans, investments such as mutual funds, fixed deposits, stocks, bonds, and more. It uses machine learning for providing offers on the basis of savings and expenses.
Lendingkart was founded in 2014 to provide enterprises with quick access to working capital financing solutions. The firm uses 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.