back Back

Think360.ai announces its entry into Open Banking with the launch of AAmaze

By Leandra Monteiro

October 19, 2022

  • AAmaze
  • Account Aggregator
  • Digital Lending
Share

Think360.aiThink360.ai, an AI products and solutions company announced its entry into the open banking space with an intention of maximizing the potential of the data in the Account Aggregator ecosystem with the launch of AAmaze.

AAmaze’s AI-powered platform deep-dives into the rich open data framework, to support cash flow-based lending, custom savings, and money management solutions for customers including both MSMEs and individuals.

Earlier this year, Finance Minister Nirmala Sitharaman as well as the DFS instructed Public Sector Banks (PSBs) and other larger banks to start onboarding on the AA system, which has led to 1.1 billion+ accounts going live on India’s account aggregator. Other regulators like SEBI, PFRDA have also published deadlines for their ecosystem players to onboard. According to a review undertaken by Think360.ai, with customers and institutions, more than 80% of the consumers are open to sharing their financial data like bank statements to AA, given the safe and transparent ecosystem it provides, as well as the control over personal data it offers.

Amit Das, CEO of Think360.ai said, “AAmaze is not only a modern AI-powered data enrichment and decision engine, it will soon be the backbone of all customer-facing product and marketing decisions. It is a platform and environment-agnostic product, which can be implemented securely and on-premise on bank infrastructure. The platform has the ability to handle a million customers a day already.

AAmaze can assess independent or comprehensive banking relationships’ data within the AA ecosystem that follows a user consent-driven approach, as well as bring the power of NLP, NER, ML, and AI to the Account Aggregator ecosystem. It is one of the first solutions on AA that offers 1000+ insight variables and proprietary scores out of the box to lenders. “We can go live for a bank in less than 7 days,” Das added.

AAmaze is expected to reduce fraud instances by two times while handling real-time data anomalies. The deep technology leveraged by the platform aims to reduce drop-off rates, which has been a constant challenge for customers to complete their onboarding journey.

Ameya Chousalkar, Product Manager of AAmaze added, “Sachet-sized loans are, for instance, one of the starkest needs of lower income segments, and AAmaze harnesses the power of AA’s real-time and robust open data to build a continuous and 360-degree engagement framework.”

Think360.ai is an analytics TSP in the AA ecosystem, and a market leader in alternate data and AI based credit scoring solutions. AAmaze brings the strength of Think360.ai’s flagship product Algo360’s NLP and ML engines to the Account Aggregator ecosystem, which has delivered over 80 million lending decision outcomes over the last 6 years, using alternative data-based AI credit scoring.

Previous Article

October 18, 2022

Crowdz selects GoCardless for open banking payment solutions

Read More
Next Article

October 19, 2022

Can FinTech tighten the grip on finance during inflationary times?

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Kivra and Trustly partner to develop Autogiro for seamless payments

Read More

Today

Azura Credit Union modernises tech infrastructure with Jack Henry

Read More

February 10, 2025

Financial Cloud integrates GoCardless for seamless payments in the UK

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More