Financial services have to deal with immense volumes of personal and operational data and thus capitalize on robotic process automation, computer vision and ML technologies for their business processes.
In today’s era of the digital world, one has to be updated with all the technological advancements. Past years have seen a lot of growth in the fintech industry, specifically in the uses of Artificial Intelligence and Machine Learning. These days fintech companies are dependent on AI & ML for most of their work. AI & ML have a lot of potential to take the fintech industry to the next level.
AI capabilities are embedded in solutions across fintech industries which optimizes processes, results and profits across the whole value chain. Financial services have to deal with immense volumes of personal and operational data and thus capitalize on robotic process automation, computer vision and ML technologies for their business processes.
Here are four fintech companies which are using AI & ML:
Razorpay:
It is a payment solution in India which help the companies with its products in order to receive, process, and disburse payments. Razorpay provides access to various payment modes like JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp to name a few. Also, it provides access to credit card, debit card, net banking, UPI, and other common wallets. It handles the marketplace, simplifies money transactions, receives regular fees, exchanges client invoices, and take advantage of working capital loans from a single platform.
CogNext:
Incepted in 2019, it is one of the fastest-growing fintech companies which has build the industry’s first no-code regulatory compliance platform. Backed by the technologies like AI and ML, it is simplifying and automating regulatory compliance with respect to making it cost-effective for financial institutions. Also, it provides robust solutions powered by NLP, Deep Learning, and Predictive Analytics to manage and scale up the credit business of varied financial institutions.
It operates on a subscription-based business model where revenue is generated by charging an annual subscription fee from its clients i.e. banks, financial institutions, non-banking finance companies, neo banks, and digital lenders. The annual fee is determined based on the asset size of each institution and specific modules subscribed by them. It has marked a strong presence in international markets including North America, Middle East, Africa, and India.
LendingKart:
Started in 2014, it allows entrepreneurs easy accessible towards working capital finance options. The company uses technology to evaluate credit worthiness in an efficient and effective way. It is a non-deposit taking NBFC which provides SME lending in India. Also, LenkinKart targets to help small businesses in order to make it convenient for SMEs to access the credit. The Company analyses data points from sources in order to keep a check on the credit worthiness of the small businesses and do function it accurately.
Mswipe:
Mswipe aims to serves the smallest of merchants. The main target is to provide seamless mobile POS solutions to merchants across the country and to create India’s largest financial services platform for Small and medium enterprises.
Source: Business World
