How is AI transforming the financial services industry, and how will the emergence of generative AI impact the sector?
Generative AI applications are becoming pioneers across many industries in the global economy, and among industry sectors, the digital financial services industry is poised to further leverage this opportunity to drive efficiencies, improve customer experiences, and drive innovation.
When considering an asset management solution, advanced AI Customized Investment Strategies Analysing each individual’s unique financial goals, risk tolerance and preferences will strengthen fintechs’ ability to transform from mere wealth management platforms into personal digital financial planning assistants.
today, AI-powered chatbots is gaining widespread recognition. It is fast becoming an indispensable part of every industry by providing round-the-clock service, personalized attention, and quick resolution of customer queries. This frees up human agents to handle mundane tasks and allows them to focus on more complex issues.
In addition, this technology Financial Inclusion By providing access to a large section of the population that has been historically excluded from formal financial products such as traditional banking and credit services, AI and ML algorithms can be used to create interactive platforms to perform fast and accurate risk assessments of creditworthiness, thus bridging the access gap and democratizing financial services in remote areas.
Another area where generative AI is having a big impact is Customer experience. Recently, we partnered with Kore.ai to launch a voice product, leveraging conversational AI to deliver more natural and efficient customer interactions, improving service quality and satisfaction.
How does MobiKwik use AI and machine learning to personalize user experience?
At MobiKwik, our mission to drive financial inclusion is to redefine digital financial solutions by leveraging the transformative power of AI and ML. Our innovative product development is driven by four pillars – Innovation, Inclusion, Convenience and Engagement.
Our AI and ML techniques are deeply embedded in our services. Be it tracking and analysing your financial habits using MobiKwik LENS, assessing your creditworthiness for ZIP EMI or providing mutual fund recommendations based on your personal risk tolerance, we are committed to providing a personalised and insightful user experience. These advanced technologies enable us to navigate your unique financial journey with precision and discretion.
On the inclusion front, MobiKwik ZIP Pay Later enhances access to small loans through a credit risk assessment process powered by AI and ML algorithms. This feature is game-changing for individuals who are far from the traditional banking system and in need of small loans, marking a major step towards financial empowerment for all.
Learn about the features and uses of MobiKwik Lens.
Last year, we launched MobiKwik LENS with a mission to increase financial literacy among our users and provide deeper insights into their financial habits.
In the hustle and bustle of everyday life, people make multiple microtransactions throughout the day and often lose track of where their money is going and how they can optimize their spending to improve financial outcomes. That's where MobiKwik LENS comes in. LENS leverages the power of India Stack and Account Aggregator framework to demystify complex financial data and convert it into clear and actionable information for users. One of its prominent features is smart categorization of deposits and withdrawals from a user's bank account. Grouping these transactions helps users identify areas of overspending and missed opportunities for savings.
LENS helps you get a clear view of your financial situation with our net worth estimation tracker. By integrating assets, liabilities and investments, LENS gives you a clear snapshot of your financial situation. By visualizing these trends with intuitive graphs and charts, LENS is able to gamify your financial situation, making it more engaging and interactive for users.
Apart from MobiKwik, what other compelling potential does AI have in improving user experience in the fintech space in general?
It’s important to consider how AI can be used to further enhance the user experience, especially by addressing accessibility and creating hyper-personalized solutions.
In the dynamic landscape of fintech and beyond, a notable trend that has the potential to improve accessibility is customizing services to suit local nuances. This is especially important in a linguistically diverse country like India. Currently, fintech innovations are often primarily targeted at the English-speaking demographic, excluding a large section of the population. Extending these solutions in regional languages, especially leveraging voice-based interfaces, offers a huge opportunity to connect and empower a broader, overlooked user base.
The fintech sector is moving beyond simply translating interfaces to craft solutions that deeply resonate with diverse habits and preferences across regions. Imagine automated voice support that intuitively grasps contextual nuances and transforms accessibility in regions with variable literacy rates or where typing in one's native language is difficult. By overcoming language barriers and providing user-friendly interfaces, fintech companies can empower users to better manage their finances wherever they are.
What measures are being taken to ensure the safety and security of the MobiKwik platform?
At MobiKwik, protecting the privacy and security of customer and merchant data is our top priority. Our product suite has undergone a series of rigorous cybersecurity and compliance checks, including a Payment System Data Storage System (PSDSS) audit as per RBI and NPCI requirements, an Information Systems audit in line with RBI-PPI Master Directions, and Payment Card Industry Data Security Standard (PCI DSS) compliance.
At MobiKwik, security of all sensitive data is given top priority, they are encrypted and customer data from KYC checks are kept secure in vaults. To maintain high standards of protection, we conduct regular security assessments in-house and through external vendors. Our network security infrastructure is hosted in a secure environment behind firewalls to effectively restrict access and prevent malicious intrusions. These measures ensure the integrity and confidentiality of your data.
