CXO Tomday In an exclusive interview Jayant Upadhyay, Co-founder and COO, Olyv (formerly SmartCoin)
- The impact of AI and machine learning on financial products and services.
AI and machine learning are transforming the field of financial products and services, bringing exciting changes that improve our daily financial experience. These technologies are making banking and investing smarter, safer, and more personalized. Imagine being able to instantly detect fraudulent activity. AI and machine learning instantly analyze thousands of transactions, detect anomalous patterns, and alert us to possible fraud much faster and more accurately than ever before. This approach not only protects funds, but also leads to fewer false alarms and less confusion. These technologies are like having a crystal ball when it comes to risk management. By analyzing historical data and market trends, artificial intelligence helps financial institutions predict and mitigate risks more effectively. This means better decision-making and greater financial stability for all involved. Customer service has also made great strides. AI-powered chatbots and virtual assistants now provide instant support, address routine questions, and handle transactions seamlessly. This not only makes banking more convenient, but also makes us feel valued and understood. Moreover, machine learning algorithms gain knowledge about our spending habits and preferences, which allows financial institutions to provide customized financial guidance and products that precisely meet our needs. In the world of investing, artificial intelligence is making big waves with sophisticated trading algorithms and robo-advisors. These tools analyze vast amounts of data to find the best investment opportunities and optimize your portfolio, helping you make smarter investment decisions. AI and machine learning have humanized financial services by making them safer, more efficient, and more customized to individual needs. These technologies will continue to evolve, making our financial lives even more seamless and responsive, and are expected to transform how we interact with money.
- How Olyv is addressing financial inclusion and providing accessible financial services.
The challenge of financial inclusion in India is multi-faceted and characterised by a significant percentage of the population lacking access to basic banking services, credit and financial literacy. Hence, we launched Olyv (formerly SmartCoin) in 2017 to solve this problem by removing traditional barriers to financial services.
Olyv aims to provide the financially underserved with tools to provide better financial management, access to credit, and a pathway to savings and investment. By making financial services accessible and understandable, we are addressing the root causes of financial exclusion, not just the symptoms, and evolving from a consumer lending app to a comprehensive digital financial platform, paving the way for a more inclusive financial ecosystem with stronger, more accessible financial services than ever before.
The company’s transformation from SmartCoin to Olyv embodies its broader vision of providing a comprehensive financial platform that covers everything from credit to savings to insurance.
Olyv's vision of leveraging technologies such as AI and ML to serve India's emerging high-income segment is helping create a strong digital lending ecosystem to bridge the credit gap.
The company has developed cutting edge data-driven algorithms that collect data from thousands of alternative points like SMS, app usage patterns and other behavioral indicators to create a risk assessment profile of loan seekers. This is done in real time and loans are approved within minutes.
We continuously focus on innovation and improving our model to add more value to our customers' lives through a comprehensive range of financial products including instant personal loans, insurance, gold savings, credit score check and more.
The company's mission of technology-driven financial inclusion and wellness has received attention, having been recognized by the prestigious World Economic Forum and receiving awards such as Best AI Application of Technology for Good at the Financial Express Futech Awards 2022. These achievements demonstrate OLYV's commitment to creating a more inclusive financial environment where everyone has the opportunity to grow and prosper.
- How emerging technologies will shape the future of financial services.
Emerging technologies are poised to revolutionize financial services, bringing about significant advances in efficiency, security, and customer-centricity. Artificial intelligence (AI) and machine learning are enhancing fraud detection, risk management, and personalized financial advice, while AI-driven chatbots are revolutionizing customer support by making banking more accessible and responsive. Blockchain technology provides unparalleled transparency and security, streamlining processes such as cross-border payments and smart contracts. The rise of digital payments and cryptocurrencies is changing the way money is handled, facilitating faster and more secure transactions and creating new investment opportunities. Robotic process automation (RPA) automates repetitive tasks, reducing costs and minimizing errors, freeing up talent to focus on more strategic work. Big data and analytics provide comprehensive insights into customer behavior and market trends, improving decision-making and product delivery. The Internet of Things (IoT) provides real-time data, enabling personalized services and enhanced security measures. Quantum computing, while still in its infancy, is expected to bring breakthroughs in cryptography and risk modeling. Open banking and APIs are enabling greater interoperability between financial platforms and enabling seamless, innovative customer experiences. Overall, these technologies are driving advancements in financial services, increasing their accessibility and dynamism, paving the way for a future that empowers both financial institutions and consumers.
- Why ensure financial transparency and accuracy in a rapidly growing technology environment?
In a rapidly evolving technology environment, financial transparency and accuracy are more important than ever. Transparency fosters trust for all stakeholders: customers, investors, regulators, and employees. In today's digital age, where transactions are increasingly automated, clear and accurate records reassure everyone that the system can be trusted. This helps prevent fraud and abuse, which are becoming increasingly sophisticated as technology advances. Complying with regulations is essential. Accurate financial reporting allows organizations to comply with strict legal requirements, avoid fines and protect licenses. Investors need transparency and accurate financial information to make informed decisions. This helps maintain investor confidence and secure the capital needed for growth. Transparency also helps with operational efficiency, as clear financial information allows for better decision-making and strategic planning. Moreover, a reputation for financial integrity is invaluable, as any inaccuracy can quickly erode trust and lead to business losses. Financial transparency and accuracy provide a solid foundation for innovation. If stakeholders trust the existing financial system, they are more inclined to support and invest in new technologies and initiatives. In essence, maintaining financial transparency and accuracy is essential to building trust, ensuring compliance, preventing fraud, and instilling a culture of innovation and growth in today's dynamic financial environment.
