Finin has plug in advanced AI technology into his digitized banking sector which automatically keeps tap on their customer money transaction and most importantly it helps in suggesting the customer about managing their wealth, savings, Investments and all this is done by the AI technology brought by Mr. Suman into his Digitized Bank called Finin- Future of Banking. India being not well in managing their wealth and neither any traditional Bank focuses on such issues, Finin helps customers to track their expenses and guide them on the same regardless of their status and expenditure rates. Finin’s advanced AI driven technology analyzes and taps into customer experiences and habits to guide them better towards saving, investing and managing their wealth accordingly.
Suman Gandham is the Founder & CEO of Finin. In an interaction with The Tech Pod, Suman talks about future of banking. Read more!
Can digital technological banks be more effective in the future of the banking industry in India?
Absolutely, although, this is not to be confused for the digitized banking solutions traditional banks offer. It’s not a secret that the whole world’s economy can be in a great crisis due to the pandemic. One of the major roles neobanks can play is in making people wise in utilizing their wealth. There are many ways in which neobanks can play a critical role post COVID-19. Neobank helps people to grow and improve their lifestyles by managing their wealth, investing, receiving suggestions in accordance to one’s expense rate and so on. There is scope for tremendous improvement from Digital Banks that make technological banking more effective and trustworthy.
What is the future of banking?
Neobanking is a pretty new concept that challenges the traditional banking system with various offers, customer reach and advanced AI driven technology that can simply change the way banking can be perceived especially in India. Finin’s services are the same as a normal-physical bank but with relevant add-ons and futuristic feature sets. The services offered and the design of the product itself is such that it redefines the whole banking experience by bringing the features to your fingertips. Imagine not having to wait in an IVR queue or a physical one at the branch for every small banking related activity. Now that sounds like the future doesn’t it? This is why Finin is The Future of the Banking Ecosystem.
How is the use of AI attracting customers towards digital banking?
When we can offer a customer a wholesome banking experience but better, that does sound quite attractive right? We are building an AI powered customer support system where a customer can get a solution to their issues even without reaching any support team. It is our magic sauce and you have to experience it. Finin’s advanced AI driven technology analyzes customer experiences and behavior to guide them towards effective and efficient saving, investing and managing of their wealth. AI Tech also provides financial literacy to a world that is in essence starved of it.
How is Big Data revolutionising the future of the finance industry?
We keep on improving our features and solutions constantly which makes us flexible to manage the data and servers of our banking system. Particularly within the financial services industry, big data is being utilized in an increasing number of applications, such as: employee monitoring and surveillance. Predictive models, such as those that may be used by insurance underwriters to set premiums and loan officers to make lending decisions. Big data helps to mitigate risk regarding the customer or any defaults during transaction, trading etc, online. Financial industry is always under threat of fraud especially when it’s in a digital mode. Hence, secured Big Data can be a revolutionary tool in the Fintech Industry.