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On Thursday morning, Vineet Tyagi, Global Chief Technology Officer of Biz2X sat down with TechGraph for a wide-ranging interview, he discussed about the Biz2X journey, how technology evolved the financial sector and fintech.
Read Excerpts:
TechGraph: How intelligent automation can drive digital transformation across financial institutions?
Vineet Tyagi: As the financial landscape is transforming with Fintechs, intelligent automation can restructure manual interventions and offer autonomous decision-making capabilities for process automation. From customer onboarding, fraud detection to loan underwriting, intelligent automation tools is being used aggressively by banks to offer a seamless and hassle-free experience to the customers.
TechGraph: How AI and Big Data are simplifying financial processes?
Vineet Tyagi: AI, Big Data, and Analytics-based platforms manage and analyze large amounts of data available. They uncover hidden patterns, correlations and offer deeper insights to innovatively visualize results for better decision making.
These white-label platforms utilize the combination of leading technologies on the cloud with AI/ML capabilities, Natural Language Processing, Real-time Data Processing, Predictive Customer Touchpoints, Customer Relationship Management, Loyalty Management, Governance, Risk and Compliance, and Advanced Analytical Models.
TechGraph: In the conventional banking model, the lending process is paperwork-heavy for the customer and expensive for the bank. How Biz2X Platform is helping banks to streamline that process through its SaaS-based model? How your solution help banks to make accurate credit decisions instantly?
Vineet Tyagi: Biz2X Platform is designed for banks that are ready to streamline their processes. Biz2X provides its proprietary SaaS-based models to banks so that they can make accurate credit decisions instantly and offer loans to their small business clients within days instead of weeks and months.
This can be done because of the Biz2X dynamic features like open API integration, configurable rule engines and workflows, Bank Statement Analyzers and GST Insights, rich UI/UX capability with UI Orchestration, and finally all this with low cost of ownership and shifting to a true SaaS-based Customer pricing.
TechGraph: Digital innovations are driving the banking sector of India towards a paradigm shift. What are the measures taken by your brand to boost this drive?
Vineet Tyagi: Biz2X uses a streamlined user interface, AI-driven analytics, and a customizable white label environment to help banks transform their core services such as offering focused customer service, growing their portfolio, and increasing the use of their products. Biz2X Platform also offers end-to-end loan management features.
TechGraph: While it’s difficult to make predictions, what according to you is the future of automation in the Fintech industry?
Vineet Tyagi: Fintech will be leading the Financial sector in the near future and in times to come, they will compete with the much more Formal Banking Sector head-on. There is already an Open Banking scenario and Neo Banking which is due to the lack of regulatory leeway collaborating with the Banks.
Some of the leading Neo Banks have created a large Customer base and this Customer base is tremendously loyal to them. Today Banks are relying on Customer inertia to abandon the Formal Banking Services; this exit barrier will keep diminishing to the point of inflection where formal Banking Structures will become redundant in the world.