The BFSI sector focuses on the emergence of Neobanking in a post COVID world. Shashank Kumar, CTO of Razorpay, believes customer delivery and customer experience are the extreme leverage in the ever-evolving and improving digital infrastructure. Razorpay aims at enhancing the banking experience in a branchless, mobile- and internet- first new-age business.
The AI-driven, neo banking platform helps businesses change the way how they move money. The platform allows the businesses to open and operate a fully-functional current account, allows reconciliation and failures with ease, and can be run across devices and browsers. The platform also provides real-time business insights.
AI intervention begins right from the point of bringing the customer onboard, pick out good players, and weed out suspicious entities. They leverage AI to prevent fraud, enable successful transactions, help facilitate loans based on data collected. They utilize AI and ML to draw insights from data and build proprietary credit scores.
The organization trains the model through data collected right from the point the merchant or business is onboard. The team of data scientists and engineers work on making algorithms to improve the goals. The operations shifted from manual to automation over time and have increased scale.
Due to the fast-paced evolution of technology, one of the primary challenges has been seeking clarity in the regulatory aspect, neo banking point of view, data privacy point of view, and data localization point of view. Kumar hopes for clarity on the business front with the data privacy bill. He hopes for the continual evolvement of regulations with the ever-changing market dynamics.
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