Automate consumer interactions
Startups in this field streamline the account opening and onboarding process by providing digital, automated services. Mantl is one such startup that offers banks a streamlined, omnichannel account opening platform.
Companies in this space automate the channels through which clients communicate with their banks, using technologies like chatbots and virtual assistants. In order to automate consumer interactions across many channels, including mobile, message, and web, startups like Kasisto are developing white-label conversational AI chatbots.
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Startups Collaborating with financial institutions
Companies that fall within the AML, KYC, and identification umbrella conduct necessary background checks and KYC procedures on prospective account holders before financial institutions create new accounts. For Know Your Customer (KYC) and Anti-Money Laundering (AML) purposes, startups like Onfido offer real-time identity verification and face biometrics.
Companies that aid financial institutions in preventing and responding to fraud fall under the heading of “fraud and risk management.” Feedzai, for instance, offers banks omnichannel solutions based on ML and AI to stop account opening and transaction fraud.
Companies in this sector use digital authentication techniques to reduce fraud, strengthen the safety of financial transactions, and improve the quality of service provided to customers. Digital identification solutions, like the one developed by Payfone, allow businesses to quickly and easily validate clients.
Startups in this field collaborate with financial institutions’ legal and compliance departments to use AI and ML-based workflow automation and boost operational efficiency. Enterprise compliance software providers like Behavox, which monitors workers for signs of market exploitation or internal dangers, are only one example.
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A better client experience
These new companies are capitalizing on the rising tide of digital banking by improving front, middle, and back office operations through the application of automation and AI.
A better client experience and cheaper operational costs for the bank are both possible outcomes of digitizing the account opening, lending, and customer service processes that take place online. This means that there will likely be a continuing need for entrepreneurs and technology providers who can automate bank procedures or integrate AI and ML into bank business models.
CB Insights reports that the worldwide market for banking infrastructure software is worth $500 billion. By automating processes, businesses can boost output while simultaneously reducing staffing needs.
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