Artificial intelligence and machine learning boost FIA initiatives for financial inclusiveness in India
In an exclusive video interview with Express Computer, Seema Prem, co-founder and CEO, FIA World shares on the company’s investment in artificial intelligence and machine learning over the past five years for financial inclusiveness in the country.
FIA, a financial inclusion neo-bank provides financial services through its app, Finvesta. The app uses AI, facial recognition, and natural language processing to aggregate, redesign, recommend, and deliver financial products at scale. The app uses icons for the user interface, for ease of use where literacy levels are low.
Seema Prem, co-founder and CEO of FIA says, “We have reaped significant benefits by integrating AI and ML into our operations. So we deal with very small transactions and large amounts of data. Algorithm modules, especially rule-based modules have reached a certain performance plateau. AI and ML have been integrated for smart bot applications for customer service, auditing where we look at the integration of facial recognition, pattern detection to predict business performance, analysis of large volumes of data and many others. This helps us significantly reduce manual intervention. Last year, post-pandemic, we automated like there was no tomorrow and that automation translated into huge productivity for us.
FIA’s role in financial inclusiveness in India is widely associated with Pradham Mantri Jan Dhan Yojana where they partner with banks to set up hubs in very remote and isolated parts of India like Uri, Kargil, Kedarnath , Kanyakumari, etc.
Prem says, “We work in 715 districts across the country in areas like a bank branch that have never been there. Once the bank account is opened in these areas, people gain the trust of remote areas for banking. Finally, we try to meet people’s needs for other products such as retirement, insurance, health, livestock loans, automobile insurance and property insurance. We provide home delivery of pension to our customers. Thus, our services also support community engagement in addition to financial inclusiveness targeting various special groups like women and the elderly.
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