AI and ML are foundational across our products: Saurabh Dwivedi, MobiKwik
In a conversation with CXOToday, Saurabh Dwivedi, Senior Vice President, Technology, MobiKwik, explains how the company harnesses the power of AI and ML in its solutions. Discussing the future of the fintech sector, he also shares his views on how the industry is being shaped by advancements in generative AI.
- Can you share your insights on what role AI is playing in the financial services industry, particularly with the rise of generative AI?
Generative AI holds substantial potential across industries, actively shaping global economies by boosting productivity and efficiency. It represents a significant leap forward in terms of technology, evident in the rapid adoption of generative AI within the financial services sector.
This trend has been exemplified by personalised wealth management solutions that provide highly customised investment recommendations based on the amount users can invest at a time and their financial goals. Generative AI essentially transforms wealth management platforms that leverage it into a personal digital financial planning assistant.
AI-powered chatbots are advancing in sophistication, delivering contextual responses and swiftly resolving customer queries. This not only enriches the customer experience but also liberates human agents to address more intricate issues. The technology also has major potential to contribute to the mission of financial inclusion by reaching individuals in areas that have limited access to traditional banking solutions and credit. For example, AI and ML algorithms can be used to develop interactive platforms as well as perform quick and accurate risk assessment for credit-worthiness.
2. How is MobiKwik leveraging AI and ML to create personalised solutions and increase the user experience?
The MobiKwik platform has been designed with the intention to leverage the power of AI and ML to deliver user-centric digital financial solutions. Rooted in our mission to drive financial inclusion, our product development process rests on four pillars: innovation, inclusion, convenience and engagement.
AI and ML-based methodologies are foundational across our products, whether it’s tracking financial habits with MobiKwik Lens, assessing creditworthiness for products like ZIP EMI, or offering mutual fund recommendations based on risk appetite. By prioritising personalised experiences for users, these solutions empower us to guide them through their financial journeys.
In terms of inclusion, MobiKwik ZIP Pay Later makes small-ticket loans more accessible through a credit risk assessment process driven by AI and ML algorithms. This is a significant advancement for individuals distant from traditional banking institutions or those seeking small-ticket loans, marking a transformative shift.
3. Can you tell us more about MobiKwik Lens?
Last year, we launched MobiKwik Lens as part of our commitment to boosting financial literacy among our users, providing them with valuable insights into their financial habits.
People make multiple microtransactions during the course of a day and often lose sight of where their money is going and how they could optimise spending for better financial outcomes. With MobiKwik Lens, we want to address this issue head-on. Lens leverages the India Stack and the Account Aggregator framework to make complex financial data digestible and actionable for our users. One of its key features is smart categorisation of inflows and outflows from users’ bank accounts. By clustering these transactions, users can pinpoint areas where they may be overspending or overlooking opportunities to save.
Lens also includes a net worth estimate tracker that provides users a clear snapshot of their financial position, consolidating assets, liabilities, and investments into an intuitive and easy-to-digest view. By visualising these trends through intuitive graphs and charts, Lens is able to gamify financial wellness, making it more engaging and interactive for users.
4. Looking ahead, what are some of the other facets of AI that have the potential to enhance user experience within fintech?
As we look ahead, it’s important to consider how AI can be used to further enhance user experiences, particularly by addressing accessibility and creating hyper-personalised solutions.
One emerging trend within fintech and other sectors that has the potential to increase accessibility is customising offerings to accommodate regional nuances. This is particularly crucial in a country as linguistically diverse as India. Many existing fintech products tend to be built for English-speaking audiences, leaving out a significant portion of the population. Expanding the accessibility of these solutions by offering them in regional languages, particularly through voice-based support, presents an opportunity to tap into a large underserved user base.
This would involve more than just translating interfaces into different languages – these solutions must be moulded according to different customs and preferences across regions. For example, automated voice support that is accurate and understands context can be a game-changer for areas where literacy rates vary or where typing in a specific language is a challenge.
By breaking down language barriers and providing user-friendly interfaces, fintech companies can empower users to better understand their finances, regardless of their location.
- How are you ensuring the safety of your platform?
We deploy our solutions and products thoughtfully and steadily, conducting thorough compliance assessments to safeguard the security of our users without compromise.
Our products undergo multiple rigorous security audits, including Payment Application Data Security Standard (PA-DSS) for stringent security compliance as well as audits from the RBI and NPCI. At the organisational level, all critical data is stored in an encrypted format and customer data from KYC checks are stored in a vault. We conduct regular security assessments internally and through external vendors as well. Our network security infrastructure is hosted in a secure environment behind a firewall to restrict access to infrastructure and prevent any malicious entry attempts.
6. Is there anything else you’d like to add?
Within the past year, advancements in generative AI have represented a paradigm shift for fintech players. Being transactional platforms in nature, fintech companies can now leverage generative AI along with machine learning to create highly personalised and engagement-driven experiences. By tailoring solutions to individual needs and preferences, fintechs can foster better customer connections. We are embracing this future by implementing new AI stacks to achieve exactly that.
