The significance of Online Dispute Resolution was recently underscored by the Supreme Court in Central Organisation for Railway Electrification v M/s ECI SPIC SMO MCML (JV), shared Vishwam Jindal, Co-founder and CEO, Webnyay.ai, in an exclusive interaction with Srajan Agarwal of Elets News Network (ENN).
Can you tell us what initially inspired the creation of Webnyay?
In my law firm days, I would always think about the delays and pendency plaguing our judicial system. I believe Courts should be viewed as a service rather than a place, echoing the insights of Prof. Richard Susskind. This perspective motivated me to look for solutions and ODR emerged as the obvious solution with the potential for the greatest impact.
How is Webnyay leveraging AI and emerging technologies to enhance processes for financial institutions and improve user experience?
We are leveraging AI to revolutionise the dispute resolution process, particularly in the financial sector. We automate tasks like case analysis and document review, making the process faster and more efficient. We have algorithms that shortlist arbitrators and mediators from our pool of over 3500 neutrals independently and impartially. This accelerates the entire process and ensures a process that is auditable, transparent and consistent. Our DocChat solution uses AI to quickly analyze large datasets, extract key information and numbers, identify potential issues and reduce risk. Our AI- first grievance redressal system categorises issues, prioritises complaints, and suggests responses, leading to faster resolution times and improved customer satisfaction.
By leveraging AI and emerging technologies, we’re not just enhancing operational efficiency for financial institutions by reducing NPAs and improving customer satisfaction — we’re also elevating the overall user experience.
What distinguishes Webnyay from other platforms in the online dispute resolution space?
Over the last few years, Webnyay has resolved over 1 million disputes. We have seen disputes settled via conciliations in approXimately 21 days and in 4 months for arbitrations. We have seen over 80% productivity gains for our clients and served over 8800 pin codes.
We have invested heavily in our own secure Generative AI solutions with fine-tuned models. By way of an example, our DocChat solution is saving over 500 hours every month. Lawyers and arbitrators can quickly grasp the issues in dispute, chronology of events and the amounts involved.
Our legal research solution is being used by over 1,500 experts to understand legal principles and court decisions. Our transcription solution instantly prepares meeting minutes and advanced drafts of interim orders and settlement agreements. Our entire platform is available in over 10 regional languages and all notices dispatched are bi-lingual.
We prioritise trust and fairness in ODR. We ensure a smooth process by leveraging a large panel of over 3500 qualified, tech-savvy neutrals and a dedicated case management team.
In your view, how has the growth of online dispute resolution platforms like Webnyay influenced the broader legal ecosystem? Do you see it as complementary or potentially transformative?
The significance of ODR was recently underscored by the Supreme Court in Central Organisation for Railway Electrification v M/s ECI SPIC SMO MCML ( JV). The Court held that unilateral appointments of arbitrators in arbitral proceedings is illegal and untenable. The Court laid special emphasis on equal treatment of parties throughout the arbitration process, including when arbitrators are appointed. As India’s leading and most
trusted ODR institution, Webnyay has been at the forefront of this transformative movement. We have collaborated with numerous financial institutions to conduct both physical and online arbitrations and mediations. Our platform offers an equitable, transparent, and auditable process for the appointment of arbitrators and the entire arbitration proceedings.
We view ODR as both complementary and transformative. Complementary, because ODR seamlessly integrates with existing legal frameworks and transformative, because ODR providers introduce innovative approaches that enhance accessibility and expedite the resolution process.
As CEO, what milestones do you hope the company will achieve in the next five years?
We envision becoming the world’s leading AI-powered legal solution for litigation and arbitration. We aim to revolutionize dispute resolution in the financial sector by streamlining processes and reducing resolution times.
Over the next five years, we plan to facilitate the resolution of over 100 million disputes, significantly reducing the time it takes to settle cases, from years to mere months. By delivering impartial, efficient, and high-quality services, we aim to build trust and solidify our position as the most trusted ODR institution.
