AI enabled industry-level innovations to prevent fraudulent transactions

Anil Sinha, Chief Technology Officer, Fibe

Over the years, the BFSI sector has undergone a massive transformation, and more so as
AI keeps evolving. Hyper personalisation of products, services and assets will continue to grow, says Anil Sinha, Chief Technology Officer, Fibe in an exclusive interview with Srajan Agarwal of Elets News Network (ENN).

In the rapidly evolving digital age, how do you offer a truly modern, sensible and personalised loan option?

Fibe offers an end-to-end digital loan application process to its customers. We have automated the underwriting, KYC validation, disbursements, and repayments processes. This ensures that we offer our customers a real-time experience. Today, more than 90 per cent of our loans are auto- decisioned with minimal human intervention. We deploy a proprietary AI/ML-based algorithm to accurately underwrite our customers – this enables us to effectively disburse and manage loans. Our strong AI-backed systems have been able to accurately predict products based on the customers’ profiles and offer them the most optimal experience. As a result, we have been able to retain more than 88 per cent of our customers with a healthy repeat rate – the highest in the industry. We have used Open API to seamlessly integrate with multiple partners to offer buy now pay later facility across platforms.

What are the major threats faced by the Indian loan industry in terms of tech deployments? How do you overcome those threats?

As we deal with sensitive customer information, protecting data privacy while offering a fast and seamless experience is a major concern for fintech across the globe. Needless to say, it is pertinent to design tech architecture keeping security at the centre of it. To overcome this threat, we’ve built at least three layers of security for all external-facing APIs or applications.

How do you feature direct integration with your travel partners to ensure speedy and instant loans?

We have tied up with major players across categories like healthcare, edtech, lifestyle, travel, shopping, etc. to offer Buy Now Pay Later facilities. We have deployed three types of integration to offer a seamless experience to our customers such as:

  • Deep integration through open APIs
  • SDKs to integrate Fibe’s app with the partner platform
  • We have also used Webview iframes to easily integrate with partner platforms

What major changes in terms of analytics, data, and automation do you see in the next few years?

Over the years, the BFSI sector has undergone a massive transformation, and more so as AI keeps evolving. Hyper personalisation of products, services, and assets will continue to grow. In fintech, this means that we could offer customers personalised EMI offerings across product categories. AI has also enabled industry-level innovations to curb fraudulent transactions by proactively identifying fraud patterns.

We can also expect device fingerprinting or machine fingerprinting to grow wherein information is collected about the software and hardware of a remote computing device for the purpose of identification. This will not only enable quicker detection of suspicious
transactions, and provide personalised services to customers.

The world of loans has encountered unprecedented change over the past few years. Do you agree that data and its management have now become a significant part of financial institutions?

The new-world adage that data is oil rings true now more than ever! The use of data in providing customised services will continue to grow. As a result, there is an impetus on enhancing security measures on data privacy. We can expect stricter regulatory changes in this area with respect to data storage, data sharing, and data rights.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.