Fintech Valley Vizag – Finackathon 2017

Digital tool to increase client life-cycle management

It is known that average revenue per client is highest in first year of account opening. Subsequently, the average revenue per client reduces with each successive year. This happens primarily because clients reduce the trading frequency, incur losses, or fail to build discipline required for trading. We need solutions to increase client life-cycle with the financial firm.

Category: Capital Markets

Leveraging Facial recognition and Facial Analytics to know the customer better and simplify the application process

Identify methodologies which can simplify the insurance buying process and also reduce the policy issuance TAT. Further considering the increasing cost of medical examinations, the solution should be capable of leveraging advanced facial analytics along with other data points to assess whether an applicant qualifies for life Insurance. The solution should be able to read various points from an applicant’s face, process it with other data points and extract including his BMI, age, life expectancy.

Category: Insurance

Auto Assessment of Motor Claims

Motor Claims are the most common and frequently availed services from a General Insurance company. We need a tool/solution that will allow us to automatically assess the damage to a motor vehicle. Such tool/solution can be of great help in reimbursing the loss to our customer well in time and with accurate assessment.

Category: Insurance

Furnishing full KYC of investors through a digital and paperless process within the purview of SEBI guidelines

SEBI has issued guidelines under The Prevention of Money Laundering Act, 2002 (PMLA) which requires Mutual Funds to follow enhanced Know Your Customer (KYC) norms. This entails In-Person Verification (IPV), verification of identity and address and other such personal information as may be prescribed by guidelines, rules and regulation. SEBI regulation mandates that investors who complete their e-KYC using Aadhar and OTP based verification, may invest up to Rs 50,000/- per annum, per Investor. However, to invest more than this limit, they have to do full KYC through branch visit or In Person Verification (IPV) process. This is a cumbersome and results in dropouts. We need a digital and paperless process to gain efficiency in manual verification and background due diligence. The new process should also be compliant to SEBI guidelines and take into account the CKYC mandates.

Category: Capital Markets

Automate e-KYC Verification using RPA and OCR technology

The e-KYC verification process is carried out by firm’s back office employees who verify customer details in order to approve or reject customers’ e-KYC. Customer provides personal information, address and banking details along with the supporting documents in order to complete their KYC. The documents are scanned and sent to the back office team which conducts the manual verification process. We need a solution which can verify the details like personal IDs (PAN, DL), address proof (electric & gas bill), banking details (pass book, statement) at the first step itself.

Category: Capital Markets

OCR in Credit Risk assessment

While assessing the creditworthiness of a business, number of physical documents are considered. The information is extracted through OCR (Optical Character Recognition), but as the terms used in these documents do not follow standard financial terminology, we need manual intervention to put this information into evaluation framework developed by the financial institution. We seek solution which can smartly understand the non-standard terminology also, and automates the process of putting information in the evaluation framework of the institution.

Category: NBFC

We have recently seen the exponential growth in use of mobile wallets in urban and semi-urban areas. But, rural areas are still catching up with the technology penetration. Majorly using feature phone with interrupted network, rural customers find difficulty in adopting to the newly introduced digital modes of payment. Without smartphones they are unable to adopt to mobile wallets, Aadhar Pay and UPI based payments and other internet based methods of money transfer or payments. We need to develop a scalable low cost payment solution for rural India which will enable transactions using any device such as feature phones, smartphones, biometric etc. The payment solution should be irrespective of the telecom player or the technology service provider.

Category: Banking

Health reporting and management

We see a lot of mobile applications and wearable devices on health management front for users to track their vitals and physical activities. There are other set of applications which help them to maintain their physical health through timely alerts / suggestions to maintain their health. We need a holistic solution which can record the vitals and lifestyle data (preferably non wearable based), provide suggestions to the user to manage their health better, and share it with the insurer to enable them to service their customers better. In case any vital deviates from the normal range, the system should be proactive to identify and alert the user, family members, care provider and the health insurer and provide appropriate support. The system should also be able to give predictive recommendations.

Data points can be captured through but not limited to:

1. Facial analytics
2. Voice analytics
3. Browsing behavior of the user
4. Mobile usage pattern etc.

Category: Insurance

Digital claims processing for OPD cases

Insurance companies provide products that include OPD solutions. We need a technology solution for the customer and the medical service provider for a seamless digital interaction. The solution which will also enable customers for a cashless solution and make the process seamless.

Category: Insurance

Small businesses struggle more and more to borrow money from commercial banks. We need an alternative lending solutions for these small and medium size business including crowd funding/ P2P lending solutions to bridge these gaps. Solutions may include credit scoring, credit risk management as enablers.