Active.Ai (Active Intelligence Pte Ltd), a Gartner Cool Vendor in AI for Fintech in Asia/Pacific 2018, is building a Conversational AI Fintech Platform for the world.
Active.AI is an Award-winning Singapore based FinTech startup with Innovation lab in Bengaluru. Their Products & Solutions leverages Artificial Intelligence (AI) to deliver Conversational Services that help Banks & FinTech’s redefine their future Digital Strategy.
Active.Ai is focused on Redefining the Customer Experience for Financial Services and serves clients in Industries such as Retail Banking, Corporate Banking, Capital Markets, Insurance, Wealth Management, and Payments.
Scope of Active.AI
Active.Ai uses AI to deliver conversational Banking & Financial Services. With Natural Language Process (NLP), Natural Language Understanding (NLU), Machine Learning and Machine Comprehension Active.Ai’s platform enable natural dialogues using Messaging, Voice and IoT devices. Active.Ai’s core product consists of Conversational AI engine called Triniti, a Conversational middleware called Morfeus and on top of these two layers, they have the business applications for the Financial Services industry that caters to the various sub-verticals like Retail Banking, Corporate Banking, Capital Markets, Insurance, Wealth Management, and Payments.
Triniti, with its various components, provides the AI capabilities for natural language
comprehension and conversations which can go from transactional to predictive to collaborative in nature by bringing in the human agent seamlessly into the conversation.
Morfeus provides the integration and orchestration layer for supporting omnichannel engagement, be it messengers (like FB Messenger, Wechat, Skype), web-portal and mobile apps of the Financial Institutions and voice-based devices (like Google Home, Amazon Echo, and others).
The business applications provide the Financial Institution various out-of-box services starting from transactions that are available on the internet, to mobile balance inquiry, fund transfers, mutual fund investments, stock quotes, bill payments (and many more). The business applications also help resolve more complex customer pain points that typically make them reach out to the call center and cannot be done on mobile and internet.
Mission & Vision – Active.AI
Active.Ai was formed by a team of bankers, motivated FinTech entrepreneurs, technologists and scientists, most of whom have been in the industry over 20 years building scalable bank-grade platforms that have been deployed live in many tier 1 level banks. Their enterprise AI Engine products are not just highly scalable but have pre-built models specifically for banking, insurance, and capital market functionalities that are highly customizable and built with multiple language support in mind. They also have a strong CX in-house teams that help reimagine user experiences for conversation and robust curated dialogue responses.
At Active.Ai they are taking the conversational experience to a deeper level of customer engagement, that goes beyond transactional. They are moving the conversations from reactive to proactive and predictive. This is not just a bot-based conversation, but a bot and human agents/relationship manager-based collaboration. Their financial services, industry expertise and attention to accuracy rates – particularly when dealing with a multiple-language, a multiple-dialect environment, omnichannel presence and customer insight based on machine learning – leads to a customer experience that is way beyond what an application or portal can provide. They believe when customers communicate in a natural, conversational way they reveal more about their preferences, opinions, feelings, and inclinations. Their AI engine understands that acts based on that machine comprehension.
Team – Active.AI
As an Entrepreneur, Why you choose this Industry only?
The founders are serial entrepreneurs with several FinTech startups that have gone on to become companies.
Ravishankar, the CEO, is a banker of 16 years with 8 years in Fintech as an entrepreneur with one exit to Amazon and another to Atos world-line.
Shankar Narayanan, current COO, is a FinTech entrepreneur with a successful track record in innovation, technology, operations, and product development. In 2000, he founded Internet payment company Cazh, in 2005 he founded enterprise mobility company TAGIT, and in 2012 he founded Social Payment Company, Fastacash.
Parikshit Paspulati is a Technology Entrepreneur, spanning across Business & Technology, with 17 years of experience in AI, Mobility, Banking & Payments. Envisioned, Architected and built multiple products which are deployed globally in Tier One Financial Institutions. He co-founded Tagit and is currently at Active AI, as CTO responsible for Product Vision & Roadmap in addition to establishing and managing global delivery teams and operations.
Reach and Expansion Plans – Active.AI
They are working with 4 large banks in India (HDFC Bank, Axis Bank, Kotak Mahindra Bank, IndusInd), one of the largest banking groups in the ASEAN region (CIMB), and more than 10 financial services institutions globally. The key markets they target are India, Asia (Singapore, Malaysia, Philippines, Thailand, Vietnam) and now more recently they have secured new clients in the United States and Mexico. They are working with top tier-1 banks, several big insurance brands, and capital markets players. Currently, they are covering three big regions, India, Asia and making in-roads to North America. Within each region, their businesses center around three targeted segment verticals, namely, Banking, Insurance, and Capital markets.
For market leaders, Tier 1 and Tier 2 banks and other financial services institutions, they have a modular offering with innovation as the key agenda. This segment typically is looking to differentiate and lead in the market and we offer an a la carte offering from which they can choose their own set of channels, languages, kind of use cases, workflows, type of deployment (on-premise or cloud), phases of deployment and so on. For smaller banks and financial institutions that are looking to replicate the leaders in the market, they go with a clearly defined scope and timeline for the first phase so that they are up and running with a set of capabilities at the earliest.
Future Projections – Active.AI
There is a shift in behavior where utilization of the services through Virtual Assistants goes beyond inquiries, towards banking functionalities. In the long run, they expect that the end users natural response and first instinct will be to just make full use of conversational experience in their bank and social channels, thereby forming a deeper link and engagement with their financial institution.
They are seeing the use of conversational banking expand into more areas like corporate banking and capital markets beyond retail banking where it began. They are also noticing the transition from a mere “fad” to ROI based investment by enterprises in conversational banking. It is no longer about adding another channel but more about reimagining this new way of engagement for transactions and handling situations that were not possible through other channels.
All this makes them very excited as they are working tirelessly to develop and provide the best Conversational Services and help their clients win in the market by providing the best Customer Experience possible.