46% of Indian fintech are focused on trade processing and payments. Fintech startups are using Data analytics, Artificial Intelligence (AI), Natural Language Processing (NLP), Machine Learning (ML), and more. These startups are on a continuous journey to create innovative solutions in areas such as financial inclusion, risk management, MSME-focused solutions, data security, lending, trade finance, capital markets, compliance, including forex and treasury.
Companies have started focussing on User Experience (UX) to tighten cyber security with behavioural biometrics. This approach does not hamper the customer experience. API-as-a-service is offered by several startups to improvise real-time onboarding of customers; for building digital trust systems; or for creating robust P2P lending systems. Blockchain technology was initially used for Bitcoin. It is now being explored by startups to revolutionise the fintech space. Chatbots, robo advisory, and several BaaS/PaaS/SaaS solutions are also the recent head turners in the fintech startups space.
Accelerator program for startups to move forward
In this competitive scenario, startups are looking for support to accelerate their growth and gain financial services.
YES BANK, through its ART approach – Alliances, Relationships and Technology (A.R.T.), has been working to create a digital and hassle-free banking experience that promotes the growth of a cashless economy. One such initiative is their business accelerator, YES FINTECH, launched earlier this year, in partnership with T-Hub and Anthill Ventures, and LetsTalkPayments.
Through this initiative, YES BANK provides a platform for fintech startups to co-create innovative solutions that will be beneficial to the bank’s retail, SME and corporate customers.
Eleven startups were selected for the 15-week programme which kicked off in March this year. After weeks of working on their solutions and refining them after consultations with mentors and experts, the following startups are ready to take the stage, and showcase their work as part of the Demo Day being held on July 7, 2017 in Mumbai.
Startups part of the YES FINTECH Accelerator program will showcase their solutions to a select audience of investors and senior leaders in the morning session.
Anytime Loan – Their solution makes availing a short term instant loan easier through a credit scoring model. In fact, the team claims the process takes only 10 minutes.
RedCarpet - RedCarpet will use its innovative credit scoring model and on-street presence in Delhi to source student customers of pre-approved colleges who wish to make online purchases on credit, without any credit card or bank details.
Numberz - This Gurugram-based startup will present how they integrate day-to-day banking within core business workflows for simplifying tasks like tracking expenses, managing payrolls, syncing data, making payments, etc. for small businesses
Morph.ai - In collaboration with YES BANK, the startup was building an AI-based bot to automate processes for
YES SECURITIES’ clients. The Chatbot will address queries on buying and selling of shares that interest the customer, viewing portfolios, and getting quotes on shares, among others.
Rupeeseed - Based in Mumbai, this startup will be presenting a new look for the YES SECURITIES platform, including a range of new features. They are also introducing health scores and analytics on client holdings, to identify stocks on various parameters like valuation, growth prospects, stability, etc.
Authme - The startup will demonstrate a platform to ease cyber authentication processes. Together with YES BANK, the startup is revamping the multi-fold security layers within the consumer banking interface, and moving the focus to behavioural authentication instead.
FRS Labs - This Bengaluru-based startup was working with
YES BANK to use its face recognition algorithm to identify bearers in branches by matching the soft copy of their picture in the database, with the current photo taken.
PayKey - The Israel-based startup was working with YES BANK to integrate the YES PAY app with their keyboard application which allows users to check their account balance, account history and initiate P2P payments, among others.
Signzy - Bengaluru-based Signzy will demonstrate a prototype that aims at digitising documentation within banks. Their solution helps digitalise processes such as identification, background checks, issuance of electronic bank guarantees, etc.
Click&Pay - A mobile-based payment solutions startup, Click&Pay will showcase a prototype of a single interface for payment of pending invoices through the connected bank account.
Attend the upcoming YES FINTECH event, ‘DEMO Day’ for opportunities to empower your startup with a valuable support system. For registration and further details, visit : http://www.yesfintech.com
Brand Solutions is a marketing initiative for sponsored posts. No VCCircle journalist was involved in the creation of this content.