MoneyTap: Credit on a tap

Bengaluru-based fintech start-up MoneyTap enables consumers to get instant credit from partner banks. The company claims to provide credit approvals of up to 5 lakh within four minutes without any bank visit or paperwork, since approval is given over the phone after validating the customer’s electronic KYC (know-your-customer). Bala Parthasarathy, co-founder and chief executive officer (CEO) of MoneyTap, says his start-up uses machine learning (ML) algorithms to calculate a customer’s “imputed income", following which “MoneyTap can evaluate the creditworthiness of a customer and their ability to repay even with minimal available credit data". Additionally, MoneyTap uses optical character recognition (OCR) to extract details from the physical copies of the verification documents and to detect forged documents. Customers’ photos and signatures are matched with their ID cards through image detection using artificial intelligence (AI). Chatbot platform aims at helping companies personalize their marketing and sales with the help of AI. It helps businesses build chatbots for their businesses, be it be a call centre, fintech start-up, food start-up or even a media agency. Bots can be built to automate customer support, drive sales, run automated and manual marketing campaigns and automate lead generation. Founder and director Pratik Jain of believes “chat is the perfect channel of interaction between businesses and customers and it would soon emerge as the strongest medium for marketing and selling products and services". has also introduced the concept of ‘ChatBot as a landing page’ besides deploying these bots on social media platforms like Facebook and Twitter.

Toffee Insurance: Insuring millennials

Gurugram-based Toffee Insurance claims it has made buying a complex product like insurance as easy as buying a toffee by focusing on millennials and co-creating products that are relevant, affordable, and accessible.

According to Rohan Kumar, CEO and co-founder, there are three fundamental gaps within the current insurance ecosystem: user experience, personalization and distribution. “We have integrated real time via APIs with our insurance partners for issuing policies and servicing claims. Our products take less than 90 seconds to buy via our progressive web app and claims are processed in under two hours," says Kumar. The start-up uses data-mining techniques to offer personalized and relevant products. It also uses hybrid fraud mitigation algorithms to service claims efficiently. Going forward, Toffee Insurance is building a decentralised platform with machine learning capabilities that will help in analyzing the capacity of claim payouts, making for a more efficient transmission mechanism. On the consumer front, AI will help curate and recommend products for users based on lifestyle risks.

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