Explaining the concept of account aggregation and Spectrum’s capabilities, Sathya Kalyanasundaram, Managing Director & CEO–South Asia Eureka AI, says, “The GOI and the RBI have developed a new data empowerment and protection architecture framework. A critical requirement of this framework is Account Aggregation. Account aggregators themselves are RBI-regulated entities and may share and manage the financial data with companies. There are currently eight, potentially to be more in the future, who enable this data-sharing system.”
Kalyanasundaram adds that the entire framework rests on the consent request, which is in the end-customer’s control. The customer chooses to provide information about themselves to the institution. “The customer really is at the forefront of this network. Customer consent allows the ecosystem to benefit from additional data. Eureka AI’s deep and detailed algorithms allow financial institutions to use these analytics to create multiple models that can create greater propensity, better modelling, and more accurate prediction. Its financial intelligence products enable credit and risk scoring by banking on telecom and alternative data and open banking and transaction data,” says Kalyanasundaram.
Greater insight into consumer behaviour allows one to increase access to finance and insurance solutions, whilst reducing the business risk. “Our solutions will enable our BFSI clients to make faster and accurate lending decisions,” Kalyanasundaram says.
Founded in 2016, Eureka AI works with agencies, market research firms, and credit bureaus to help businesses increase awareness and sales. The wide array of products offered by Eureka AI are applied in diverse industries, including banking, insurance, transportation, and telecommunications, to enable companies to make better decisions, serve their customers better, and acquire new customers.
With its applicability in diverse sectors, the company’s software, Spectrum, also enables partnerships between mobile operators and leading enterprises, allowing them to provide better service to their existing customers, and gain many more at the same time.
Elaborating on how Eureka AI brings value to the telecom sector, Kalyanasundaram says, “Spectrum integrates with mobile operators’ existing data lakes and platforms, organising the information and making connections between the separate data sources. With quick emerging patterns, decision-making is faster and more certain. Once Spectrum has been installed at the mobile operator’s end, it enables intelligence in several areas. A user-friendly dashboard allows one to analyse, sort, and review the information in a manageable way. Searches that may have taken up to a week’s time earlier, now give results in mere seconds.”
The company’s technology thus allows greater insight into consumer behaviour, increasing access to finance and insurance solutions, whilst reducing the risk level in the business. Eureka AI has a feature store where several features can be embedded into existing data flows. .
Eureka AI recently announced its strategic partnership with the One Money Group to help the BFSI industry with analytics and technology-driven solutions that enable timely and faster lending decisions. “By partnering with One Money, which has the first aggregator license by the Reserve Bank of India (RBI), we have access to their partner lending institutions like SBI or ICICI, HDFC. Keeping their needs forefront, we will work forward to create better, detailed and specific analytics. Together, we look to take this proposition to a market where other institutions can also come and aggregate and network and use the analytics as well. So, it’s a win-win for both the players where ultimately the entire ecosystem is the winner as well.”
Eureka AI is currently working with leading mobile operators and Forbes 2,000 companies across Asia, the Middle East, Europe and the US. Kalyanasundaram says its USP is the quality of algorithms and the quality of their data sciences. “It’s the result of a combination of strong leadership and a very strong tech team.” he adds.
Eureka AI aims to create a successful model or licensed service that anybody can choose to tap into and create better credit risk modelling where the risk parameters are well-defined and more impactful. The company is in the process of partnering with mobile providers all over the world, with a mission to provide better service to the industry’s five billion customers. Recently, the company also closed its $20 million Series B Investment Round to fund its global expansion.
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