A rapid change in the business dynamics to serve consumers in the 21st century has compelled an entrepreneur to seek asylum in a technology-driven business model. The customer-centric prototype across varied set of industries has pressed businesses to integrate technology with core-business fundamentals, and substantially enabled them to get access to universal insights. With every single individual having access to advanced technology, the traditional way of selling products no longer holds true. The capability of customers to take discrete decisions without the need for a transaction pitch has given rise to operative ways of appealing to consumers. Particularly, a need for integrating business with technology has been noticed in the financial ecosphere with the evolution of a separate entity termed as FinTech to address the challenges and changing demands. With time, the FinTech industry drew in a new set of technology to use Artificial Intelligence (AI) and Machine Learning (ML) to make financial services more accessible and friendly to customers. Consequently, with AI and ML snowballing in the domain of personal finance across other parts of the world, 5nance has evolved as a pioneer in India to adopt and integrate these technologies across different types of consumer journeys.
The advent of technology from science-fiction to real life is increasing the traction which is empowered by the self-learning software that mines huge volumes of data. A recent I/O Developer (2018) Conference by the CEO of Google highlighted the use of AI in the healthcare space, enabling doctors to detect diseases beforehand. Although AI is currently at the initial stage of being fully integrated, it is gaining pace over a period of time. In the financial domain, AI has emerged as an integral part of business operations to detect frauds before they’re identified by humans. Further, the complex regulatory compliance is being stored in AI systems to help businesses to cope with ever-changing rules. Chatbots integrated with AI are beginning to identify consumer needs with accuracy and speed. The technology is also gradually shifting towards the wealth management sphere, helping the analyst to test market scenarios and remove biases in investment decisions. These new technologies have not only proved to be great for businesses, but have been able to reach out to the right people and resolve their problems. AI has also emerged as a competitor for traditional banks and service providers. AI and ML technology are helping the world of finance to evolve rapidly.
Therefore, the need of customers to have services and information at their fingertips in this digital regime has enabled 5nance to enhance the customer-centric model to address the rapidly changing needs of the customer when it comes to personal finance. 5nance provides easy accessibility, paperless documentation, and automated real-time advisory. The 5nance flagship product FIT-SIP is fundamentally built on technology that’s driven by a complex algorithm which is integrated with an unbiased advisory on a real-time basis. It has challenged the traditional way of investing.
The importance of content sharing has further strengthened the use of technology in terms of sharing accurate content, and at the right time. With digitally-engaged consumers, it has evolved as a key tool for marketing divisions to increase visibility and volume. AI has particularly facilitated 5nance to use rich content and identify the right customers to target through data quarrying. This has not only eased the use of human resources, but it has substantially brought down the cost. Recently, the need for real-time advisory has evolved due to uncertain risks that revolve around an interrelated global economy. As one development in certain parts of the world impacts another nation, the need for automated intelligent advisory has become vital in the world of personal finance to safeguard wealth. From opening an investment account to advising an investor to exit from investments, 5nance has moved towards chatbots to interact with the user on a real-time basis, to access and advise them regarding their financial necessities. Chatbots are built on AI and ML at 5nance to encourage customers to use sophisticated technology that’s easily usable through computer and smartphone screens. This technology will empower our customers to take prudent and unbiased decisions on a real-time basis with negligible or zero damage. It will also enable us to study browsing patterns of users which will give an insight into the needs of customers on a broader level. This will enable us to communicate user-specific needs without bothering the customers.
The evolution of the digital regime in the financial domain has led to restructuring the traditional way of doing business while remaining consumer-centric in its approach. As FinTech revolutionized the financial sector to address the challenges that’re opposed by rapid globalization, a new set of technology under the umbrella of Fintech is gradually upholding the trajectory. The use of AI is expected to improve operational efficiency, provide higher customer satisfaction, and cost optimization along with several customized usages. An integrated rob-advisory that’s offered by 5nance with over 60 different portfolios that’re built on diverse combinations is a classic case of technologies that operate on the principle of ‘technology for consumers’. As 5nance gradually moves upward with new technologies, it will be a pioneer in the domain of personal finance to assimilate AI and ML as core offerings.