Fintech News Desk
Govt. of India recently announced the rapid digitalization of the banking sector as part of the Digital India initiative that will stimulate financial inclusion. RBI further appended and promotes its policy of Secure and Informed Digital Banking.
Allied Digital Services Ltd, a publicly-traded global IT solutions, services and Master Systems integration company, officially announced the launch of its new FinTech product ‘FinoAllied’ which is an AI-Powered Conversational Banking platform, that comes with built-in banking services and transactions fully ready to be offered to the customers through various digital channels of the banks. Allied Digital sources claim that FinoAllied could prove to be a game-changer for small and mid-size banks that are struggling in their digital transformation journey.
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In the inaugural speech, Allied Digital CMD, Mr. Nitin Shah mentioned – “Going Digital is a survival question for many of the banks. Today, the banks on the one hand had to withstand huge competition from the hi-tech digital banks, on the other hand, cater to the exploding demand from the customers due to the rapid technology adoption across urban and rural India.
Mr. Nitin Shah also mentions – “The primary challenges for the small and mid-size banks are they lack the mature digital infrastructure to fast forward their digital journey, ability to drive inhouse transformative solutions due to IT resource/project management challenges and undertake associated high investment. Hence a product like FinoAllied gains centre stage as it just needs integration with the existing IT ecosystem of a bank. As a no-code cloud platform, the product initiates a comprehensive set of banking transactions over multiple digital channels, including voice channels, and supports different vernaculars.”
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Conversational AI, one of the underlying technologies for this product leverages Natural Language Processing to translate multilingual voice or text into clear banking instructions for various ready to execute business services. The product further leverages Machine Learning to provide customer & bank analytics and multi-factor authentication for security.
Emphasizing the uniqueness of the platform, the Chief Digital Officer, Mr. Utpal Chakraborty, a known name in the AI & FinTech industry, mentioned – “The FinoAllied platform stands out in the competition as most of the Conversational AI platforms available today that provide various tools for building conversational bots, whereas the uniqueness of FinoAllied comes with the popular banking transactions built-in that can be rendered through configured digital channels. The product adheres to RBI and other financial industry guidelines and cyber security essentials including data privacy.”
“The small and mid-size banks can highly benefit by rapidly provisioning digitalization through this product. The product can provide a full-scale customer experience, promote larger customer footprints, subscribe to the pay-as-you-use model, save investments, and bring operational efficiency while remaining compliant” – stated Global CEO of Allied Digital, Mr. Paresh Shah.
The platform includes comprehensive support models for the banks and also value adds seamless integration with third-party systems and acts as a single window for the broadest spectrum of banking services.
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