Technological advancements have changed a lot of industries that had traditional systems. More and more technologies like blockchain and Al helping us with easier, smarter and better form of systems which is even utilized by one of the oldest and powerful sectors like banking. Less paperwork, affordability and better space for interaction between two departments
Technological advancements have changed a lot of industries that had traditional systems. More and more technologies like blockchain and Al helping us with easier, smarter and better form of systems which is even utilized by one of the oldest and powerful sectors like banking.
Less paperwork, affordability and better space for interaction between two departments is what attracts most industries into the digital space.
Fintech has been utilizing digital powers like Al, IoT and blockchain to transform the industry completely. Reforming banking sector with these technologies is this Bengaluru based startup named Signzy.
Founded back in 2015 Signzy was a result of IIT graduates, serial entrepreneurs and a corporate lawyer coming together. Ankit Ratan and Ankur Pandey both excellent in data sciences and app development along with the laywer Arpit who has great knowledge of financial regulations were the bright minds behind the making of Signzy.
While digitalization did knock the doors of the banking sector it was still not customer-friendly. This lack of proper interaction was a gap in the banking sector was what the trio wanted to eliminate.
45 large clients, including leading banks, NBFCs, mutual funds, P2P lending platforms, payment wallets all have these solutions provided to them by Signzy.
The Know Your Customer service is made easy through Signzy as it runs background checks on customers, detects fraud, mitigates risks, provides contract management systems, and decreases operational expenditure by 75 percent. Bringing down a customer dropout by 66 percent and helping in growth of productivity is all possible now.
Biometric signatures in its online contract system ensure that clients are onboard in a safe, smooth way. The API platform helps in detection of authenticity of data and its API platform helps detect the authenticity of information and bring down digital fraud cases.
Arpit explains,“Banks have to automate human workforce to a machine workforce. They have to automate compliance. They are bogged down by regulations currently. Look at payment banks now, some of them are returning licences because they can’t comply with so many regulations. It’s a burden.”
The first product launch by Signzy was in March 2016.
They won RBI’S Payments Innovation Contest in March, the same year.
By 2017, the founders’ trio had made it to the Forbes India 30 Under 30 list.
The same year, Signzy was also listed among Top 30 Global Digital Financial Implementations by MAS Singapore.
Meltwater even included Signzy in its 2018 list of ‘Most Innovative Companies in India’ for “entering a previously risky industry and completely improving processes and systems, thereby changing the way people view the financial sector at large.”
IAMAI rewarded Signzy with the Best Innovative Fintech Data Solution Provider award.
The achievements list is long and so are their aspirations for the future.
Signzy wants to digitalize the large amount of statutory data present utilizing the strength of blockchain. This helps in the creation of risk profiles thus reducing the possibilities of fraud cases and mismanagement.
The risky banking system in India is not an easy one to digitalize. Signzy has top banks and NBFCs in its list of clients and that encourages them to take on this challenge.
Also the paperless economy that government is visualizing for the future is a plan that Signzy is into.
There is a wide range of blockchain startups out there and even here in India. This does not stop Signzy from standing out as their own internal tests claim that they have “performed 200 percent better than the most renowned global company”.
Arpit even wrote on LinkedIn that could a motivator to many other startups founders, “Almost two-and-a-half years ago when we started this company, there was aunanimous opinion that we should not try to build it as global giants had already reached a stage where we will never reach. Entrepreneurs are stubborn people though… focus, patience