Banking on AI for a future-ready financial era

In a rapidly evolving business landscape, the BFSI industry continues to face challenges in effectively managing complex risk assessment, providing personalized experiences, and delivering efficient customer service. However, with the emergence of AI and ML technologies, financial institutions can now automate operations and drive better efficiencies to enable personalized experiences for their customers. It’s time to embark on a new era of optimized efficiency, fortified risk management, and hyper-personalized services that will redefine the digital frontier for the BFSI industry.

BFSI

Charting an AI revolution in the BFSI landscape

The BFSI industry is on the verge of a transformational breakthrough with the adoption of AI and ML technologies. These game-changing tools have the power to revolutionize risk management, make operations highly efficient, create new products and services for micro segments, and ensure top-notch customer service. As these technologies continue to evolve, BFSI institutions can unlock new frontiers of efficiency, profitability, and customer-centricity like never before. The possibilities are limitless, and those who embrace these technologies will shape the landscape of tomorrow, setting new industry standards and delivering unparalleled value to customers.

Igniting innovation with pre-built ML solutions

ElectrifAi’s ML-powered solutions empower BFSI companies to stay ahead in a highly competitive landscape by driving revenue growth, reducing costs and risks, and improving operational efficiency.
Boost revenue growth by reimagining customer acquisition to target, segment, and expand prospect base, as well as matching products or services through the most effective channels
Cut costs and reduce loss ratio by pricing policy accurately for known risks while also cutting down expense ratio through automation and processing low-risk policies automatically with no underwriter involvement
Mitigate risk by identifying high-risk customers, predict churn time frame, and recommend retention strategies looking at historical data to reduce churn, lift revenue and recommend new product/service mix
Improve operational efficiency by adopting advanced credit risk scoring using social signals to approve faster and increase credit lines over time without unnecessary risk

Featured Solutions

Operations
Collection
Call Center Operations
Marketing Operations
Finance and General Counsel
Profitability sensitivity CLI engine
Make accurate evaluation on the impact of Credit Line Increase (CLI) decisions on profitability, risk, and customer behavior. Optimize credit line increases to enable lenders make informed decisions and boost profitability
CLD identification early risk intervention
Identify deteriorating credit conditions early on to mitigate risks, allowing lenders to take timely actions to minimize losses and maintain healthy portfolio performance
Customer risk assessment
Analyzing data and patterns to identify at-risk customers early, allowing for proactive interventions and improved outcomes, fostering long-term customer relationships, and minimizing potential losses
Overlimit and delinquent authorizations
Analyze customer behavior, payment history, and credit utilization to identify and manage potential risks. Mitigate over limit situations and effectively address delinquency, ensuring better risk management
First-party bust-out detection
Analyze customer data, transaction patterns, and behavioral anomalies to identify potential risks early on, enabling lenders to minimize losses, protect portfolios, and maintain a secure and trustworthy environment for customers
Portfolio risk reporting and monitoring
Harness real-time insights into portfolio performance, risk exposure, and emerging trends to proactively identify and address potential risks, ensuring a robust and resilient portfolio management approach
Fraudulent authorizations decision (point of compromise)
Enhance fraud detection capabilities, protect customers, and safeguard businesses by analyzing transaction data, customer behavior, and historical patterns in real-time
Preferred and risk-based pricing
Analyze customer data, creditworthiness, and risk profiles to determine personalized pricing structures, enabling lenders to optimize profitability while ensuring fair and customized offerings for each customer
Spend passion and customized recommendation
Understand customers' spend passions by analyzing customer spending patterns, preferences, and historical data to deliver tailored offers, customer engagement, loyalty, and long-term value
Reward program optimization
Derive valuable insights from customer preferences, spending habits, and redemption patterns to tailor and optimize reward programs, increase customer engagement, and boost customer loyalty
Advanced credit decisioning
Fast, accurate, and alternate credit decisioning using ElectrifAi’s ML-based solution on AWS. Infuse ML into core business processes such as credit scoring to enable BFSI organizations to enhance their accuracy and efficiency in assessing creditworthiness
Collector capacity risk deteriorating
Unravel meaningful insights from collector performance, workload, and customer behavior to identify potential risks, enhance collection efforts, minimize delinquencies, and improve overall portfolio performance
Collector efficiency enhancement
Unlock actionable insights from collector performance, workload, and customer data to optimize workflows and prioritize tasks, maximize productivity, improve efficiency, and achieve better collection outcomes
Optimized contact strategy and skip tracing
Analyze customer data, communication preferences, and behavior to develop personalized contact strategies, leverage skip tracing techniques, improve contact rates, reduce delinquencies, and enhance collections effectiveness
Tailored hardship programs and payment assist
Leverage customer financial data, circumstances, and payment history to create personalized programs to support customers in times of financial difficulty, enhance repayment capabilities, and foster positive customer relationships
Automatic call summarization
Achieve call summaries for all calls, saving 50% call wrap-up time on average to increase productivity and ensure consistent documentation for efficient resolutions
100% Call scoring
Score all calls consistently, identify areas of improvement, and promote best practices to enhance customer experience, agent performance, and new agent onboarding
Real-time sentiment analysis
Analyze call interactions' sentiment to gauge customer satisfaction levels, enabling real-time corrective actions for improved overall satisfaction
Business-specific call reason
Prepare agents to identify precise reasons for customer calls. Capture accurate, multi-tiered call-reasons without any human bias. Acquire a better understanding of the motives behind customer calls
Comprehensive agent insights
Assess agent performance using insights on first-call resolution rate, politeness, call hygiene, and agent comparisons, while informing corrective actions as needed
Customer-centric trending topics
Extract trending topics from calls automatically to prepare and equip agents with the knowledge to address anticipated issues effectively
Call center workforce optimization
Optimize staffing with multilingual agents, predict language needs for incoming calls, and route to skilled representatives efficiently
Advanced customer segmentation and targeting
Utilize multi-dimensional customer segmentation to enhance conversion rates while employing look-alike modeling to categorize new customers effectively
Comprehensive campaign optimization
Streamline marketing initiatives and budget allocation to maximize conversions through propensity modeling, channel selection, multi-campaign optimization, and campaign parameter fine-tuning
Strategic cross-selling and up-selling
Harness data-driven insights to present customers with new products, services, or bundled offerings, increasing wallet share, transaction frequency and size, and fostering a long-term strategic relationship
Proactive churn mitigation
Minimize frequent attrition by identifying and addressing churn factors. Re-engage inactive customers with tailored offers to enhance engagement
Customer loyalty maximization
Expand and amplify loyalty program impact by leveraging AI/ML-generated insights. Develop and implement timely, relevant offers and rewards based on customer segments to encourage participation and engagement
Customer lifetime value forecasting
Accurately predict potential customer lifetime value and enable prompt identification of new, high-value opportunities to increase lifetime value and improve decision-making
Spend analytics
Uncover negotiating leverage, provide actionable recommendations for savings, and de-risk the supply chain with ML-powered spend analytics
Working capital payment term optimization
Strengthen working capital with payment term optimization, optimizing payment terms, maximizing cash, avoiding penalties, and negotiating favorable discounts to enhance liquidity
Contract analytics
Identify risks and improve decisions by reading, analyzing, and comparing commercial contracts using AI to deliver business-critical insights

Value Proposition

With low upfront investment, quick ROI, and enhanced operational efficiency, our solutions help you unlock the true potential of data to drive superior business outcomes in just 6-8 weeks
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Rapid Business Value for the C-suite with Ai
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6-8 Weeks

Rapid Time to Value
High ROI, business solutions for the modern data stack

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10x

Lower Costs of Data Science
Buy vs. build. Faster, better, cheaper. Less cost, less risk

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Responsible

Transparency and Explainability
To mitigate risks with fairness and trust in the model

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All your data

We work with all data types
From structured, unstructured to scattered data

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End-to-end

We do the heavy lifting
From data ingestion, cleansing, and normalization to pre-build ML solutions

Success Stories

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Transform CX, cut operating cost for one of the world’s largest payment processers with over 300 million transactions a day
Optimized fund portfolios through a single pane of glass view across multiple tools and accounts
Advanced spend analytics and procurement capabilities to reduce costs
Increased campaign conversion rates by 2.4x to 4x resulting in 72% increase in new card issuance
Increased customer lifetime value, reduced competitive threats with optimized credit lines increase
Faster one-day loan processing and over $2.5M annually recovered from collection

Resources

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Blog
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February 21, 2023
Making every dollar count with SpendAi
Blog
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August 12, 2022
Quick wins in six to eight weeks using AI and ML for financial institutions!
Blog
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February 16, 2022
Point of View Series – Episode 1: Unsecured Lending
Blog
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January 27, 2022
Top 4 Drivers to Adopt Ai in the Banking and Financial Services Industry
Blog
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October 19, 2021
Top 4 Ways Financial Services Benefits from Machine Learning
Blog
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September 8, 2021
Prevent Bust-Out Fraud with Machine Learning
Blog
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August 12, 2021
Anti-Money Laundering (AML) Enhanced with Machine Learning
Blog
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July 22, 2021
Top 5 Use Cases for Machine Learning in Finance
Blog
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June 17, 2021
Identify Fraud Patterns with Machine Learning
Blog
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August 13, 2020
Financial Awareness Day: Mitigate financial risk with machine learning