business intelligence in fintech – Coruscate Solutions

Develop FinTech app like Cleo : AI-enabled chatbot can keep your FinTech startup alive even during apocalypse

Rahul Patel — Wed, 19 Jun 2019 09:51:07 +0000

In this blog know how to develop FinTech app like Cleo which tracks users’ balance with awesome AI technologies.

A London-based FinTech startup named Cleo which has taken AI to heart and developed a money management app which works fully on AI-enabled chatbot. How? Let’s find out.

In this blog, you will get to know,

What is Cleo?
How does Cleo work?
How Cleo provides bank-level safety?
Roles of AI technologies and AI-enabled chatbot in the FinTech app.
How much does it cost to develop a FinTech app like Cleo?

What is Cleo?

Cleo is the London-based FinTech startup which was founded by Aleksandra Wozniak and Barnaby Hussey-Yeo in 2016. It provides the AI service which tracks and manages the money. By using the AI feature of the Cleo through the Facebook messenger, and other communication channels like text message, Amazon Alexa and Google Assistance, user can simply ask the questions related his recent payments and bank accounts and Cleo’s AI-enabled chatbot presents the details of user’s spending, broken down by category, transactions, and merchant. To make users feel that they are talking with humans and not with a chatbot, Cleo’s chat window shows different emojis and GIFs and adds humor. This step of Cleo is very appreciated in the FinTech industry where everything is unexciting!

Cleo also offers Cleo Wallet to the users and recently, Cleo has launched their own app to eliminate the dependency on the Facebook messenger.

Cleo claims that they have successfully acquired 1.3 million users who have performed 5 million-plus transactions. With its new funding round which was led by Triple Point Capital, Cleo will now aim to expand its business reach in the USA where Cleo had already commenced its service last year. Cleo’s decision to enter the capital of the FinTech industry was noteworthy as Cleo has acquired around 6,50,000 users of the USA.

How does Cleo work?

Cleo asks users to add the bank details which Cleo analyses in read-only mode which means Cleo can only view the encrypted data. However, to fetch payment and bank data, Cleo hasn’t developed own module. Instead, it uses a top financial software called SaltEdge. Cleo now employs its AI brain to scan the transaction history, and to spot spending trend and user habit. For example, if a user asks how much he has spent at Sainsbury’s, Cleo replies to him the detailed spending report.

How Cleo makes sure the safety of users’ sensitive information?

Developing a safe FinTech app is a challenge for both FinTech startup and FinTech app development company. But Cleo claims that their app is extremely safe and secure. Because of Cleo’s read-only method, no one can withdraw money from a user’s account, except the user himself. They have also revealed how they access user’s transaction history. To avoid the data breaches, they never save the credentials of the users on their servers and they encrypt all remaining data like transaction history and personal information.

Features of the Cleo app which you need to know before going for FinTech app development for your FinTech startup

Users can connect securely to their bank accounts.
User can ask the questions related to their bank accounts and spending by typing and even by voice command.
App’s inbuilt chatbot answers the question of users within no time. It also uses smileys and GIF to make the conversation interesting and user-friendly.
App gives all updates of the user’s bank account.
User can set the budget.
The app presents most of the information in the graphical format so that users can understand the trend easily.
User can apply several filters on their spending report.
User can refer the app to his friends and earn up to $5.

That one next-gen feature of Cleo which helps them to make money.

Cleo analyses the payment activity per category for every user. So, when a user pays for the same category to a service provider and the price he is paying is higher than what other users are paying for the same category, Cleo suggests user to try another service provider. If the user follows Cleo’s suggestion and tries another service provider, that service provider pays Cleo.

From the following image, you can clearly understand how Cleo makes money by saving the user’s money.

After reading so far, it is safe to assume that you are now aware of the core element on which Cleo works with awesomeness. So, now let’s discuss what is a chatbot, why you need to ask FinTech app development company to accommodate it in your next FinTech app and how Coruscate can help you?

What is a chatbot?

A chatbot or intelligent banking assistant is a computer program which is developed with AI technologies to conduct a real-time conversation with users via the auditory or textual method.

The sophistication of mobile technology had already started helping us to exchange and authenticate the transaction without human involvement. However, during the relationship-based interactions, a present of a human has always been an unalterable need. But with the advent of a chatbot, all tech giants have started putting emphasis on a chatbot that doesn’t make users feel that they are talking with a module. The current generation of Chatbot we are experiencing is capable to schedule meeting, book the cab and many other resource-sensitive tasks.

Why you have to add chatbot in your FinTech app of FinTech startup?

An AI-enabled chatbot can be your finest investment as it helps you to deliver excellent customer service and it eventually boosts your sale. Following are some more examples of how as a FinTech startup, you can derive the benefits from the chatbot.

A chatbot works round the clock.
It replaces a team of customer executives which means you can now save a few bucks.
It studies the customer preferences and remembers it. It treats every customer individually.
It organizes the advertisement campaign and cross-sells efficiently.
It responds instantly to any query of users.
It responds in easy-to-understand text and images.
If needed, it can talk with customers in a different language too.

How does a chatbot work?

Image source: https://www.pwc.in/

How much does it cost to develop a FinTech app for FinTech startup?

Coruscate is top FinTech app development company, which develops startup ready FinTech apps. In fact, we have developed several FinTech apps and entertained many FinTech app development related queries. Our trained developers and designers build the next-gen app by utilizing the skills they have earned while working in the most challenging industry. We will not only build the FinTech app, but we will integrate features like Cleo so that you can dominate the market quickly. We have already completed successful API integration with Nordic banks and so, we can now develop a FinTech app within 45 to 55 days and under $10k. To know more about the features and ask for a free demo and consultation, visit our FinTech app development page. We will keep your FinTech startup alive even in the apocalypse!

The post Develop FinTech app like Cleo : AI-enabled chatbot can keep your FinTech startup alive even during apocalypse appeared first on Coruscate Solutions.

How Business Intelligence Plays Game-Changing Role In Fintech Companies?

Vishal Virani — Thu, 29 Nov 2018 05:36:42 +0000

“Technological innovations will be the heart and blood of the banking industry for many years to come and if big banks do not make the most of it, the new players from FinTech and large technology companies surely will” – David Brear.

Financial technology is a burgeoning industry with many new startups hitting the playing field every year. With ever-increasing competition, early implementation of business intelligence and analytics capabilities can have a significant influence on the future success of a business venture.

Fintech (Financial technology) presents a unique environment where data-driven insights from the outset could well determine whether a company is successful or not.

What Is Business Intelligence?

Business intelligence, or BI, is a type of software that can harness the power of data within an organization. It offers a better way to sort, compare, and review data in order for companies to make smart decisions.

Companies adopting business intelligence solutions can turn business data into insights and take plausible action. These insights can help companies make strategic business decisions that increase productivity, improve revenues, and enhance growth.

What Is The Use Of BI In The Fintech Industry?

These BI technologies are designed to handle structured or unstructured data, in order to identify and develop new business opportunities. The question “what is the use of BI” can best be answered by its many functionalities and capabilities that include:

Analytics

The cornerstone of BI is the discovery, interpretation and communication of relevant and useful patterns in data. Analytics may rely on descriptive, prescriptive and predictive approaches as well as statistics, computer programming and other methods to come up with meaningful data that can describe, predict, quantify and improve business performance.

Reporting

One of the hallmarks of BI programs is the rich visualization of the resulting insights and reports after data has undergone analysis. These reports can be charts, graphs, presentations and infographics, all designed to provide the user with essential information that can be acted upon or decided on.

Complex Event Processing

This combines data from various sources to identify significant events or things that happen across the organization. Whether they are threats or opportunities, it gives businesses the chance to respond accordingly.

Data Mining

BI supports data mining techniques in order to transform raw data into useful information. Oftentimes, BI programs source data from data warehouses which already store consolidated information. BI comes into focus on analyzing the data.

Process Mining

Special algorithms are applied to event logs recorded by an information system to identify trends and details in order to improve process efficiency.

Text Mining

Involves extracting pertinent patterns and deriving high-quality information from text sources which are then analyzed by a BI program.

Benchmarking

BI applies this method to measure business performance through a specific indicator (time, quality or cost) the result of which is a performance metrics that are compared or benchmarked with the best practices of other companies or the level of standards in a certain industry.

Business Performance Management

The activities, especially in large businesses and organizations, involve large data that require collation, analysis and reporting, areas that BI programs are built to handle.

How Business Intelligence Can Help Your Fintech Business?

From glancing at the list of uses stated above, it’s clear that business intelligence can help tremendously with business processes.

The improved planning and analysis can be used to tighten processes, focus business operations, and use data to drive decision making.

More accurate data means better decisions. Accuracy also improves confidence in business forecasting. When you know that you can rely on your data, you can make better guesses about what the future of your business entails.

Improvements in the sales forecasting process also help companies with budgeting, marketing, and more. The more accurately you can forecast sales, the better you can plan your entire company budget.

And of course, improvements made to product offerings and prices aligned with the marketplace can help you sell more, which in turn improves revenues.

As you can see, adding business intelligence software to your company creates a positive ripple effect that spreads to all parts of the company. It’s not just about improving access to the data in your firm. It’s about using that data to improve profitability.

How Coruscate Can Help Your Business?

If your company is using systems for customer relations, project management, inventory management, data mining or any other business optimization apps, a BI platform is an important addition that can complement and support all your other tools to keep your business in tip-top shape. Let’s discuss and shape your thought or idea to make the most profitable and successful business.

The post How Business Intelligence Plays Game-Changing Role In Fintech Companies? appeared first on Coruscate Solutions.