In the unprecedented time we live in, digital transformation in the need of the hour. Digital transformation has the power to accelerate and amplify business growth, create opportunities for innovation, learnings and behavioural shifts. Indian automotive fintech platform such as Kuwy is increasingly applying Artificial Intelligence (AI), Machine Learning (ML) and Deep Learning (DL) in a wide range of applications across several channels to leverage all available data.

The substantial increase in implementation of these cutting-edge technologies in the finance industry proves how quickly the business landscape is changing, even in traditionally conservative areas. Here’s how Kuwy leverages these technologies for its platform:

WHY WE USE AI?

Artificial Intelligence is an emerging technology being applied across fintech platforms, including Kuwy, for interpretation of data, business operations, decision-making and forecasting. Kuwy especially, uses AI as a key enabler from eligibility forecast to the point of creating customised loan offers for its customers. One of the most critical gaps in the automotive lending market is identifying the right lender for a customer. Kuwy bridges the gap through an AI based Lender Selection Algorithm (LSA) and by streamlining Profile-based Product Offering (PPO) from lenders, without any manual intervention.

IMPORTANCE OF ML

Beginning from the periphery to moving towards the epicentre of the technology boom, Machine Learning has come a long way. Fintech platforms like Kuwy have huge data sets and resources, and machine learning plays a significant role in increasing data protection and customer engagement, among others. Many financial organisations today have made the shift from traditional predictive analysis to using machine learning algorithms to forecast loan approval basis customer profile. Kuwy notably, has mastered this art.

ADVANTAGES OF DL

When it comes to lending, financial processing, underwriting and decision-making, deep learning plays an important role. The ability to process data in a deeper, more sophisticated way in a short amount of time means that deep learning algorithms can make more accurate decisions, in a fraction of time. One of the major benefits is the ability for a deep learning algorithm to plough deep into data on an individual basis, testing for fraud, risk and any important mitigating factors affecting loan approvals. Such algorithms can analyse an applicant’s financial status in the context of current market trends.

While Kuwy leverages these key technologies at every step of its digital lending process, its proprietary ‘Click & Drive’ technology uniquely connects the online to the physical world in the automotive lending eco-system, facilitating end-to-end digital loan approval, processing and disbursal.