In today’s banking, identity theft, money-laundering and fraud continue to be major risks, requiring constant vigilance. Signzy reduces these risks.
In today’s banking, identity theft, money-laundering and fraud continue to be major risks, requiring constant vigilance among financial institutions and authorities. Through its digital Know Your Customer (KYC) solution, Signzy reduces these risks, building trust within banks and among their customers, and supporting the work of regulators.
An ongoing problem
With many banks still relying, at least partially, on manual operations, opportunities for fraud are ever present. And manual data collection continues to risk compromising customers’ privacy. Also, with variations in methods across institutions, checking compliance with regulations can be difficult and time consuming
To streamline operations and minimise risk, Signzy has developed a ‘no-code AI platform’ for financial services. No matter how complex the workflow, Signzy’s solution can completely automate the decision-making process into a real-time Application Programming Interface (API), allowing applications to talk to each other. The company has developed this through a combination of Nebula (a no-code AI model builder) and a fintech API marketplace of more than 240 APIs.
Features of the platform include digital verification, which enhances the customer experience while protecting user privacy. Also, an AI-assisted screening approach reduces the risk of human fraud and saves time and effort for banks. Plus, API-based background checks ensure compliance to the strictest AML (anti-money laundering) and CFT (combating the financing of terrorism) controls, even with low operation resources, while blockchain ensures data sanctity.
After just six years in business, Signzy works with over 160 banks and financial services providers globally, including the four largest banks in India and a top-three acquiring bank in the US. The company has a strong partnership with Mastercard, and offices in New York and Dubai. Its product team of more than 120 people is currently building a global AI product in Bangalore.
- For its customers overall, it has achieved:
- 90% reduction in turnaround time
- 75% reduction in operational expenditure
- 66% reduction in customer drop-out
- 300% increase in productivity.
These successes have helped Signzy reach approximately 50% year-on-year growth, and attracted funding from:
- Vertex Ventures (US$3 million, March 2021)
- Arkam Ventures, Mastercard (US$5.4 million, October 2020)
- Kalaari Capital, Stellaris Venture Partners (US$3.6 million, November 2018).
The company has also been recognised in many awards – including Facebook’s Top 5 India Innovation Accelerator (2019) and Amazon’s Top 5 AI Emerging Start-ups (2018) – and it was one of ten start-ups chosen for Google’s ‘Launchpad Accelerator’ mentorship programme (2018).
Signzy is heading into the future focused on developing no-code AI products, expanding into various regions, and building a strong culture across the organisation. With rising demand in automation and digital onboarding, the company’s no-code AI solutions are set to help businesses reach millions of consumers securely, without having to build AI and machine-learning capabilities.
How being part of Rise has helped
Rise has helped Signzy connect technology, talent, and trends from a growing ecosystem, and so accelerate and innovate in the financial services industry. As part of Rise, the company has been able to understand the common challenges in the sector, while creating mutually supportive relationships with other players. Looking ahead, Signzy will work more closely with the ‘home of Fintech’ to build a world-class fintech experience for regions across the world.
Ankit Ratan talks about what has influenced him.
“We’ve always found inspiration in the ability to leverage the power of machine learning, artificial intelligence, and data. This combination has inspired us to create advanced no-code solutions in a time where the world puts digital-first across verticals.”