The Bengaluru-based PiChain is a revolutionary regulatory technology that focuses on making compliance more sustainable. Established in 2018, PiChain has the deep domain expertise to harness the power of cutting-edge technology like Artificial Intelligence (AI) and Blockchain to ensure Sustainable Compliance Management. The company aims to augment Compliance and Regulatory professionals to help make better decisions in real time. The Company is on a massive bold mission to onboard the Next Billion Users.
> With the mastery in AI and Blockchain, PiChain has been dedicatedly developing DeepTech system ‘DeepPi’ that can learn, solve, and automate complex problems, regarding compliance in a dynamic environment. Every financial institution can benefit from this system to prevail in the competitive cut throat marketplace. Furthermore, this system makes compliance processes more transparent and less riskier thereby building better trust and credibility. > PiChain helps to accomplish 100% compliance to onboard the unbanked and underbanked section that is mostly inaccessible to FI’s > Pichain has built an onboarding model which is a Persona driven onboarding solution primarily to onboard the next billion users who belong to the bottom of the pyramid.
How PiChain Labs is solving complex problems by leveraging the combined strength of AI and Blockchain?
The small yet efficient team of PiChain believes that the Finance & Banking industry is gradually adopting technology to cater to the growing compliance requirements and regulations. Only cutting-edge technologies like Artificial Intelligence (AI) and Blockchain can fulfil these requirements. DeepPi is PiChain’s marque DeepTech platform. It augments Compliance officers to provide faster, better and accurate decisions by rapid knowledge extraction, tacit knowledge capture and precision recommendations. It uses a plethora of topnotch AI algorithms and Blockchain modules customised to perform best together. This is how PiChain has brought a revolution even to the Finance sector in India.
How Fintech Startups Are Stepping Up Financial Services Access?
The socio-economic fabric of the country is very versatile. Over 190 Million people are unbanked and over 350 million people are underbanked consumers in rural and semi urban India
Fintech startups are helping this unbanked and underbanked community, MSMEs to have better financial access. Regulatory technology companies in turn are helping fintech startups onboard them.
Regulatory Technology (RegTech) – It is set to abolish compliance as an entry barrier by designing tools and services aimed at automating compliance tasks, reducing risk fraud, or perfecting authentication and identity management. With RegTech solutions emerging, banks have the opportunity to decrease compliance costs by making use of algorithmic platforms and predictive analytics. More than that, they will also benefit from increased efficiency brought by RegTech startups.
Artificial Intelligence (AI) – FinTech startups are already making use of Artificial Intelligence to improve their solutions and the decisions made with them. One novelty that is intensively being worked on is chatbots. Carrying out financial operations and tracking account activity are just two of the application examples.
Blockchain – Due to the many applications blockchain offers, this technology is steadily becoming more influential in the financial services industry. Security from fraud, low cost of operation, decentralized and transparent operations are only a few of the advantages financial institutions can benefit from.
Startup and Millennials helping to revive the struggling economy.
The Fintechs working in the sector develop disruptive technologies that augment existing financial institutions by bringing an immense opportunity for innovation.
Many leading financial organizations partner with startups to co-develop and gain competitive advantage. The innovation areas outlined in this breakdown are just a few of the key digital drivers identified, others include alternative lending, payment, personal finance, wealth management, and cloud computing.
Synergy between corporates and small businesses is thus critical for saving India’s MSME sector from collapse and boosting recovery of the economy.
As customer requirements are changing and these emerging technologies grow further, FinTech startups are harnessing challenging existing structures and transforming the entire industry, companies that act proactively will emerge as industry leaders.
Millennials are more connected to technology than previous generations and a quarter of Millennials believe that their relationship to technology is what makes their generation unique. They are open to experimenting and learning the advancements in technology.
As early adopters, Millennials are open and receptive to change, they also have high expectations for modern convenience. Millennials want financial services to be as easy as a click-of-a-button which drives them to access to the new advancements in FinTech as well.
With a highly disruptive and courageous attitude, Millennials are easily powering the FinTech revolution and making way for start-ups to radically change a rather stuffy and traditional industry.
Your Take on Union Budget 2021-22
An increase in tax holiday for startups will help as a boost after the pandemic blues. Incorporation of OPCs without paid-up capital and turnover limitations will allow them to grow without compliance challenges and help get into the mainstream quickly.
Stakeholders reacted positively to the big hike in the allocation to the MSME sector.
Doubling of allocation for MSME will hopefully be a great boost towards new employment generation post the very challenging covid period that has seen poor demand & job cuts.
Incorporating OPCs without paid-up capital and turnover limitations will allow the startups to grow without compliance challenges and help get into the mainstream quickly.