Business Wire India
“With the global Covid pandemic, everyone, including the Banking and Fintech sector has fast tracked their efforts towards digitization. The ever so evolving digital ecosystem has been present for a while, but its adaptation has not been close to what it should have been. The evolution has been seen with respect to newer products to suit the requirements of the customers, while keeping data protection and security, customer experience and convenience at the forefront,” said EnKash Cofounder Naveen Bindal.

AI/ML at the centre

Asked on how EnKash is using its evolved artificial intelligence phenomenon for every aspect of B2B Transactions including fraud detection and customer experience, he explained.

The genesis of EnKash was to simplify business finances. The integrated platform was conceptualized to mitigate any financial transaction risks by automated data validations and two way data sync. With transparent end use, monitoring and control, the platform helps the customer in efficient buyer & supplier management.

“Our engineers and data scientists have developed deep learning algorithms that offer better visibility, control and checks on the financial processes of businesses. Our system insights drive business actions with people, processes and technology. Artificial intelligence (AI) and Machine Learning (ML) are 2 complementary technology actions, that when overlayed with historical data and predictive analysis gives us the power to convey trends to our customers. It is based on these trends and insights that the customer can make future business decisions,” Bindal added.

Enhancing financial transaction system

“We understand that digital insights are the new currency of businesses and we have been working towards giving the best solution to the customer.

Currently, we have more than 60,000+ businesses who trust us with their financial transactions. We have a lot of data daily generated on our platform. It is in our DNA to convert this data to information and then to actionable insights. Traditionally, the banking ecosystem was solving conventional business transactions. We have worked on building layer based solutions to enhance the overall financial experience for new age enterprises - whether large-sized, mid-sized or startups and SMEs,” said Bindal. The solutions help businesses fundamentally transform how they move their money.

Businesses can collect, upload and sync buyer and supplier data at the same time. The platform seamlessly integrates with the enterprise's ERP/Accounting system thereby helping real-time information on financial transactions. OCR helps to gather and sync the information from other formats. But the real take is complex 360-degree verification of the supplier information using more than 500+ attributes. This reduces or eliminates fraud due to incorrect details (for example a personal bank account details for any company transaction to be received.) Such checks not only make the system fraud proof, but also gives complete relief from the error-prone and time consuming manual process of data validation.

Segmentation

EnKash supports over 60000 businesses, having more than 100,000 users while catering to over 20+ industry categories.

The transactional data range from vendor payments, rental and utility payments for electricity, water, mobile, telecom, broadband, etc. and also usage of cards for various other payments like GST, cloud bill payment, digital marketing activities, etc. Right from onboarding to the at-this-moment transaction, EnKash processes thousands of attributes. This helps create and segment the customer in different buckets and categories. With loads of data flowing in the platform at any given time, the AI and ML engines are fed with new data and trends every second and that helps them train to segmentize the data further and better. All of this training helps make the platform perform better every time.

The road ahead

With technology allowing to utilize the data in the most efficient way and the accelerated adoption of digital platforms by businesses since covid19 lockdowns, fintech companies like EnKash are building the next generation solutions that will not just simplify business financials but will also bring higher productivity, reduced cost of funds and better financial performance.

"We have already started work on EnKash 2.0 that will make the entire business cash flow process much smoother and efficient. We are not just hoping for better days in the future but are working towards making it happen for everyone in the ecosystem through innovative offerings," added Bindal.