FinChatBot, a South African financial chat bot has been selected to join INV Fintech, Bank Innovation’s sister accelerator program.
Finchat addresses the increasing inefficiency, saturation and expense of call centers in the financial services industry, its vision is to become the best at selling and servicing financial products via chat bots.
FinChatBot is part of INV’s eighth accelerator class, which kicked off last week with seven unique startups that are seeking to partner with financial institutions by focusing on addressing evolving problems in the fintech space and enabling established players to further their innovation capabilities.
Other startups are:
Alkymi is fixing the way enterprises exchange information. Using machine learning, Alkymi extracts business data from email and documents to automate and accelerate business processes, targeting massive amounts of unstructured data in financial services.
Boss Insights is a tech platform for traditional lenders who seek digital functionality. The platform enables it within 8 weeks, giving lenders higher ROI by accelerating screening, due diligence, and client management. Using Boss Insights, lenders can measure companies in real time, by automatically pulling data from the cloud-based software systems businesses use to track themselves (e.g., accounting, sales, analytics, etc.). This provides a telescope to companies’ current and future performance.
· Digs allows mortgage lenders to engage with their customers before and after the loan takes place. By providing a consumer with a helpful financial tool, a lender is able to build loyalty while collecting data that helps predict when customers will be ready to buy or refinance.
Relativity6 is a machine learning/AI platform that enables financial institutions to accurately predict when customers are most likely to churn. Coupled with a cross-sell recommendation algorithm, the company is able to reduce monthly churn by 1% on average.
Sedicii has developed a technology that eliminates the transmission, storage and exposure of private user data during authentication or identity verification, which reduces identity theft, impersonation, and fraud.
tuuk enables financial services providers to distribute high-value servicing tasks to the right customer, in the right place, at the right time. As customers navigate travel, lifestyle, real estate and other mobile apps and websites, tuuk’s technology determines what servicing experience would be valuable and allows customers to engage it end-to-end, without having to leave that 3rd party app or site.
INV Fintech is a virtual accelerator, allowing it to host companies from across the U.S. and globally. Each company will be mentored by INV Fintech and its partners for a five-month period.
“This cohort solidifies the accelerator’s pivot to greater bank enablement. INV Fintech sees significant potential in these startups, with multiple opportunities for mutually beneficial collaborations with established financial institutions,” said Rodrigo Suarez, Principal of INV Fintech.