BANGALORE/NEW DELHI: OneMoney Group has announced a strategic partnership with Eureka AI to bridge the data divide and be a data gateway for real-time structured decision making, and helping the Banking, Financial Services and Insurance (BFSI) industry with analytics and technology solutions to enable faster lending decisions.
As part of this partnership, Eureka will distribute its products to a range of customers through the partner network of both organizations. Eureka’s financial intelligence products enable credit and risk scoring leveraging telecom and alternative data as well as open banking and transaction data.
Eureka’s DS2 Feature Store and AI Learning Fabric will provide data scientists with the tools to deliver data science at scale by applying them to One Money’s FIU partners’ data obtained by customer consent.
Commenting on the partnership, A Krishna Prasad, Founder & CEO of OneMoney said, “We believe that financial institutions will focus their investment on analytics, fraud detection, digital customer acquisition, customer management strategies and build efficient lending processes. We have built smart solutions to assist institutions in navigating the current times. By focusing on the privacy of consumers as a paramount requirement, we believe that Eureka’s solutions, along with OneMoney’s gateway capabilities, will provide the necessary impetus to boost structured risk-based lending. The recent regulatory changes driven by the RBI will create a significant push for the credit ecosystem in India through consent-based data sharing; this allows institutions to create better lending decisions and boost customer confidence across all segments”.
“Our association with OneMoney has come at a time that is a watershed moment for the BFSI industry and the overall credit ecosystem in general. Our analytics leverage proprietary algorithms to generate insights, making it easier to understand customers and their needs. The end-to-end solutions enable the user to automate customer acquisition, improve persistency, help to upsell and prevent frauds with smarter customer management,” said Sathya Kalyanasundaram, Managing Director & CEO – South Asia at Eureka in a statement.