Many of us are familiar with the challenges and tedious paperwork involved in taking out a bank loan. However, it's not just customers who face these hurdles—banks also deal with numerous operational issues. What if artificial intelligence could step in to ease these challenges, especially during processes like loan disbursement? The introduction of AI-powered solutions could not only enhance the efficiency of banks but also provide faster and more accurate services for customers.
Enter Coligo, a core banking software powered by artificial intelligence, developed by Kochi-based NaveTechnologies under the name iBanker. Coligo offers a solution to the difficulties both banks and customers face daily, making banking operations smoother and more efficient.
Every financial institution relies on a large number of employees. Managers often make decisions based on reports provided by these employees. However, errors in these reports can sometimes lead to incorrect decisions. iBanker, the AI-powered core banking software, tracks the work-related information of every employee and provides managers with real-time, accurate information whenever needed. By leveraging a model similar to ChatGPT, iBanker answers questions within its interface, helping institutions make better-informed decisions.
iBanker complies with all required security standards and administrative regulations, ensuring that the software operates within secure parameters. According to Naval Ditto V, founder and CEO of Nav Technologies, Coligo provides improved efficiency through AI support, reducing operating costs and enhancing the overall customer experience.
One of Coligo’s standout features is its Smart Loan Origination System (LOS), which enables 100% paperless loan disbursement. This fully automated service eliminates errors and streamlines the loan approval process. In addition to simplifying asset and liability management, the system also ensures flawless data management for banks.
Coligo acts as a virtual workforce for banks, assisting them with daily tasks and operations. A key component of this software is the financial audit module, which tracks, records, and analyses banking transactions in real-time, providing full transparency and efficiency.
Another feature of Coligo is the integration of self-service kiosks, which bring banking services directly to customers. These kiosks provide a login facility via facial recognition and offer a range of services including QR-based EMI payments, eKYC, loan processing, and debenture statement retrieval, putting banking at the fingertips of customers.
Nave Technologies began as a small fintech service provider in 2016. By 2020, the company launched Coligo, and since then, it has seen remarkable growth. The support from institutions such as Manappuram Finance played a crucial role in the company's early success. Nave Technologies has been serving Manappuram Finance for the past three years, further solidifying its reputation in the industry.
What sets Nave Technologies apart is its ability to offer customised products and services tailored to the specific needs of different financial institutions. This approach has enabled the company to achieve an impressive annual growth rate of over 200 percent.
The Indian software market, valued at $43 billion, has seen small enterprises, including Nave Technologies, capture around 40% of it alongside larger brands. With this promising trajectory, Nave Technologies aims to leverage its current growth and become a $25 million company within the next three years.
In conclusion, Coligo represents a significant step forward in the world of banking technology. By harnessing the power of artificial intelligence, Nave Technologies is transforming the way banks operate, helping them to provide better services, reduce costs, and improve customer satisfaction. As the company continues to innovate, its potential for future growth in the banking sector looks incredibly promising.