India’s leading RegTech startup Signzy today said it has partnered with globally leading Blockchain startup, Primechain Technologies, to co-develop AI (Artificial Intelligence) -led smart banking solutions for banks and financial institutions. The first pre-integrated solution is expected to be launched by December 2019 and will fast-track the digital transformation of banks and financial institutions in India and around the world.
The smart banking solution from Signzy and Primechain will integrate AI and Blockchain technologies to automate and fully-digitize back-office operations, widely considered to be the most complicated process for banks to manage and digitize. It will allow banks to achieve unprecedented efficiencies in operations and simultaneously deliver a superior customer experience across a range of products: loans, insurance and retail banking services.
“This partnership combines our respective leadership in Artificial Intelligence and blockchain-based digitalization technologies targeted at the BFSI industry. Together, we aim to develop and launch integrated solutions that can radically transform the way banks and NBFCs operate and serve their customers,” said Ankit Ratan, co-founder and CEO of Signzy.
Shinam Arora, founder & CEO of Primechain Technologies said, “Banks and NBFCs today have at least a thousand discrete back-office processes, which explains why digitization and automation of the back-office hasn’t yet picked up. Primechain and Signzy’s smart banking solution is being developed precisely to solve this problem through a plug-and-play product. We are very excited with the capabilities of this solution and believe it will significantly speed up the digital journeys of banks.”
Mumbai-based Signzy is a leading provider of AI-based digalization and automation solutions to the BFSI industry and counts globally leading banks and NBFCs (Non-Banking Financial Companies) as its clients, including Mastercard, ICICI Bank, State Bank of India and Mahindra Finance.
Pune-headquartered Primechain is a global blockchain startup and operates the BankChain community of banks for implementing blockchain solutions, with 37 members, including leading banks in India and abroad.