EnKash is probably the most distinguished startup within the industrial card fintech house of India, and the one card fintech startup which is working throughout segments. In response to the corporate, it’s the first in India to carry company bank cards with a number of variants out there.
EnKash presents a variety of merchandise and options to facilitate penetration and distribution of business card issuance. Whereas at one finish, it allows buy playing cards for giant and mid-size companies; at one other finish, it presents a spread of business playing cards for SMEs and startups underneath the Freedom Card model.
Analytics India Journal related with Hemant Vishnoi, Co-Founding father of Enkash to raised perceive how the startup operates.
“Whereas banks are primarily centered on serving massive enterprises, we goal to cater to SMEs and startups which can have different wants however are underserved by banks within the absence of qualifying stipulations or because of the excessive price of acquisition. Business playing cards, therefore, are benefitting throughout companies and are the very best instruments to handle quick length credit,” instructed Vishnoi.
How The Startup Makes use of AI/ML
For a startup to remain forward within the sport, and to supply worth to customers, AI and ML have develop into important instruments. The co-founders have intensive expertise within the playing cards and banking trade and are absolutely conscious of the crucial challenges that customers face from a product perspective. Due to this fact, proper from the start of its journey, the startup has been utilizing predictive evaluation, AI and ML to assist resolve points that have been beforehand manually completed by people.
“We’re sitting on a data-mine and are working in direction of utilizing them to create breakthrough choices, in addition to considerably enhance the present ones. All that is pushed by market evaluation via predictive modelling and AI/ML. We examine a consumer’s total journey, the transaction patterns and overlay entry and exit factors of our portal to know their monetary utilization tendencies. We additionally examine their historic transactions to know them higher,” in response to Vishnoi.
Fraud detection and information safety (authentication, encryption, transaction approval checks, and so forth.) are a few of the different very important elements the place EnKash has been working utilizing AI/ML. At present, additionally it is engaged on a dynamic and environment friendly chatbot (full-scale robotic assistants) response and help system.
“We’re engaged on ML and fine-tuning it to greatest swimsuit our workflows, processes and numerous insurance policies to underwrite and do credit score assessments. We, equally, put our energies on ML for OCR of varied KYC paperwork, invoices and expense receipts. Because the starting, we now have believed in automating programs internally in addition to for our clients. Therefore, AI/ ML will at all times stay an integral a part of our technique. Our clients will even quickly be uncovered to AI/ML for his or her bill, payable and expense administration, and full digital onboarding,” Vishoi mentioned.
EnKash: The Tech Stack
In response to Vishnoi, for a technologically backed firm, the tech stack determines the probabilities and limitations for constructing, validating and sustaining EnKash’s product. Due to this fact, the startup has been very cautious to incorporate state-of-the-art capabilities, information safety, fraud safety, capability and scalability in our expertise. Because the startup focuses on making a seamless expertise for customers, the startup is pushed by APIs to create a dynamic and multi-function providing. That is solely possible due to dynamic frameworks of programming languages and ease of data switch to and from its database.
“At EnKash, we’re PCI DSS licensed and proud to say that our associate banks have trusted us due to this experience. The tech stack is robustly constructed on microservices and is extremely versatile and scalable. Due to our tech staff, they at all times believed in constructing futuristic infrastructure and options becoming to enterprise wants. Our tech staff is engaged on the newest tech stack with cloud infrastructure on AWS, programming languages like JAVA/ Angular, purposes like Spring boot, cache frameworks like Redis, database as MySQL and so forth.,” he mentioned.
EnKash: The Roadmap
Submit the launch of EnKash’s Freedom Card, the market noticed a couple of extra comparable launches by some neo-banking or funds platforms. Nevertheless, EnKash stays wholly centered on being a playing cards firm, whether or not it’s via financial institution partnerships on industrial bank cards, or its personal ‘Freedom’ company bank card.
Vishnoi added, “In lower than two years, EnKash has garnered a formidable clientele of greater than 50,000 companies which might be utilizing the product. We intend to develop a number of folds, given the market alternative and playing cards evolving as a separate class in fintech house.”