Innovations in Artificial Intelligence, Blockchain, Machine Learning, and Robotics have revamped the operations of traditional financial institutions, making them more efficient than ever. These advancements will further personalize the entire banking experience while simultaneously pushing the BFSI sector to new heights.
The traditional banking systems demand a significant amount of time and workforce to maintain their functionality. At the same time, issues like asset appropriation, identity thefts, money laundering, and accounting fraud damage the scalability and reliability of banking institutions to a significant degree. As a result, the financial services are gradually inclining towards digital transformation to reduce operational costs, streamline business processes and improve customer experience. Leading the trend, Karza Technologies is the largest data, analytics, automation, and decisioning solution provider to FIs, catering to the entire lending lifecycle from onboarding to diligence & monitoring to collections. It unifies human and artificial intelligence to automate onboarding and diligence through technology and data-driven solutions. Their vision is to become the ‘single source of truth’ for all businesses across the spectrum of industries.
Riding on their rich exposure in fraud investigations, financial services, entrepreneurship, and data science, Omkar Shirhatti, Gaurav Samdaria and Alok Kumar established Karza Technologies in 2015 to eliminate the pre-existing issues in the financial institutions with their tech-enabled intelligence products. By leveraging Big Data and Artificial Intelligence, their solutions efficiently automate processes like pre-profiling, onboarding, underwriting, due diligence, fraud and risk management, disbursement, monitoring, and data collection. Industry-leading solutions developed by Karza Technologies focus on automating manual processes to experience seamless and secure onboarding.
As part of its onboarding suite, Karza Technologies offers Aadhaar-based OKYC, Digital KYC, Video KYC, KYC OCR, Face Match, Passive Liveness and other cognitive services. Financial Institutions can improve their operational efficiency using Karza Technologies Total KYC platform, which promises hassle-free KYC verifications and background checks. Karza Technologies’ state-of-the-art platform holds the capability of delivering scalable end-to-end, automated, and frictionless AI-powered onboarding journeys. Moreover, their cognitive solutions like Name Match, Face Match, Liveness of the video, Address Match, OCR and authentication, Auto-Fills, etc., are best in the industry. Their flagship due diligence platform KScan leverages ML technology to stitch together profiles of individuals and businesses from multiple reliable sources, makes it available on a single platform and delivers search results in a few milliseconds. Karza Technologies is unique because they understand India-specific needs and solve challenges like lower resolution, Indian faces, worn-out documents, shadowed/blurred or skewed images, etc., to match or surpass human cognitive skills. Karza Technologies has been able to offer solutions at the scale and variety suited to the Indian population.
In the last five years, Karza Technologies client base has already reached 330+ active clients. When the entire business ecosystem was struggling to maintain its profitability due to the pandemic-induced economic slowdown, Karza Technologies experienced a 200% revenue jump along with a 5x growth in the client base. Their standout business positioning of lean management and minimal capital has allowed them to achieve equivalent or higher growth than their peers, with one-fourth of the capital invested.
Background intelligence driven by technology and data can give any BFSI institution the much-needed push to confidently onboard customers. Karza Technologies not only help their BFSI clients deal with the trust deficit but also offer solutions for reliable hiring and improved customer management. Digital transformation is the future of the BFSI sector, and Karza Technologies is committed to easing the burden of banks and financial institutions and offering end-to-end automation across customer life cycles.