Digitap is revolutionizing the digital landscape by offering advanced artificial intelligence (AI) and machine learning (ML) solutions to new age internet-driven businesses. With a focus on reliability, speed, and 100% compliance, Digitap provides a range of services including customer onboarding, automated risk management, risk analytics, and customized scorecards, powered by big data capabilities. At the core of Digitap’s offerings are proprietary ML algorithms and modules that boast one of the best success rates in the market. Giridharaprasad MP, chief technology officer, Digitap recently spoke to Dataquest to shed more light on the company’s offerings.
DQ: Digitap is known for its advanced artificial intelligence (AI) solutions. How does the technology team leverage AI and machine learning to enhance the company’s products and services?
Giridharaprasad: Digitap provides high tech advanced Artificial Intelligence (AI)/ Machine Learning (ML) solutions to new age internet driven businesses for reliable, fast and 100% compliant Customer Onboarding, Automated Risk Management along with Big Data enabled services like Risk Analytics and Customized Scorecards. Our proprietary ML Algorithms and modules provide one of the best success rates in the market. We are working with more than 100+ BFSI players in India, with full support of our team that brings together deep and vibrant experience in fintech product & risk management, management consulting and consumer retail/ e-commerce business.
Digitap harnesses the power of AI and ML to develop a range of solutions. Our focus areas include big data analytics, risk management, and fraud control. With our end-to-end digital underwriting, we ensure a seamless and efficient customer journey that is entirely online. Additionally, we specialize in repayments and Non Performing Assets (NPA) mitigation.
Utilizing AI and ML across our products and services, we cover diverse segments such as image processing, Natural Language Processing (NLP), video/speech analysis, and predictive modeling.
- In image processing, we provide Optical Character Recognition (OCR) services, object detection and classification, image template matching, signature matching, watermark detection, and text-based captcha cracking. For face-based biometric authentication, our solutions include face detection, matching, and liveness checks.
- In the field of NLP, our capabilities encompass speech transcription, audio-visual synchrony detection, entity recognition and extraction, entity matching, as well as NLP integrated with rule-based categorization for bank statements and SMS data. Our ML applications include predictive modeling for credit scoring.
Moreover, we leverage AI and ML for recommendation systems, offering investment and budgeting recommendations. Our expertise extends to anomaly and fraud detection for risk assessment, as well as explainable AI for churn prediction and customer service. These technologies enable us to deliver cutting-edge solutions across a wide range of use cases, empowering our clients with advanced insights and efficient decision-making.
DQ: Security and data privacy are critical concerns in the digital era. How does Digitap address these concerns and ensure the protection of customer data within its technology infrastructure and solutions?
Giridharaprasad: Digitap places great emphasis on information security throughout the entire lifecycle of its products, from providing solutions to design, development, and testing. The company holds the ISO27001 ISMS certification and is currently working towards obtaining the SOC 2 Type II certification, demonstrating its commitment to security and data privacy. Various measures are implemented to safeguard customer data, including data encryption during storage and transmission, ensuring that only authorized individuals can access sensitive information through strict access controls and user authentication. Digitap also prioritizes the protection of its underlying technology infrastructure by employing advanced security measures such as fraud detection, automated risk management, facial recognition, and data cross verification.
The company adheres to relevant regulations by obtaining proper consent for data usage, providing transparency regarding data practices, and offering options for data access and sharing. As a Technology Service Provider (TSP) in the evolving Account Aggregator (AA) framework, Digitap assists clients by conducting regular security audits and penetration testing to identify and address vulnerabilities proactively.
As AI and ML technologies play a key role in the overall business, Digitap leverages it addresses security and data privacy concerns through a combination of technical measures, policies, and practices. By implementing a robust framework that complies with regulations and maintains transparency, Digitap prioritizes the protection of customer data, instilling confidence in its clients and stakeholders.
DQ: The field of AI is constantly evolving. Generative AI being latest on the block. Are you planning to incorporate them into the company’s offerings?
Giridharaprasad: Generative AI plays a crucial role in the fintech industry, offering numerous benefits and opportunities. Digitap, as a risk management vendor, acknowledges the importance of incorporating the latest developments in AI while also addressing the dangers associated with Generative AI, such as deep fake AI.
Within our product stack, Generative AI can enhance decision-making by providing more accurate predictions, improved risk management, and optimized business outcomes. It also enables fintech firms to deliver highly personalized customer experiences by analyzing data and generating tailored recommendations.
In terms of risk assessment and management, Generative AI can assist in simulating different scenarios through the generation of synthetic data, aiding accurate risk assessment practices. We are planning to work on technology to combat the dangers of Deep fake AI.
DQ: What are some of the unique offerings that set the company apart?
Giridharaprasad: Digitap collaborates with 100+ players from the BFSI domain, inclusive of a few key largest digital lenders like KreditBee, NAVI, mPokket, BharatPe and large NBFCs & Financial institutions like Northern Arc, Incred, Bajaj, ICICI Securities, among others. It provides a comprehensive product stack focused on risk management, fraud control, data analytics, seamless customer onboarding and improved underwriting processes. Our AI-based Alternate Data Risk Management solutions stand out as particularly unique and innovative.
We construct credit underwriting models by extracting both financial and non-financial customer information from multiple sources. Our meticulously designed solution ensures the collection of customer data with an exceptional accuracy rate of 99.99%. We leverage a wide range of data points, including net banking and ePDFs for bank statement parsing, device analytics, mobile number validation, common account detection, employment verification and e-commerce analytics. By leveraging these diverse data sources, we empower our clients in the BFSI sector to make informed decisions, underwrite NTC (New to Credit) or Thin File Customers, minimize risks, detect fraud, and streamline their underwriting processes.
We also offer another unique solution – Personal Finance Management or Expense Manager which helps any business to integrate it in their app and offer consumers with the ability to track their financials realtime and provide various financial recommendations. This solution helps businesses to get insights into their customer’s financial profile, personalize their offerings and get positive signals & early warning signals through our proprietary recommendation engine.
DQ: What are some of the key technological trends or developments that you foresee shaping the future of Digitap and the AI industry as a whole?
Giridharaprasad: As the amount of data generated continues to grow, AI-based Alternate Data Risk Management holds significant potential. Below are some tools and advancements that can be utilized to harness the power of AI and manage data effectively:
- Explainable AI (XAI): Helps enhance transparency and interpretability of complex AI models, enabling stakeholders to understand the reasoning behind AI-driven decisions. This fosters trust, ensures regulatory compliance, and provides transparent explanations for credit underwriting, risk assessments, and customer onboarding processes.
- NLP Advancements: Enables AI systems to better understand and generate human language, enhancing customer onboarding. AI-powered chatbots and virtual assistants can engage in natural conversations, automating procedures, verifying identities, and improving the overall customer experience.
- Robotic Process Automation (RPA): Automates repetitive and rule-based tasks, streamlining customer onboarding, risk management, and credit underwriting. It also improves efficiency by automating data entry, document verification, compliance checks, and data gathering and analysis.
- Blockchain Technology: Helps enhance security, transparency, and immutability. It streamlines customer onboarding, automates credit underwriting agreements through smart contracts, and improves auditability and compliance in risk management.
- Alternative Data Sources: Enriches risk assessment and credit underwriting models. Advanced data integration techniques combined with AI algorithms provide comprehensive insights into customer creditworthiness and risk profiles.
Adopting these technological trends can revolutionize the industry, enabling efficient customer onboarding, improved risk management, and enhanced credit underwriting capabilities. Staying informed and embracing relevant technologies is crucial to remain competitive in this rapidly evolving landscape.