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FundsTiger.com Launches First 'Loan ChatBOT' in India for Business and Retail LoansBENGALURU, January 18, 2017 /PRNewswire/ -- India's leading Fintech Company FundsTiger.com is the first company in India to launch an Automated Loan ChatBOT Service for online retail and business loans guidance over a Messenger, driving ease, customer engagement and loan facilitation for MSMEs and Retail borrowers. FundsTiger modeled and trained the ChatBOT after analyzing over 10,000 in-person and phone interactions with real loan aspirants. Loan ChatBOT gives access to right credit product selections, loan application guidance and allows users to fill details for the loan application entirely through the chat interface of FundsTiger Messenger - thus ushering in a Conversation Interface revolution for lending in credit-starved India. The only thing the client needs in order to initiate the interaction is the Facebook Messenger mobile app or its web version on their computer. Thus, simple messaging transforms into rich personalized experience enhancing 'Natural Interface' conversations for borrowers delivering real-time responses, timely and relevant information for their credit financing needs. Over the last weeks, leaders in the Indian financial sector, such as HDFC Bank and Yes Bank have also launched ChatBOT services, but for their existing bank account holders. Rise of ChatBOTs for Today Chat and Voice are natural conversational interfaces that all of us are familiar with and more accessible from a HCI (Human Computer Interaction) perspective. Today, people have moved from mere Paper and Branch banking to Phone and Internet Banking to mobile apps and payment apps such as BHIM. The next billion Indian users are predominantly young and who have caught on to smartphones and 4G telecom offerings. Those who need loans are now 'mobile-first' and are well aware of FaceBook which has over 142 mn users in India and over 90% users access it on mobile devices making Facebook Messenger one of the Top 3 mobile apps in India. Vikram Verma, Founder and CTO of FundsTiger says "We believe that the time is right for chatbots as natural interface providing Conversational UX (User Experience). FundsTiger ChatBOT is a niche, specific intent-based ChatBOT that presently helps in applying for business or personal loans." Relevance of ChatBOTs in Indian Lending Ecosystem Today, alarmingly, India's credit growth rates are at multi decades low - due to cyclical downturn and transitory demonetization impact. Indian businesses need strong credit financing support on an urgent basis. Credit financing is under-penetrated in India, compared to other emerging economies. Government is making strenuous efforts through recent announcements such as enhancing CGTMSE limits to INR 2 Crore to ease credit offtake and help small business borrowers get easier working capital financing options. FundsTiger is dedicated to Digital India, and Make in India initiatives of the Government of India. FundsTiger ChatBOT is a step in that direction and can hold automated dialogues with the borrowers, guiding them step by step through various FundsTiger loan offerings. FundsTiger ChatBOT roadmap includes extending its conversational capabilities to make it fully automated and help in credit evaluation, alternate multiple products and real-time credit approvals. The advantages of ChatBOT The future of ChatBOT platforms are evolving to use Artificial Intelligence and Machine Learning - to deliver superlative customer experience at a massive scale which is not possible by without employing thousands of human support operators. The key difference with other types of automated services is that ChatBOT has the flexibility and ease of communication similar to a real conversation with a human being, which significantly improves the user experience. The fully automated ChatBOTs, such as the one used by FundsTiger.com, are the future of communication between customers and business. Similar to assistants such as Apple's Siri, Amazon's Alexa, Google Assistant and Microsoft's Cortana, ChatBOTs will understand both text and voice commands in the future. About FundsTiger.com? FundsTiger.com is a Leading FinTech Company based in Bangalore that operates an Online Lending Platform and is redefining how businesses and retail borrowers seek and avail loans and credit financing in India. FundsTiger's signature innovative approach towards lending and customer experience has led the company to be the preferred destination for easy credit financing for Indian small businesses and retail borrowers. FundsTiger has many private banks and NBFCs in the lending ecosystem and is also the only partner of Bank of Baroda for SME Loans throughout India. Founded by Neelam Dwivedi, CEO and Vikram Verma, CTO and a team of seasoned Technology, Banking and FinTech entrepreneurs from IIT Delhi, IIM Bangalore and Wharton School of Business, University of Pennsylvania, USA with a proven track record, FundsTiger is headquartered in Bangalore and serving customers nationwide with the mission as Democratization of Finance. Connect with Us: ChatBOT Link: https://www.messenger.com/t/920594938022962/ Facebook: https://www.facebook.com/FundsTiger/ Twitter Handle: @FundsTiger Website: https://www.fundstiger.com/ LinkedIn: https://www.linkedin.com/company/FundsTiger-private-limited
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