Online lending marketplace Paisabazaar.com has entered into a partnership with Microsoft to drive an ‘industry first’ technology innovation on its platform using artificial intelligence and machine learning.
As part of the overall partnership, Paisabazaar.com will move its entire infrastructure to Microsoft Azure.
Paisabazaar.com receives customers from varied segments from more than 750 cities and towns across India every month. By building cutting-edge technology on Microsoft cloud, Paisabazaar.com intends to offer customized, tailor-made and secure solutions for each consumer coming to its platform.
“At Paisabazaar.com, one of our aims is to simplify personal finance for our customers through technology. We are excited to partner with Microsoft in this journey where we would, together, not only delight consumers through a never-seen-before digital experience, but also help them save both time and money through more customized solutions,” said CEO and co-founder, Paisabazaar.com, Naveen Kukreja.
Paisabazaar.com will work extensively on futuristic technologies like artificial intelligence and machine learning to benefit customers in three key ways:
– It will help identify customer needs more accurately, factoring in their lifestyle and life-stage.
– It will help sharpen product recommendations and underwriting decisions. This will also expedite the processes on the Paisabazaar platform through further automation and digitization, in line with its philosophy of creating ‘paperless’ and ‘presence-less’ processes.
– It will build innovative features like chat-bots, image recognition, voice analytics and language processing to take the customer experience to the next level.
“This partnership will enable Paisabaazar to utilize the power of Microsoft’s cutting edge AI services to develop novel solutions and deliver greater value to their rapidly growing customer base,” said chief operating officer, Microsoft India, Meetul Patel.
“The traffic on the Paisabazaar platform is growing at 350 percent annually. Microsoft’s cloud-based system would help us not just create a frictionless experience but also world class data analysis systems. Both Paisabazaar and Microsoft are committed to build new technologies that will create a new normal in the financial services industry,” said CTO, Paisabazaar.com, Jagmal Singh.
In sync with the government’s recent financial technology announcements under its ‘Digital India’ initiative, Paisabazaar, in partnership with Microsoft continues to enable financial growth for, both individuals and MSMEs through world class digital financial management.