Startup
Fintech product delivery in 10 minutes: Invincible Ocean introduces no-code solution for onboarding
In a world where rapid access to services has become the norm—whether ordering food, booking a ride, or streaming entertainment—the financial sector is catching up. Fintech companies are under increasing pressure to streamline processes, especially in areas like onboarding, where cumbersome, manual verifications have traditionally slowed things down. Responding to this demand, Invincible Ocean has launched a groundbreaking AI-powered no-code onboarding platform that reduces fintech product deployment to just 10 minutes, potentially transforming the customer onboarding landscape.
As governments globally tighten Know Your Customer (KYC) regulations, the demand for efficient, compliant eKYC solutions has become a priority across industries. Invincible Ocean’s solution is designed to help businesses, particularly in finance, navigate this requirement effortlessly while keeping fraud risks at bay.
“As onboarding journeys across different sectors are largely similar, our solution allows the same product to be used across various industries and use cases,” states Ajay Setia, CEO, Invincible Ocean. “Additionally, our Invincible Intelligence ecosystem helps design customised risk engines using alternate data.”
Simplifying onboarding with no-code efficiency
At the core of Invincible Ocean’s platform is a user-friendly drag-and-drop interface that requires no specialised coding knowledge. This no-code design allows users from various departments—not just tech teams—to customise their onboarding workflows easily. By enabling a microservices-based architecture, companies can modularise each part of the onboarding process, breaking it down into reusable components that simplify configuration. This approach allows businesses to create a personalised onboarding journey tailored to their brand’s look and feel, integrating domain names, logos, and colours, for a seamless user experience.
“Our no-code platform is accessible to a wide range of users within an organisation,” Setia says. “It allows companies to build onboarding solutions without the need for deep technical expertise, democratising access to a crucial area of customer experience and compliance.”
A standout feature of the platform is its ability to adapt across industries. While the platform is flexible enough to meet general onboarding needs, it also offers pre-designed, industry-specific solutions tailored to sectors like Non-Banking Financial Companies (NBFCs), insurance, and banking. These customised workflows are already aligned with the unique compliance and operational requirements of each industry, making it easier for businesses to deploy without the need for extensive adjustments.
Speed is the hallmark of this offering, with a record delivery time of 10 minutes for product deployment. In contrast to traditional onboarding processes that may take days or even weeks, Invincible Ocean’s rapid deployment ensures that businesses can quickly react to changing regulatory needs and roll out solutions for onboarding customers and vendors seamlessly.
“Invincible, with its DIY platform and 250+ verification APIs, provides eKYC solutions for 150+ countries and includes a comprehensive vehicle intelligence ecosystem,” says Setia, highlighting the platform’s vast reach and capability to support businesses on a global scale.
Tackling onboarding challenges
In developing this no-code solution, the company identified three critical challenges in the current onboarding landscape: inefficiency, high costs, and fraud risks. Traditional onboarding typically involves manual paperwork, time-consuming verifications, and disconnected systems, leading to bottlenecks and elevated costs. For many businesses, these processes also increase the likelihood of errors and fraud.
To address these challenges, the platform leverages AI-driven risk engines and real-time data processing, which enhance fraud detection capabilities. By allowing users to configure risk engines according to industry-specific needs, the platform also helps minimise exposure to fraudulent activities. For instance, financial institutions that prioritise security can leverage the Invincible Intelligence ecosystem, which uses alternate data to make real-time, risk-informed decisions.
It’s built as a white-label solution, enabling organisations to integrate onboarding seamlessly within their existing brand environment, while ensuring compliance and security. This adaptability ensures that clients can scale their onboarding solutions to meet evolving business demands without compromising security or user experience.
Ongoing support for changing regulatory needs
Despite the platform’s simplicity, Invincible Ocean provides robust client support. “We designed a straightforward DIY platform that emphasises ease of use,” Setia says. To facilitate smooth onboarding for users, it has incorporated AI-enabled tips throughout the platform and offers resources like tutorials, user guides, and access to a dedicated support team.
Keeping pace with the fast-changing fintech sector, Invincible Ocean actively gathers client feedback to continuously improve its platform. With a clientele of over 300 companies and 10 banks, the platform’s adaptability is a response to emerging trends and regulatory changes. The Invincible Intelligence Ecosystem was specifically designed to meet the demand for comprehensive insights from real-time data, enabling businesses to make quick, informed adjustments.
“By harnessing real-time data and advanced analytics, the platform can adapt to regulatory shifts and evolving market demands, ensuring that clients remain compliant and competitive,” explains Setia.
Data security and privacy at the forefront
In a world where data breaches are a constant threat, the company prioritises data security and privacy. The platform incorporates secure microservices and encryption to protect data at every stage of onboarding. Compliance with industry regulations is a key component of the platform’s architecture, which employs robust access controls and regular security audits to detect and prevent potential threats. For companies handling sensitive KYC information, this adherence to high-security standards is a reassurance that customer data is well-protected.
By focusing on ease of use, data security, and regulatory compliance, Invincible Ocean has effectively addressed key pain points in the onboarding process, making it a go-to solution for fintech companies worldwide. As Setia aptly concludes, “In today’s market, onboarding needs to be not only fast but also secure and adaptable. Invincible Ocean’s platform meets that demand, empowering businesses to deploy fintech products quickly and confidently.”
Startup
Ricky Kej, Shobu Yarlagadda, and Biren Ghose on AI and tech integration in music and film industries
Technology shapes creative art forms such as music, film, and animation, notes Indian-American musical composer and environmentalist Ricky Kej, and Shobu Yarlagadda CEO, Arka Media Works.
Music and the way it has been created several changes and it has always depended on how people listen to music. From cassettes and CDs to streaming services such as Spotify and YouTube, the modes of consumption of music have also evolved over the ages, explained Kej.
The panelists Kej and Yarlagadda were speaking at the Bengaluru Tech Summit 2024 on Wednesday in a session ‘Lights, Camera & AI’, which discussed the integration of technology and Artificial Intelligence in the music and film industries. The session was moderated by Biren Ghose, a film producer and Managing Director, Asia Pacific, Technicolor Group.
Kej has won three Grammy Awards and has been nominated for a fourth for his album Break of Dawn at the 67th Annual Grammy Awards. Yarlagadda, a film producer along with Prasad Devineni founded Arka Media Works, a film production company known for its works in Telugu cinema industry.
While on cassettes, the listener would listen to all songs as recorded on it, the latest technology has enabled users to choose what they like to listen to. “Tech is great, it has democratised listening, but the negative is that there are related tracks on the sides so if the first five seconds are not captivating, the listener moves to another song,” Kej added.
As a result, composers create songs that try to grab the attention of listeners in this short span of time. Kej cited the recent song Tauba Tauba as an example of songs with catchy melodies that stay in the minds of the audience. Another trend, he noted, is that no song lasts more than 3-4 months— it trends for some time and another trend then takes over.
Similarly, the film industry has also seen a rapid evolution from heavy cameras to iPhone-shot movies. A common denominator in the two cases is tech adaptation and increased accessibility leading to democratisation of both creations as well as dissemination and consumption.
Before the arrival of modern tools, films were printed and shipped across India and the world in metal trunks and the journey took weeks. However, today, it takes only a click of a button for films to be transferred, which has helped in mass release of content.
“The consumption of content itself has evolved. While earlier it was just the theatres, it has moved to television and mobiles. From appointed viewing to anytime anywhere viewing, and the long-form content has become short-byte content to keep the audience constantly engaged is challenging. We do not have the luxury of time and the 2.5 hours of the film must keep them engaged, else they will quickly move to their mobile phones,” said Yarlagadda, who was a part of the Bahubali film production.
Karnataka is pouring resources into animation and visual effects. According to Ghose, the state has an active centre for excellence for animation visual effects, which is around 6-7 years old. And, the government plans to extend this initiative to four other cities in the state.
“There is a ground swell of talent that is coming from nooks and corners of states of the country and it will make it a great space to be in,” said Ghose. Technicolor Group provides visual effects, motion graphics, and animation services for the entertainment, media, and advertising industries.
“All of us in the industry are dancing at the crossroads of where creativity and technology meet,” he added.
Will AI make humans redundant?
While technology feels overwhelming at times, the differentiating factor will be human creativity and imagination, believes Yarlagadda.
Tracing the journey of technological integration in music, Kej explains that the early 2000s saw the introduction of Virtual Studio Technology Instrument, a plugin that allows for music creation on computers without the need for instrumentalists. “Violins, guitars and orchestra were all available on computers and were so authentic that it was impossible to discern the difference between real violins,” he said.
At the time, the technology sparked debate about whether musicians were needed in studios anymore. “Musicians who thrived brought creativity and improvisations to the table and took it to the next level,” Kej remarked.
Generic music for a horror movie can be AI-generated, but someone like Christopher Nolan in Oppenheimer would try and bring something new, amazing and unique and would require a human composer which will take the genre of music forward, said Kej.
Copyright issues and legal considerations go hand in hand with the integration of AI and technology in any field. This would imply that companies can not use animations of others to train their models but can use their own past ones to help with it, remarked the panellists.
Technology also helps in collaborations with people from across the world. For example, Mufasa the Lion King, which recently had its trailer released, has seen a substantial number of Bengaluru talent in its making, said Ghose.
Startup
Moglix acquires eco-friendly paper products manufacturer Khatema Fibres
B2B commerce company Moglix on Thursday said it acquired Khatema Fibres, a manufacturer of eco-friendly paper products.
Leveraging Khatema’s manufacturing expertise, Moglix plans to integrate and diversify its offerings, reducing lead times and ensuring efficient delivery, the company said in a statement.
With expansion plans in Uttarakhand, Moglix aims to support the state’s industrial growth by creating jobs, promoting skill development, and enhancing local manufacturing capabilities, it said.
“This acquisition not only expands our manufacturing footprint but enables us to deliver even greater value as we meet the dynamic demands of the market. Our commitment to supporting India’s vision of a Viksit Bharat by 2047 remains steadfast,” Rahul Garg, Founder and CEO, Moglix.
This acquisition will help Moglix to improve local infrastructure and open new market opportunities for farmers and artisans.
Founded in 1990, sustainable paper manufacturer Khatema Fibres, with an annual capacity of 50,000 metric tonnes, offers a diverse range of eco-friendly products, including speciality high-strength kraft paper, interleaving paper, machine-glazed and machine-finished papers, various tissue options, sublimation paper, virgin test liners, and food-grade packaging solution.
The acquisition complements Moglix’s recent launch of Next Day Delivery in over 12 cities, soon expanding to 40, the company added.
Startup
Zomato’s Chief of Staff role garners over 10,000 applications in just 24 hours
A day after
co-founder and CEO Deepinder Goyal announced an unconventional opening for a Chief of Staff (CoS), the role has already received over 10,000 applications.The surge in applications reflects a diverse mix of financial backgrounds, which Goyal categorised them as those who have all the money, those who have some of the money, those who claim they don’t have the money, and those who genuinely don’t have the money.
In a follow-up post on X, he stated that the application inbox will close at 2 PM IST on Thursday.
On Wednesday, Goyal shared a post on X that he is looking for a Chief of Staff, but with a unique catch: the candidate would receive no salary for the first year. Instead, the selected individual would be required to pay Rs 20 lakh as a donation to the company’s Feeding India initiative.
“Second year onwards, we will start paying you the usual salary (definitely more than Rs 50 lakh, but something we will only talk about at the start of the Year 2,” he added.
Goyal outlined his expectations for the role, stating, “Someone who is hungry, with common sense, empathy, and little experience (no conditioning/baggage), down to earth, with zero entitlement, willing to do the right thing even if it displeases others, has Grade A communication skills, and most importantly, a learning mindset,” he said.
He further said the job will offer 10 times more learning than a two-year degree from a top management school as the candidate will work with top CXO and stakeholders in consumer tech.
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