AI has the power to make the world better: Think360.AI CEO

India is at the forefront of financial innovation, with initiatives like UPI gaining global appreciation, says Amit Das, CEO, Think360.AI in an exclusive interaction with Bizz Buzz.

Das spoke about the company's recent inclusion in the AI Fintech 100 list, its business cases and impact on clients' cost, scale, and operational agility, how it differentiates against the competition, and its collaboration with CAMS. He also shared his views on the data privacy bill, the role of technology in enabling BFSI companies to navigate competitive or market dynamics effectively, how Think360 is preparing against global headwinds, its talent strategy, and his vision for the future of AI

How significant is the AI Fintech 100 listing for Think360 and your future success?

Being included in the AI Fintech100 list is a significant achievement for us, especially considering our strong presence in the fintech industry for nearly a decade, and supporting over 80 financial institutions, across banks, NBFCs, and Fintechs. This recognition holds immense value for us because: It acknowledges the breadth and depth of transformative work we do in the financial services sector, and it is a global acknowledgment; as we are the only recognized AI company in India, and it can have a broader positive impact on our brand across geographic regions, enabling us to expand our presence in new markets.

In general, India has been at the forefront of financial innovation, with initiatives like UPI gaining global appreciation. The APAC and EMEA region look at India as the leader in transformative initiatives. This recognition reinforces our position as a leader in the financial technology space and opens opportunities for further growth and impact.

Important business cases and their impact on clients' cost, scale, and operational agility?

Our financial services focus primarily lies on onboarding, underwriting, and related processes. We have been pioneers in AI-led underwriting, video-based customer onboarding, and customer management processes, enabling banks to serve customers at scale, in geographic and product coverage terms, even in remote areas with limited internet access. Technology has played a significant role in promoting inclusive finance by optimizing costs, ensuring fairness, and providing financial products in languages and styles preferred by customers. AI-assisted KYC processes have resulted in 70 per cent cost savings for customer onboarding processes in many cases. Risk assessment and underwriting are also key areas of our expertise. We have introduced innovative approaches such as device-data-based underwriting, efficient utilization of the account aggregator framework to evaluate financial profiles beyond traditional trends, and building ML scorecards and risk-based pricing engines. By leveraging AI, we drive operational efficiency and reduce costs, allowing us to expand our reach and offer new alternatives.

How do you differentiate against the competition and how will the collaboration with CAMS play out?

Over the past 12-18 months, regulators have taken a more active role in driving and mentoring industries such as banking/lending, capital markets, and insurance. They are shaping the future through compliance and customer interest-focused reviews with stakeholders in the ecosystem. What set us apart from competitors are our significant investments in AI and its central role in impacting clients' business processes. We have a deep background in analytics and AI, which enables us to deliver tangible and measurable results for our clients.

Another key differentiator is our focus on consumer interest and data privacy. Unlike many of our competitors who treat compliance and data privacy as a peripheral priority, we prioritize compliance and do things right, even in the face of legislation like digital lending guidelines, data privacy bills, and so on. This commitment has helped us outlast many well-funded companies in the past decade.

Partnering with CAMS, a strategic investor in Thin360 AI, with a strong industry presence and regulatory experience, positions us as an arrowhead for driving future growth. With the scale, capabilities, and access we now have through our partnership with CAMS, we are equipped to handle billions of API calls per year. This allows us to build, test, and drive innovation at scale, giving us a significant advantage in the market.

Can you throw some light on the data privacy bill?

The data privacy bill is an interesting and nuanced topic. It aims to bring the customer to the center of the universe while allowing businesses to evolve. The current draft strikes a balance by empowering customers with more control over their data while giving businesses a set of guidelines that aren’t onerous. To manage compliance costs effectively, a strategic and incremental approach is being implemented, integrating thoughtful design-led thinking. This ensures businesses can proactively work towards compliance without facing sudden legislative burdens. Compared to regulations in other countries, India's data privacy bill is the most progressive. It fosters innovation and safeguards data owners, acknowledging the importance of AI advancements. The bill's flexibility and intriguing nature make it a standout among drafts.

How do you view the role of technology in enabling BFSI companies to navigate competitive or market dynamics effectively?

In the past 18 months, compliance has become a primary focus for tech and fintech companies, whereas it used to be a secondary concern. This shift is a positive development as compliance is now given a seat at the deal table. We have witnessed numerous incidents of data breaches and misuse of information globally, alongside remarkable positive innovations like Open AI and ChatGPT. Tech companies find themselves at a crossroads, needing to make a conscious decision about the meaning of compliance. At our company, compliance, security, and regulations have always been at the core of our offerings. It is not enough to simply react to regulations; we aim to be active participants by educating others and building forward-looking, innovation-centric compliant technology organizations. This brings both pressure and focus to ensure we are not just reactive but also prepared for the future while respecting data privacy. Tech companies need to help their clients adapt to and manage these regulations.

How is Think360 preparing against global headwinds? Can you share some insights into your plan and expansion strategy?

The strategic investment from CAMS provides us with a larger scale to operate within India and globally. We possess the necessary resources, domain expertise, credibility, and governance frameworks. With the stability of a large organization and the agility of a startup, we are well-positioned to pursue larger opportunities. While there may be challenges ahead due to the global headwinds, our focus markets remain India and the US, with potential expansion in APAC, Middle East, and Africa. Our goal is to be a highly focused full-stack AI company, solving problems and delivering value to our clients. Our clients are our lifeblood. Their problems are the fuel that keeps us going and aggressively looking for solutions that can bring value to them. So, we plan to continue doing that.

What initiatives are in place to attract, retain and develop top talent to support growth and innovation?

As a company, we prioritize a few key aspects of our talent strategy. Firstly, we foster an intrapreneurial environment where individuals have the freedom to build their own ideas and intellectual property. We promote individual accountability and avoid top-down decision-making, allowing space for new ideas to flourish. Secondly, our culture is open and inclusive, particularly with a young workforce. We steer away from a traditional corporate hierarchy, creating a more informal and expressive atmosphere. In the AI universe, there are ample challenges to keep our team engaged. Our approach is to provide them with the autonomy and creative freedom they need to tackle these problems. The environment on the floor is a lot more informal, I would say it is not jacketed. It allows people the space to express themselves in the space that we operate in.

Tell us, where would AI take us in the next 3 to 5 years and what can we expect from your company?

I think AI is an extremely broad topic. At Think360, we believe that AI has the power to make the world better by enhancing processes and convenience. One prime example is driverless cars, where the underlying idea is to provide more time, increased safety and security for car owners, and eliminate the hassle of driving. AI innovation will continue to improve various sectors like healthcare, banking, elder care, e-commerce, insurance claims adjudication, and more. We envision practical applications of AI, such as AI-powered customer service, where interactions with AI bots are no longer unempathetic and imprecise. Our focus is on delivering digital innovation and transformation to clients, particularly in the areas of branchless financial services, agentless personalized engagement, and seamless customer experiences.