Enabling Technologies

Concluding YES FINTECH Accelerator Program Autumn Cohort – Demo Day Highlights and Main Learnings

MEDICIResearch Analyst

“The best way to predict the future is to create it.“Abraham Lincoln

YES BANK, India’s fifth-largest private sector bank, has been a pioneer of several key technology innovations since its inception in 2004. YES BANK continues to be at the forefront of technology innovation and endeavors to continue its focus on delivering world-class banking services to its institutional and retail clients through best-in-class technology and collaborative support from all parts of the FinTech ecosystem. YES BANK has been collaborating with and supporting more than 100 FinTech startups in the country to provide innovative financial solutions to its corporate, SME, and retail customer base.

On January 9, 2018, YES BANK launched YES FINTECH Autumn Cohort – a 15-week program run in close collaboration with MEDICI as the Strategic Partner and PwC India as the Program Partner.

Commenting on the event, Mr. Rana Kapoor, MD & CEO, YES BANK, said, “We are pleased with the outcomes of our second cohort, which has addressed multiple focus areas with material impact on productivity, data intelligence, new MSME business generation, and enhanced customer service, among others.

“At YES BANK, we believe in collaboration over ownership and have successfully been able to forge meaningful relationships with startups around the world, which has helped us access innovations and solutions. Since launching the accelerator program, we have seeded and scaled several such technologies, which has had a multiplier effect on the entire FinTech ecosystem.”

Showcased use cases

Seven finalists of the accelerator program showcased a mix of innovative solutions, covering automation, virtual assistants, risk management, lending, etc.

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Use cases (& startups)

  1. Goods and Service Tax (GST) user base information extraction, 100% automation of RCU, skip tracing and asset tracing (Empowering Lending Institutions with Cloud-Based Solutions – Interview with Karza, YES FINTECH Accelerator Autumn Cohort Finalist).

  2. Balance sheet & P&L statement analytics (FinBit).

  3. Voice-based chatbot integration into the MSME mobile app for customer service (Discover the Power of Chatbot Experiences – Interview with Sentimer, YES FINTECH Accelerator Autumn Cohort Finalist).

  4. Business Analytics (BA) for LPM, TBG & Risk Management (Defining the Future of Big Data & Analytics – Interview with Pingal Technologies, YES FINTECH Accelerator Autumn Cohort Finalist).

  5. Consent-based borrower data sharing from multiple external public, and non-traditional data sources (The Future of API Banking in India – Interview with bNesis, a Startup Selected for the YES FINTECH Accelerator Autumn Cohort).

  6. Employee benefits and reimbursements automation (Bringing AI into Expense Management – Interview with Fyle, YES FINTECH Accelerator Autumn Cohort Finalist).

Interviews with finalists

The MEDICI Team had the pleasure of interviewing the finalists of YES FINTECH Accelerator Autumn Cohort. One of most interesting things we learned was about the transformative change that founders believe is coming to their industry in the next three to five years.

Omkar Shirhatti, CEO & one of the co-founders of Karza Technologies, believes that banks will focus mainly on API-driven solutions and will look at expansion without branches.

Jose Gomez, the CEO of Sentimer – chatbots & AI platform for banking, financial services, and insurance, believes that artificial intelligence is the most transformative force of our times and will drive multiple changes in how we formulate B2B and B2C.

“The combination of human and robot will change how we interact daily with companies, enabling better customer decisions by adding analytics and AI to the current situation,” he said.

With the advent of recent advancements in open-source technologies, Digvijay Singh Baghel, one of the co-founders of Pingal Technologies, expects to see a paradigm shift in the data analytics space, enabling business users to have access to self-service analytics tools, which will enable the decision-making to happen in real time. This will go far beyond some of the “gimmicky” use cases in consumer banking, which do not necessarily add to the bottom line in a substantial manner.

“In the FinServ industry, the big-value realization will come when some of the real-time decision-making in wholesale banking will be aided by analytics incorporating streaming data and will go far more granular to help find unknown ‘unknowns.’ We hope to be at the forefront of that trajectory, leading the analytics transformation in India and beyond.” – Digvijay Singh Baghel, one of the co-founders of Pingal Technologies

The bNesis team believes that in five years, banks will reduce the number of branches, and the branches will focus more on zones for customer self-service and less on humans being served by humans. In addition, all the main banking products will be available completely online, therefore eliminating the need to visit branches.

Major highlights of the program and the event

  • 600+ startups from around the world applied to participate in the program

  • 100+ corporates and several key investors were present at the Demo Day

  • 10+ corporates expressed interest in adopting the solutions

  • Startups presented solutions developed with YES BANK over the last 100 days

  • Five out of seven startups have successfully completed PoCs; three are in the fundraising process

  • Two international startups from Poland and Spain graduated from YES FINTECH’s Autumn Cohort

The program saw participation from venture fund investors, angel investors, financial institutions, tech organizations, media, and FinTech startups.

One of the most notable highlights of the event was the Fireside Chat between Amit Goel and Vivek Belgavi on ‘FinTech 2.0 in India.’

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Sumit Gilitwala

MEDICIResearch Analyst

An economist and management graduate, Sumit Gilitwala is currently associated with MEDICI – Global FinTech Market Network as a Research Analyst. Sumit helps banks and other financial institutions with their Digital and FinTech Strategy through their innovation programs. He is also closely associated with the research team at MEDICI and is interested in upcoming FinTech trends. In the past, he has worked with venture capital funds for fundraising and PE investments.\ \ Working with different teams over a period of time, he has built expertise in research, economic forecasting, business strategy, private equity valuation, digital strategy, and program management.