September 6, 2016
The past decade has seen a major paradigm shift in just about every industry in the market wanting to go digital. And for all the ease and the enriched experience it brings to the end customer, why shouldn’t they? With all its advantages, though, an increased digital footprint does bring along an uninvited folly – The Spam. The players who have had the liberty to track their customers’ footprints have come up with better techniques to personalize the entire experience for their customers, hence eliminating the spams. For the banks, though, this may be a little tricky. No customer would want his bank transactions to be tracked, and rightly so, for this is highly personal information. But at the same time, we don’t want the generic spam calls and emails which keep on disturbing us in the middle of our busy days.
This is where Connaizen, a startup from the Startupbootcamp FinTech Cohort 2016, comes into the picture. They have created a one-stop solution for banks and retailers to give personalized offers to customers and use state-of-the-art machine learning algorithms to create customer profiles and curate offers that have the most likelihood of getting redeemed. All this without using any of the customer’s personally identifiable information. Using Connaizen’s Recommendation Engines, financial institutions can run highly targeted digital campaigns which in turn boost the card usage for banks while the retailers get to significantly cut the marketing spend and optimize the return on investment by targeting just the right customers.
Connaizen has already been a hit at the Startupbootcamp’s Demo Day, grabbing the eye of top banks and investors in the region. Currently running a pilot with some of the biggest bank’s in India, the startup has plans to be serving over 30 million customers through its banking partners by early next year. Founders Nikhil Garg and Sanchit Kapoor worked on the idea for straight three years. They were later joined by their college mate Siddhant Punn, Business Development Head and Vikas Bharti, who took the development of the analytical engine in his hands. With industry stalwarts such as Mr. Umang Moondra (ex-MD, Citigroup, Singapore) and Mr. Iqbal Singh (ex-MD, Citibank, Korea) mentoring an enthusiastic bunch of founders from India, Connaizen is a promising startup in the FinTech space to watch out for.