Vani AI Wins ‘Best AI in Fintech’ Award at GFF 2024

Velocity, India’s leading cash-flow-based financing platform, is thrilled to announce that its Gen-AI-powered customer calling solution, Vani AI, has won the Finest Fintech Solutions Award for Best Use of AI in Fintech at the Global Fintech Festival (GFF) 2024.

This award solidifies Vani AI’s position as a frontrunner in AI innovation within the financial services sector, poised to revolutionize customer service by enhancing both operational efficiency and customer satisfaction. 

“We are honoured to receive this recognition at the Global Fintech Festival. With Vani AI, we’ve not only automated key processes at Velocity but have also created a solution that addresses the broader needs of the financial services sector in India,” said Abhiroop Medhekar, Co-founder and CEO of Velocity. 

What Makes Vani AI Different?

Developed in-house by Velocity’s team, Vani AI can execute accurate, natural-sounding customer calls in Indian languages like Hindi and Telugu. Unlike robotic IVR systems that only provide one-way communication, Vani AI can understand and respond to customer questions in multiple languages and dialects. This helps make customer interactions smoother and more engaging.

Vani AI can take over many of the repetitive tasks currently handled by human agents, like reminding customers about loan repayments or qualifying leads for financial products. This can save companies 25-30% on operational costs compared to traditional human calling, with the potential for even greater savings as the technology continues to improve.

This GenAI-powered solution can also handle four to five times more calls than a human agent, dramatically increasing efficiency. If a customer needs to speak to a human, Vani AI can seamlessly connect them to a live agent, ensuring a positive experience. The technology behind Vani AI combines multiple advanced tools, including machine learning for noise reduction and speech recognition, to deliver the best possible results in real time.

Vani AI can also be trained using a company’s data, including past customer interactions, to provide responses that align with the company’s values and goals. This means that every conversation Vani AI has can be personalized to meet the specific needs of each customer.

Transforming the Customer Service Landscape

In the BFSI sector, a large part of the workforce is dedicated to customer calls for tasks like data collection and loan reminders. Traditional systems like IVR can’t hold real conversations, making them less effective. Vani AI changes this by enabling intelligent, human-like conversations that can not only gather information but also take actions like sending a WhatsApp message or booking an appointment during the call. 

Vani AI can also easily handle sudden spikes in call volume, something that’s difficult for traditional call centres to manage quickly. This flexibility allows companies to scale their operations instantly, without the need for additional hiring or training. According to a 2023 report by McKinsey & Co., generative AI has the potential to add between $200 billion and $340 billion in value annually to the banking sector, equating to 9-15% of banks’ operating profits.

Vani AI is already on the radar of multiple banks, NBFCs, fintech companies, insurers, and other financial institutions. Despite the growing use of AI in India’s financial sector, challenges like understanding local languages, managing interruptions, and reducing background noise have remained difficult to overcome—until now. Vani AI is specifically designed to address these issues, making it an ideal solution for the unique needs of the BFSI companies in India.

For more information about Vani AI and Velocity’s innovative fintech solutions, please visit https://www.velocity.in/ai

Exhibit 1: Snippets from actual telephonic conversations with Vani AI

Want to understand the usage of Vani AI better? Read our blog Use cases of AI in Finance: 2024

About Velocity:

Velocity is India’s leading cash flow-based financing platform for new-age businesses, focused on democratizing access to working capital for this traditionally underserved sector. Founded in 2020 by Abhiroop Medhekar, Atul Khichariya, and Saurav Swaroop, Velocity leverages these digital-first businesses’ abundant data and robust online cash flows to offer innovative financing solutions. Through partnerships with 26 ecosystem players, including four of the largest marketplaces, Velocity provides non-dilutive debt financing to E-commerce founders.

Velocity has disbursed over ₹900 crores, enabling over 1,500 businesses, especially D2C and e-commerce companies, to overcome working capital challenges. The Bengaluru based fintech has raised $30 million in equity funding led by Peter Thiel’s Valar Ventures. Its portfolio includes many of India’s fastest-growing D2C brands like Soulflower, Chumbak, and Off Duty. 

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