India-based mobile solutions provider Comviva has joined forces with FinTech firm Strands to offer an integrated suite of digital banking, wallet and payment solutions for customers of banks and financial service providers, according to a Wednesday (Nov. 17) press release.
Through the collaboration, Comviva will use Strands’ Personal Finance Management (PFM) solution to allow banks and financial service providers to offer personalized and contextual digital offerings to their customers, according to the announcement.
PFM provides users with an aggregate view of all their accounts, tracks all the financial transactions and offers a complete view of their income, expenses and cash flow through visual dashboards. Customers can monitor expenses and income over a specified period in terms of categories such as food, transport, utilities and leisure. Users can use PFM to set reminders for upcoming payments, create alerts for breaching spending limits and draw up monthly budgets and closely track them to reach personal savings goals.
“Comviva is focused on enhancing consumer experience by embracing next generation technologies,” said Srinivas Nidugondi, chief growth & transformation officer at Comviva. “Our collaboration with Strands will allow us to leverage data-analytics, artificial intelligence (AI) and machine learning-driven Personal Finance Management solution to provide enhanced digital banking and payment experience.”
Since its founding in 2004, Strands has provided its financial solution to more than 700 banks and financial institutions in more than 30 countries, serving more than 100 million customers. Comviva serves more than 130 million customers and processes 7 billion transactions with values exceeding $130 billion each year, according to the announcement.
In addition to using AI to improve digital banking and payments, the technology is viewed as a necessity in the ongoing battle to reduce fraud and as part of the Know Your Customer (KYC) authentication processes, according to PYMNTS.
Read more: Paysera on Leveraging AI and Behavioral Analytics for a Seamless Customer Authentication Experience
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