Digital Money Management (with AI) Qorus-Infosys Finacle Banking Innovation Awards 2024

Concept and Objectives: The DMM Initiative aims to enhance client engagement and attract new clients through innovative mobile app features. By leveraging AI, we provide solutions for real-time brand detection, subscription management, transaction categorization and future payment forecasting, empowering clients to manage their finances efficiently.

Reasons Behind: The initiative addresses the growing demand for personalized and automated financial management tools, helping clients gain control over their spending and better plan their finances.

State of Competition: While other banks offer basic financial tracking, our use of AI in real-time, automated insights and predictions differentiates Millennium, providing a competitive edge in client engagement and service personalization.

Sources of Inspiration: Inspired by AI advancements in various industries, including health diagnostics and geolocation services, we applied similar techniques to financial data. Leveraging insights from health diagnostics, particularly in electrocardiogram analysis, we developed autonomous solutions that operate without the need for human labeling. Drawing from geolocation services, we created models to predict future payments for each client, thereby enhancing the accuracy and efficiency of our financial forecasts.

Departments Involved: The initiative is a collaborative effort involving the Enterprise Data Platform (EDP) team, the Artificial Intelligence Platform (AIP) team, the Data Science (DS) team and business leaders, ensuring seamless data acquisition, processing, and solution development and deployment.

Main Results So Far: The initiative has impacted 220k users, with seen 4 million app uses in just 6 months. Over 90% of users who rated the solution gave it 5 stars, highlighting its success in enhancing client satisfaction and engagement.