About Project
The innovative solution helps individuals and businesses assess the creditworthiness of the payee when receiving a payment in the form of a cheque and indicates the probability of a cheque bounce in the upcoming months.
A very useful platform, especially for small and medium enterprises that cannot afford to receive delayed payments or are not being paid at all. This helps one to decide if you'd accept this form of payment or not & is a smart indicator indicating the likelihood of the cheque bouncing in the next 9 months.
AppVista has helped Federal government entities deliver, their first PCI-DSS-certified mobile application with one click payment journey.
Challenges
- Traditional methods of assessing counterparty risk involve only post-facto analysis, by which irreversible damages may have been done thus the requisite was to build preempting & mitigating risk feature.
- The frequency and severity of money laundering, fraud, and other financial crimes have been on the rise, posing a significant challenge to banks and financial services firms. Battling financial crimes in the digital world.
- Customer experience, is a key competitive differentiator for companies across industries; it is, therefore, imperative for companies—(BFSI) firms—to reimagine their banking experience & invest in this space.
- Thus, access real-time data, maintain quality and compliance.
Solutions
- Proposed a feature that can keep track of all your scanned and issued cheques in one place, one can also send reminders to notify the issuer when the cheque is due, and they can share the cheque score with others.
- We integrated an important tool to assess the risk of accepting cheque payments, especially for small and medium enterprises for which post-dated cheques provide a necessary business lifeline.
- The indicators predict from a low probability to bounce, to a high probability to bounce.
- Integration of UAE feature for cognitive Robotic Process Automation (RPA) for document verification, dynamic customer risk profiling, inquiry management, and RPA-based auto alert disposition.
Services & Technology
Strategy & Design
Business Process Consulting, Customer Experience (CX), User Interface Design, Animation Design
Mobile Applications
Native: Android, iOS
Results
- Provided a superlative customer experience.
- Leverage web-based interfaces, social media, bots, and mobile apps to avail of self-service options, in conjunction with the traditional banking experience.
- Offering multilingual support for a comprehensive global view.
- Maintained quality and compliance through a platform fueled by real-time data, drive predictive decision-making, enhance the operational experience, and ensure compliance.
- Alliance with fintech to harness the latest and best in financial crime compliance technology.