Technology makes work easier, optimizes time, cost and other resources and it is a boon to whoever uses it properly. It helps you command and control any number of activities as you wish. In this fast moving world, if you want to be in-step and in-sync with all the goings on, it is very crucial that you are a tech-savvy person. The range of services that technology today provides is very wide. Education, management, engineering, entertainment and the list goes on. But one sector that is digitalized but not well known or practised much is finance. A lot of administrative, mundane and repetitive work is done by humans in the finance firms. A simple software which calculates income tax or the pension a person will receive by the time of his retirement will be sought after by every individual. With the similar idea in mind to program software and technologies and automate services in the finance sector, FinTechLabs has come up with useful, productive and coming of age financial technologies.
THE TECHNOLOGISTS IN BUSINESS SUITS
The two founders of fintech labs decided to start a marketplace lending company when the realisation struck them that there is no credit assessment infrastructure providing organization in India. This is when they decided to get into the automated financial services. The founders are Vishal Sahu(Age 30) with 8 years of experience with 5 in building various Fintech platforms (P2P Lending, Robo advisory, Currency exchange, loan comparison) from scratch for various European Ventures and Vipul Rawal(Age 26) who has 5 years of experience as business development head and chief marketing officer for an EduTech & a FoodTech Startup. Read more news on Fintech Startups.
FINANCIAL MANAGEMENT PLATFORM
Fintech labs is designed as a lending management platform which provides easy access of lengthy procedures of banks and other financial institutions in a matter of hours. The age old practice of lending and borrowing money is digitized leading to optimization by automating simple management tasks like sending emails, preparing reports and cross checking regulations. Their first product robo-underwriter takes bank statements as input and analyses the data. It processes the data according to the requirements to develop average account balance, monthly income, present monthly expense and a lot more. All these services are directly given into the database of lending and financial management companies. The Bank Statements Analysis Engine is very useful for law/IB firms and accountants too. Also providing the P2P lending software is a crowdfunding platform provided by FinTechLabs which connects the lenders and borrowers directly without any necessity of the long applications and review process of banks and other lending organizations.
THE FUTURE OF FINANCIAL TRANSACTIONS
The one thing that keeps FinTechLabs apart from its competitors is the machine learning search engine that identifies and automatically categories bank transactions. With the recent inclusion into the axis bank accelerator called thought factory, they plan to provide all possible digital and automated solutions for all financial management services. They are building traction in the startup ecosystem by their recent pitch winning round of Startup India Rocks Delhi .