Fingular, a Singapore-based global neobank, renowned for its disruptive role in accelerating financial inclusion and fintech innovation, today announced the first results of the comprehensive Generative AI powered transformation to support its explosive growth trajectory.
Among first in Asia-Pacific, Fingular has completed an omni-channel automation of the entire cycle of customer communication based on Agentic AI capabilities. Fingular has launched its AI-powered Contact Centre using Generative AI Voice Assistant and NLP-powered (Natural Language Processing) ChatBot technologies. Powered by the GPT-4o model, the system manages the entire customer communication cycle, provides instant and personalized support without any waiting to help customers resolve any issue, and provides enhanced conversational capabilities with natural conversations, creating a seamless and intuitive customer experience. Fingular also uses AI for quality control, analysis and continuous improvement of communication scripts, as well as for fine-tuning of the communication strategy.
Currently, over 80% of inquiries are resolved by an AI-powered agents, with the potential to increase this share to 99% by the end of this year. The GenAI engine has reduced the Cost per Communication to less than $0.01 (40 times less than human staff), while providing better quality of service. Thus, the Customer Satisfaction Index of AI agents exceeds that of human agents by 10%. Share of successful conversations has been improved by 30%. Call volume has increased 5 times without any additional cost while the cost of quality control has been halved.
Beyond communications, Fingular also leverages AI in its innovative Risk Engine tailored to early-stage markets with limited risk data available. AI allows going deeper in risk using superior underwriting techniques, finding clients among underbanked and unbanked and gradually helping them to advance to the near prime segment.
Fingular, the first to launch a fully online digital lending process in Malaysia, is one of the pioneers and innovators of disruptive technologies for financial inclusion and embedded finance. At the end of 2024, Fingular achieved operational breakeven at the Group level in less than 3 years since its inception and had amassed 5 million customers to date.
“This is part of Fingular’s global initiative to create the first fully AI-driven neobanking technology without operational staff. It sounds challenging, but in some countries full automation looks absolutely feasible and we are close to it. Moreover, we see this as a target approach to new market entry. Launching a market with fully automated processes is a strategically important step to enhance the efficiency and competitiveness of the business in the long run, as it allows scaling without additional costs. According to our initial results, a fully automated AI-driven approach allows achieving comparable efficiency having up to 20X less staff. Stay tuned!” - said Maxim Chernuschenko, CEO Fingular.
“Besides offering the best personalized digital services to our customers, we also place great emphasis on the comprehensive AI-driven transformation of our processes. This is not just about achieving economic benefits, but a necessary part of our approach to driving the mission of reducing the emerging market credit gap globally, improving the life quality of more than 2 billion financially underserved people. This historic challenge can only be successfully solved through continuous innovation and cutting-edge technologies” - added Fingular strategic backer Vadim Gurinov, Cypriot investor and entrepreneur.