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India's online lending marketplace Paisabazaar.com has entered into a partnership with Microsoft to drive 'industry first' technology innovations on its platform using artificial intelligence and machine learning. As part of the overall partnership, Paisabazaar.com will move its entire infrastructure to Microsoft Azure.
Being India's one of the largest digital currency lending platform, Paisabazaar.com receives customers from varied segments and from more than 750 cities and towns across India every month. By building cutting-edge technology on Microsoft cloud, Paisabazaar.com intends to offer customized and secure solutions for each consumer coming to its platform.
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, "At Paisabazaar.com, one of our aims is to simplify personal finance for our customers through technology. We are excited to partner with Microsoft in this journey where we would, together, not only delight consumers through a never-seen-before digital experience, but also help them save both time and money through more customized solutions he further added.
Meetul Patel, Chief Operating Officer, Microsoft India said, "We are happy to partner with Paisabazaar.com in their endeavour to deliver an innovative and unique customer experience. She further added that his partnership will enable Paisabaazar to utilize the power of Microsoft's cutting edge AI services to develop novel solutions and deliver greater value to their rapidly growing customer base."
Paisabazaar.com will work on futuristic technologies like artificial intelligence and machine learning to benefit customers in three important ways:
• It will help identify customer needs more accurately, factoring in their lifestyle and life-stage.
• It will help sharpen product recommendations and underwriting decisions. This will also expedite the processes on the Paisabazaar platform through further automation and digitization, in line with its philosophy of creating 'paperless' and 'presence-less' processes.
• It will build innovative features like chat-bots, image recognition, voice analytics and language processing to take the customer experience to the next level.
Jagmal Singh, CTO, Paisabazaar.com, said, "The traffic on the Paisabazaar platform is growing at 350% annually. He further added that Microsoft's cloud-based system would help us not just create a frictionless experience but also world class data analysis systems. Both Paisabazaar and Microsoft are committed to build new technologies that will create a new normal in the financial services industry."
In sync with the Government's recent financial technology announcements under its Digital India initiative, Paisabazaar, in partnership with Microsoft continues to enable financial growth for, both, individuals and MSMEs through world class digital financial management.