Active.ai - Personalizing Customer Support With AI
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Companies in the B2C sector segment are progressively approaching an age of automated customer service, which is enhancing the brand experience for customers, thanks to technologies like AI-powered customer support bots.
Founded in 2016, Singapore-based startup Active.ai is creating intelligent virtual assistant that is allowing businesses to design automatic and insightful customer support service. Active.ai has developed a successful, patented conversational AI platform for financial firms, insurance firms, and capital markets that can be quickly implemented. Here is more about Active.ai, the startup story, and how this startup is helping businesses take their customer support service to the next level.
Active.ai - Company Highlights
| Startup Name | Active Intelligence Pte Ltd |
|---|---|
| Headquarters | Singapore |
| Industry | Financial Services, Software, FinTech |
| Founders | Ravi Shankar, Parikshit Paspulati and Shankar Narayanan |
| Founded | February 2016 |
| Current CEO | Ravi Shankar |
| Products | Morfeus, Triniti |
| Website | www.active.ai |
Active.ai - Latest News
About Active.ai and How it Works?
Active.ai - Name, Logo and Tagline
Active.ai - Founders and History
Active.ai - Mission and Vision
Active.ai - Services and Products
Active.ai - Business Model
Active.ai - Revenue and Growth
Active.ai - Funding and Investors
Active.ai - Competitors
Active.ai - Challenges Faced
Active.ai - Future Plans
Active.ai - FAQs
Active.ai - Latest News
In June 2021, Active.ai partnered with Talisma, which is a major customer experience solutions provider. Talisma's technological products and solutions will be strengthened as a result of the partnership, which will allow it to incorporate a next-generation conversational AI chatbot into its platform and make it available to its BFSI clients.
On their Conversational AI journey, BFSI companies may use Talisma and Active.ai' s solutions. Active.ai and Talisma collaborated covers a wide range of use cases in Retail and Commercial Banking, Insurance, and Capital Markets, with solutions readily available on platforms like WhatsApp, as well as a full-proof seamless fallback for human assistance if needed.
About Active.ai and How it Works?
Active.ai is a Singapore-based fintech firm focusing on artificial intelligence, with a research and development center in Bengaluru. Active.ai has developed a cutting-edge, proprietary conversational AI platform for financial institutions, insurance firms, and capital markets that can be quickly implemented.
Triniti, their artificial intelligence engine, was created to provide end-users with meaningful, intuitive engagement across many channels such as SMS, phone, and IoT devices. Triniti has been developed to empower businesses to build a deep connection with their customers. This artificial intelligence engine uses Machine Learning, Natural Language Processing, and Natural Language Generation technologies to cater to the specific customer support needs of financial institutions, insurance companies, and capital markets.
Furthermore, this solution is backed by the knowledge and experience of an executive team with over 60 years of senior-level industry experience, as well as a thorough grasp of the strategic and operational issues that their clients are facing. Financial institutions, insurance firms, and capital markets are all moving fast to stay relevant to shifting client expectations, and Active.ai arrives just in time. The team at Active.ai sees an amazing potential whereby businesses can establish a natural dialogue and more meaningful relationships with their customers using sophisticated conversational AI.
The following are some of the major characteristics of Active.ai
- For balance queries and fund transfers, pre-built processes, pre-trained datasets, and pre-certified interfaces with Finastra are available.
- Business rules, bespoke replies, and branding are all highly configurable features.
- APIs are available for expanding functionality.
- Supports iOS, Android, Web applications, the Facebook virtual agent, and Alexa and Google Assistant capabilities.
Ashwini
Active.ai - Name, Logo and Tagline
The "ai" in Active.ai stands for Artificial Intelligence as the enterprise is a creator of an artificial intelligence platform for enterprises that aims to provide conversational banking services.
Active.ai's tagline says, "Conversational AI built for scale"
Active.ai - Founders and History
Ravi Shankar, Shankar Narayanan Srinivasan, and Parikshit Paspulati founded Active.ai in 2016.
Active.ai CEO Ravi Shankar previously served at a managerial position in HDFC bank. He was the VP & Head of Non-Branch-Delivery Channels at ABN AMRO Bank N.V. From 2004 to 2009, Ravi was Group Executive Vice President at Yes Bank. He co-founded Nevales Networks Pvt Ltd., which is a cloud-based managed security service provider in 2010. In 2016, Ravi co-founded Active.ai
Active.ai COO Shankar Narayanan Srinivasan started his career as a 3D Animator and went to become a serial entrepreneur. He co-founded companies like Cazh Pte Ltd( an online payment company that designed applications that let users make payments without revealing credit card and bank account numbers) and Tagit Pte Ltd ( a digital solutions company). In 2012, Shankar co-founded Fastcash Pte. Ltd, a unique platform that allows users to transfer value in the form of money, airtime, gift card, or any other tokens of value, and also digital content such as photo video, etc. through social networks and messaging platforms in a secure way.
Active.ai CTO Parikshit Paspulati worked with IT companies like CSS Corp. He was the CEO of Singapore-based software company Mobilestruct Pte Ltd from 2005 to 2008. Till 2014, Parikshit worked as the CTO of digital solutions' company Tagit Pte Ltd. Â He founded an IT consultancy firm Finoculus Pte. Ltd in 2014. In 2016, he co-founded Active.ai with Shankar Narayanan Srinivasan and Ravi Shankar.
The idea of starting Active.ai first hit Shankar Narayanan, when he lost his wallet during an international trip. He was calling his bank to block his credit and debit cards, but he realised that it was not easy to connect to the customer support due to busy networks, and endless IVR menus. This lead to the idea of using AI to handle customer support for a better user experience. He discussed the idea with his friends Parikshit Paspulati and Ravi Shankar, which led to the formation of Active.ai in 2016.
The initial client of Active.ai was Axis Bank, followed by CIMB Bank, Income, FWD insurance, IndusInd Bank, and  Hdfc Securities. Today the startup has many clients across the globe.
Active.ai - Mission and Vision
Active.ai's vision statement says, "Our vision is to create augmented AI services that is easier to train and evaluate. By integrating powerful data analysis tools, such as Power BI, with AI services and data sets we can easily visualize the accuracy of our models."
Active.ai - Services and Products
With an AI product platform that can be supplied on the cloud, Active.ai created its own IP. The major goal is to solve complicated problems by connecting to banks via APIs and making information available to clients in a courteous and cost-effective manner.
The multichannel platform enables its use on messaging platforms such as Facebook Messenger and IoT devices such as Alexa. The startup partnered with IBM, Infosys Finacle, Microsoft, and EdgeVerve Systems to provide financial services with 24-hour support via messaging and voice interfaces.
The two main products offered by Active.ai are -
- Triniti - Triniti's AI engine combines NLP and NLG components to let financial institutions communicate with consumers in a natural way. Its purpose is to automate some tasks between clients and banks, such as transactions and customer care. Triniti-powered chatbots are used to solve inquiries, saving banks' time, money, and labor. Triniti's algorithms are developed such that it can interpret customer's intent, sentiment and emotions and interact with the customers accordingly.
- Morfeus - Active.ai's middleware engine, which was created at the Bangalore Innovation Lab, operates as a Java program for a web server. It uses artificial intelligence to link front-end channels, allowing banks to communicate with their consumers through mobile, chat, or voice.
Active.ai - Business Model
Active.ai has a Software as a Service (SaaS) subscription-based business model. Active.ai's quick growth and reputation in the banking industry has resulted in a high level of involvement and confidence among clients, ensuring a stable and secure relationship between banks and customers.
Sarika Anand
Active.ai - Revenue and Growth
As per reports, Active.ai's revenue for the calendar year 2020 was USD 2.47 million while the revenue was USD 1.84 million in the Calendar Year 2019.
Active.ai - Funding and Investors
| Date | Round | Amount | Lead Investors |
|---|---|---|---|
| Sep 14, 2020 | Funding Round | — | AMTD ASEAN-Solidarity Fund |
| Jun 12, 2019 | Series A | $3M | — |
| Jan 1, 2019 | Venture Round | — | InnoVen Capital |
| Nov 13, 2017 | Series A | $8.3M | CreditEase Fintech Investment Fund, Dream Incubator, Vertex Ventures |
| Nov 14, 2016 | Angel Round | $3M | IDG Capital |
| May 4, 2016 | Pre Seed Round | $500K | Kstart |
Active.ai - Competitors
Active.ai's top competitors are Wso2, Apigee, DigitalGenius, Yodlee, MuleSoft, Xignite, Bloomberg, Mashape, Yellow Messenger, snapLogic, Barchart, Â 3scale, and Thomson Reuters.
Active.ai - Challenges Faced
As more and more enterprises are adopting AI to create better customer interaction services, the industry is slowly becoming more competitive. Although the AI business is not overly saturated, it is highly specialized, making it rather difficult. It's a multibillion-dollar sector with enormous potential.
“AI has been available for 30 years, but businesses have just lately begun to use it. Today, enterprises world over are moving away from the mobile first vision to AI first with the core focus on customer engagement and new customer experience (CX),” says Ravi Shankar, Co -founder and CEO, Active Intelligence (Active Ai) Pvt Ltd.
Shubham Kumar
Active.ai - Future Plans
Active.ai is a company that has received a lot of positive comments from its customers. With SaaS subscriptions beginning at 1500 users per month, Active.ai has made this platform extremely scalable. The Active.ai team thinks that by utilizing this ground-breaking technology, any financial institution would be able to embrace Conversational AI and provide excellent customer service.
Currently, Active.ai is operating throughout North America, Europe, Japan, and India. Active.ai employs about 40 employees across Singapore, Bangalore, and the United States. In the next few years, the company's goal is to have 100 million end-users. The company also has plans to open offices in different locations across the globe and hire talent from different locations around the world.
Active.ai - FAQs
What does Active.ai do?
Active.ai develops a successful, patented conversational AI platform for financial firms, insurance firms, and capital markets that can be quickly implemented.
Who founded Active.ai?
Ravi Shankar, a former Group Executive Vice President of Yes Bank, Shankar Narayanan, and Parikshit Paspulati founded Active.ai in 2016.
Which country is Active.ai based in?
Active Intelligence is a Singapore-based fintech firm focusing on artificial intelligence, with a research and development center in Bengaluru.
Which companies do Active.ai compete with?
Active.ai's  top competitors are Wso2, Apigee, DigitalGenius, Yodlee, MuleSoft, Xignite, Bloomberg, Mashape, Yellow Messenger, snapLogic, Barchart,  3scale, and Thomson Reuters.
How does Active.ai make money?
To generate money, Active.ai uses a Software as a Service (SaaS) subscription-based business model.
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