AI-Driven Innovations Transforming Fintech: Mayank Kapoor, CTO, rupyy, CarDekho Group
In an exclusive interview with Express Computer, Mayank Kapoor, CTO of rupyy, CarDekho Group, shares insights into how the fintech platform is leveraging cutting-edge technologies like AI, big data, and paperless solutions to revolutionise the used car financing sector in India. Kapoor discusses the company’s tech-driven approach to customer experience, the role of AI in enhancing financial services, and future technological goals that could redefine the broader fintech industry.
Could you start by telling us a bit about rupyy and the space it occupies in the fintech industry?
rupyy, a part of the CarDekho Group, identified a gap in the Indian market where the used car financing space was significantly underserved, especially post-COVID. While used car transactions were growing, there was minimal leverage in finance or loans for these vehicles. We stepped in to create a comprehensive financing platform, working with lenders to develop suitable financial products for used cars. Today, rupyy is one of the largest used car financing platforms in India. What sets us apart is that we built our systems from scratch, free of legacy constraints, to offer a fully paperless, fast, and user-friendly financing experience. Customers can apply for and receive loans from the comfort of their homes, without the need for physical paperwork or visits to bank offices.
The customer experience is crucial in any business, and AI plays a significant role in shaping it. How is rupyy leveraging AI to enhance financial services and improve the customer experience, especially in terms of loan processing and financial insights?
Customer experience is at the core of what we do, and AI has become a pivotal tool in enhancing it. Our platform, built from the ground up, incorporates AI and machine learning to automate and optimise processes, from document verification to loan approvals. For example, our DigiQode platform allows consumers and partners to initiate loan applications simply by scanning a QR code. AI-driven algorithms handle document verification, ensuring a fast and accurate, paperless experience. This not only speeds up the loan approval process but also boosts our high Net Promoter Score (NPS) of over 70.
Traditional software, or Software 1.0, operates on fixed logic and rules. In contrast, our approach, Software 2.0, integrates AI and machine learning to enable systems that learn and improve over time. DigiQode offers a fully paperless application journey where AI validates documents, confirms live presence, and streamlines the approval process. Customers can quickly access multiple financing options with minimal input. Additionally, AI and ML are integral to our Digikata product for partners, the DigiPartner platform for onboarding, and the Digibuddy app for our sales team, enhancing both the customer experience and operational efficiency while reducing manual interventions.
You mentioned big data earlier. How is rupyy utilising big data to shape its financial products and services?
Big data is central to our operations, allowing us to record every interaction and present relevant information at key points on our platform. For instance, our recommendation engine offers highly personalised suggestions based on past interactions and consumer profiles. We also have a sophisticated used car pricing engine that uses data analytics to accurately value assets, which is crucial for managing risk in secured financing. This ensures we offer the best financing options to customers while minimising risk for lenders.
Big data also gives us a competitive edge by helping us better understand our consumers and improve our approval rates, which are among the highest in the industry at around 80%. By analysing historical data, we can predict which consumer profiles are likely to receive approvals from specific lenders, allowing us to tailor our offerings and streamline the approval process. Additionally, big data helps automate various operational tasks, enhancing efficiency and delivering a better overall customer experience.
Looking ahead, what are your long-term goals in terms of technology adoption at rupyy, and how do you think these technologies will impact the broader fintech industry?
Our long-term goal is to enhance the consumer experience by leveraging AI, machine learning, and big data. We aim to maintain high approval rates and fast processing times and expand our offerings to include new car financing, two-wheeler financing, and more. We’re also focussing on fraud detection, ethical and inclusive credit scoring, and expanding our paperless, QR code-based platform across various channels and products.
Additionally, we plan to integrate our technology into other platforms through open banking APIs, allowing more consumers to access quick and reliable financing solutions. These advancements will not only drive rupyy’s growth but also set new standards for customer experience, efficiency, and inclusivity in the broader fintech industry.
