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OneMoney partners with Eureka AI

This collaboration will further boost OneMoney Group's commitment to bridge the data divide and be a data gateway for real-time structured decision making, thus helping the Banking, Financial Services and Insurance (BFSI) industry with innovative analytics and technology solutions to enable smarter and faster lending decisions.

OneMoney Group, having in its group India's First Account Aggregator licensed by the RBI, today announced a strategic partnership with Eureka AI, a leading enterprise software company whose products allow institutions to apply artificial intelligence to the large customer and open banking data sets to deliver intelligence at scale. This collaboration will further boost OneMoney Group's commitment to bridge the data divide and be a data gateway for real-time structured decision making, thus helping the Banking, Financial Services and Insurance (BFSI) industry with innovative analytics and technology solutions to enable smarter and faster lending decisions.

As part of this partnership, Eureka will distribute its suite of products to a wide range of customers through the partner network of both organizations. Eureka's financial intelligence products enable credit and risk scoring leveraging telecom and alternative data as well as open banking and transaction data. Eureka's DS2 Feature Store and AI Learning Fabric will provide data scientists with the tools to deliver data science at scale by applying them to One Money's FIU partners’ data obtained by customer consent. Eureka works with Fortune 500 companies across industries, including telecom, banking, insurance, e-commerce and transport across Asia, the Middle East, Africa and the United States. It is expected that the 'Account Aggregator (AA) Framework', may potentially transform the financial fortunes of the country's over 63 million MSMEs and a billion Indians. Consequently, the lending sector is poised to grow to over 50m digital loans to consumers and 100m SME loans in the next 2 years.

Commenting on the partnership, A Krishna Prasad, Founder & CEO of OneMoney said, "We believe that financial institutions will focus their investment on analytics, fraud detection, digital customer acquisition, customer management strategies and build efficient lending processes. We have built smart solutions through a choice of offerings across all these key focus areas; to effectively assist such institutions in navigating the current times. By focusing on the privacy of consumers as a paramount requirement, we believe that Eureka's solutions, along with OneMoney's gateway capabilities, will provide the necessary impetus to boost structured risk-based lending. The recent regulatory changes driven by the RBI will create a significant push for the credit ecosystem in India through consent-based data sharing; this allows institutions to create better lending decisions and boost customer confidence across all segments".

Sathya Kalyanasundaram, Managing Director & CEO – South Asia at Eureka said, "At Eureka, it is our endeavour to provide best in class solutions to our customers. We are very pleased to have the opportunity to partner with OneMoney. Our association with OneMoney has come at a time that is a watershed moment for

the BFSI industry and the overall credit ecosystem in general. Our analytics leverage proprietary algorithms to generate intelligent and actionable insights, making it easier to understand customers and their needs. The end-to-end solutions enable the user to automate customer acquisition, improve persistency, help to upsell and prevent frauds with smarter customer management. We are looking forward to this association to be a long and fruitful one."


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