Novel Patterns offers AI-powered solutions for financial institutions, automating the analysis of bank statements and alternative data to assess credit risk. Their platform streamlines loan processing by extracting key financial insights, detecting fraud, and evaluating creditworthiness for individuals with limited financial documentation. They also provide a cloud-based investment management suite that simplifies portfolio accounting and reporting for various financial organizations.
Funding
Funding not disclosed
Founders
Product
Problem
Financial institutions face challenges in efficiently assessing credit risk for individuals and businesses due to reliance on manual analysis of financial documents and limited access to comprehensive data. This results in slow loan processing times, increased operational costs, and potential inaccuracies in creditworthiness evaluation, especially for those with non-traditional financial profiles.
Solution
Novel Patterns offers a suite of AI-powered SaaS solutions that automate financial data extraction, analysis, and verification to streamline decision-making for investment and financial institutions. Their CART platform automates credit assessment by extracting and verifying data from bank statements, tax returns, salary slips, and other financial reports, while also providing account aggregator enablement. The GENESIS platform provides a comprehensive investment management solution, integrating portfolio, asset, and alternative investment management. Novel Patterns also offers a video engagement platform, MYCONCALL, to streamline customer onboarding and KYC processes.
Target Audience
Novel Patterns serves financial institutions, including banks, corporate entities, BFSI (Banking, Financial Services and Insurance) sectors, investment firms, and wealth management companies, seeking to automate processes, improve efficiency, and enhance decision-making in credit risk assessment, investment management, and customer onboarding.
Features
- **CART (Credit Assessment and Robotics Transformation):**
- AI-powered extraction and verification of financial data from various document types.
- Automated financial checks for faster and more accurate loan approvals.
- Account Aggregator Ecosystem for unified customer financial data.
- CAM (Credit Assessment Memo) automation.
- **GENESIS (Investment Management Platform):**
- Integrated portfolio, asset, and alternative investment management.
- Real-time portfolio processing and automated reconciliation.
- Support for diverse fund and security types.
- Cloud-based SaaS architecture.
- **MYCONCALL (Video Engagement Platform):**
- Video KYC for secure and compliant customer onboarding.
- Face matching and NLP-driven text matching for verification.
- Call scheduling and offline Aadhaar/PAN verification.
- **APIs:**
- Onboarding APIs for identity, document, and fraud verification.
- Underwriting APIs for credit risk assessment.
- Professional License Verification API for real-time license status checks.
- Fraud Prevention API using machine learning algorithms.
- Business Identity Verification API for confirming business legitimacy.
- Financial Assessment Automation API for extracting data from financial documents.