Habitual tasks are us! How 3LOQ is bringing relief to users in financial space

Hyderabad and Bay Area-based start-up 3LOQ is working with a bunch of companies, mostly bankers, to implement AI to complete habitual tasks. The company was started by Anirudh Shah and Sunil Motaparti, who met in 1999 at Carnegie Mellon University, Pennsylvania.

“In late 2012, we started being interested in future technologies such as machine learning and AI. We were convinced that we could go beyond automation,” says Shah.

The genesis of a company happened, thanks to a personal experience.

When both Motaparti and Shah were inundated with spam SMS, they realised that organisations were sending messages without targeting a specific customer. This meant organisations were not using transaction data effectively, and were not sending it to relevant customers.

This made them quit their respective jobs and start working with telecom companies (they do not wish to reveal the names) to monetise data.

“We started building AI for targeted messages for telcos and we soon realised that we had bigger problems to solve. We realised that habitual steps could be replaced with AI,” says Shah.

The company started operations in 2014. In 2015, they were asked by the HDFC Bank to automate their entire marketing score cards.

The 3LOQ team managed to create 500 scorecards and crunched 4TB of data for the banking major. At the same time, they were also asked to make the customers use their applications better with an intelligent system, and for the last two years, this has been one of their major projects.

The company built a platform to stop the churn in mobile banking and internet banking space.

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“To understand the customer’s behaviour better, the 3LOQ team started studying their footprints based on their past actions. The company’s AI platform determines the sequence of usage and predicts an easy process to transfer money or even check their bank balance.

“The incentive to stay online has to be discovered. How different age groups behave and if they find four r five features in a physical bank, then we want these people to move to internet banking, where AI can guide them,” he says.

What Anirudh says is that there are features like opening fixed deposits, checking cheque status and reserving travel or forex cards from the app itself, one need not travel to the bank for such features and that banks can use AI to enable people to stay connected.

Shah and Motaparti have paying customers. They may just make a dent in the start-up business soon. 

Source: DNA Money