CustomerXPs RICEs with its banking solns

BANGALORE, INDIA: As a start-up, CustomerXPs – a Bangalore-based IP software product company focused on addressing the tough technical challenge of real-time intelligence - has already gained a foothold in the retail banking market with its unique solutions.

The company, which counts large enterprises like ICICI Bank among its customers, is now going for a global expansion by building an ecosystem of partners, who would provide it with the necessary market leverage to enable penetration. In an interaction with CIOL, its founder-CEO Rivi Varghese talks about its various offerings and business plans.

CIOL: What are the different kinds of solutions the company offers to various enterprises in India?

: CustomerXPs offers real-time, intelligent software targeted at large retail banks worldwide. We empower cross-channel customer interactions with relevant and contextual intelligence delivered in absolute real-time.

Also read: Retail banking technology on strong growth, says Ovum

Our solutions in the customer experience management and fraud monitoring space are designed to deliver human-like comprehension, using a multi-disciplinary approach borrowing from psychology, behavioral sciences and real-time analytics.

Our products are ideal for enterprises in the banking, telecom, retail, travel and web sectors. Two of our key products are:

1. Real-time Intelligence Conversational Engine (RICE): It is an effective, real-time customer experience management product

2. Real-time Intelligent Monitoring System (RIMS): It caters to real-time fraud management, compliance and monitoring.

Currently, ICICI Bank, one of India’s largest and tech-savvy banks, is a customer of our product suite.

CIOL: What kind of a business model does the company adopt to provide its solutions?

: The company's business model is similar to that of any pure play global software product company - we license our product to enterprises like banks, telecom companies, retail players and web properties. We also generate recurring revenues by way of Annual Maintenance Contracts (AMCs).

After the base product gets deployed, enterprises can then choose from a bouquet of products, which handle their specific business requirements. The leadership team took a conscious call that come what may, the company's first revenue should be a licence revenue and that too from a globally 'reference able' customer.

CIOL: What are the salient features of its solutions? What is meant by its unique multi-disciplinary approach towards software product development?

By combining artificial intelligence, real-time perspectives and the traditional mechanism of running models on large database and doing this in-memory, it is possible to perform real-time fraud analytics or customer qualification for a product and notify at the point of customer contact.

This capability, combined with the proliferation of this software across traditional brick-and-click channels as well as unconventional ones like ATMs and kiosks, lends a unique edge to our offerings.

Our products internally maintain a customer 'aatma' (soul) inside our product, which is refactored in real time. It means that when a customer event happens, the entire digested history of that customer is available for ready reference in real time.

For example, a customer walks into a bank branch or goes to an ATM or dials up the call center, and asks for 200 cheque leaves. This transaction is passed to the core banking system (CBS).

The moment this transaction goes into the CBS, and since we are listening to it, our product immediately pushes the prompt back to the interaction point stating that this is 'out-of- pattern' behaviour.

Our product interprets the current information based on the cheque leaves consumed in a quarter, and infers that ‘most probably this customer is applying for a loan, but I am not sure’. And so it pops the question: ‘Sir, are you planning to apply for a loan?’

Now, let's suppose two days ago the same customer had logged into Internet banking and made a query for a home loan. Our product will use this partial information and infer that the customer is not looking for just any loan and rather he/she is looking for a home loan.

Thus, our products are relevant to cross-sell, up-sell, control fraud, compliance, risk and monitoring.

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