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Axis Aha! surges with over 10 million Conversational Engagement

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Axis Bank in partnership with Active.Ai, launched Axis Aha! in early 2018, has seen a surge in usage of its conversational AI platform on their mobile banking app which has over 10 million customers.

“We are seeing good uptake, as we keep adding new use cases to Axis Aha!. When we launched the chatbot, we were very clear that we would use it beyond just query handling. Customers are not interested in plain responses, they actually want it to be actioned. We researched and found that fund transfers, blocking cards and paying bills though seemingly easy were high-anxiety tasks for many customers and hence, useful cases to add to a chatbot. Consequently, we are now finding a measured but solid month-on-month growth in its adoption and usage,” said Praveen Bhatt, EVP & Head Retail Liability and Direct Banking Products.

As Indian consumers are doing lot more on their mobile phones, the need for easy interactive human-like conversations to make their life simpler has surged. Simple FAQ chatbots are insufficient as consumers want contextual engagement with ability to assist and allow them to make qualified choices.

Axis Aha!, a virtual banking assistant, brings the power of artificial intelligence and machine learning to help customers with contextual conversations, do transactions and answer their banking related queries.

Consumers can accomplish all these by simply speaking to Axis Aha! and it will do the rest:

  • “What’s my Account balance?”
  • “Order a cheque book”
  • “I want to pay my credit card bill”
  • “Transfer 5000 to Mom”
  • “I have lost my wallet. What to do?”
  • “Increase my debit card limits”
  • “Recharge my mobile”
  • “Did my salary get credited?”

“AI is an extremely powerful tool that can help in enhancing customer experience and relationship. It has the potential to revolutionize the way we deal with customers in the banking sector. Chatbots help in saving time, human efforts and providing accurate, personalized services. They also help in data analysis, fraud detection and data capture. Given all these positives, we had launched ‘Axis Aha!’ to accentuate our service capabilities and are now finding a steady increase in engagements as new user cases keep getting added,” Avinash Raghavendra, Executive Vice President & Head – Information Technology of Axis Bank.

Powered by Active.Ai’s cutting edge AI engine, TRINITI, institutions can now dialogue digitally with their consumers, understand their intent, be contextually aware, handle multiple instructions in a single string and handle acronyms or slang in a delightful manner. Over ten leading institutions across the world handle millions of interactions across simple and complex banking conversations on TRINITI today with a very high accuracy rate. With valuable feedback from clients, Active.Ai has made this platform immensely scalable and quick to deploy. They believe this revolutionary platform will make it accessible for every financial institution to embrace conversational AI and deliver a great service experience.

“We are proud to partner with Axis Bank, an innovative leader in digital banking and their vision to empower millions of Indians with engaging and delightful banking experience. By making banking simple using voice and conversational text, Axis Bank customers can pretty much bank from anywhere in the world using web, app, messaging or smart speaker system,” said Ravishankar, CEO of Active.Ai.

 

SOURCE Active Intelligence Pte Ltd

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Wirex Launches Enhanced Cryptoback™

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Today, payments platform Wirex launched a supercharged update of their revolutionary Cryptoback™ rewards programme. Customers can now earn up to 1.5% back in Bitcoin on Wirex Visa card purchases.

Released in 2018, Cryptoback™ was the world’s first rewards programme that paid out 0.5% in cryptocurrency for all in-store spending with the Wirex Visa card. Thanks to the recent launch of the Wirex Token (WXT), customers can now triple the amount of BTC they earn – making investing in cryptocurrency easier than ever before.

Depending on the amount of WXT held, in-store Wirex card purchases now generate up to 1.5% in Bitcoin. There are three levels of crypto rewards available:

  • 500,000 WXT = 1.5% Cryptoback™
  • 100,000 WXT = 1.0% Cryptoback™
  • 50,000 WXT = 0.75% Cryptoback™

Wirex have calculated that the average UK consumer stands to earn more than £300 in Cryptoback™ every year, just by using their Wirex Visa card for day-to-day spending. Unlike many other cashback programmes, Wirex doesn’t impose restrictions on what customers can do with their rewards. Cryptoback™ can be redeemed instantly into their Bitcoin accounts, or quickly and easily exchanged into fiat for spending.

Enhanced Cryptoback™ is just one of the ways that holding Wirex Tokens allows customers to get even more out of their account. They can also enjoy heavily discounted fees based on the same structure, with access to premium products, merchant offers and airport lounges coming soon. As Wirex co-founder Pavel Matveev explains:

“We created the Wirex Token to be something that provides tangible value and benefits for holders beyond its market trajectory. Enhanced Cryptoback™ is the perfect example of this, as it allows customers to earn and invest in digital currency with a minimum of fuss. We’re looking forward to introducing even more benefits for WXT holders soon.”

 

SOURCE Wirex

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Aegis Capital Corp. is pleased to announce its commitment to Equity Research

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Aegis Capital Corp. continues to expand its equity research platform with the addition of Benjamin Zucker and James Jang. Benjamin joined in May 2019 as Head of Specialty Finance and James joined in June 2019 to head up the Maritime & Special Situations. These new coverage areas will bolster Aegis’ existing research footprint in the Internet/TMT and Healthcare sectors.

Mr. Zucker joined Aegis from BTIG LLC, where he was a Director and lead analyst covering Mortgage REITs and real estate finance companies. Prior to BTIG, Mr. Zucker was a Vice President at JMP Securities LLC where he covered similar sectors. Benjamin began his career in equity research at Pritchard Capital Partners. At Aegis, Mr. Zucker’s coverage will span across several Specialty Finance sub-sectors including Mortgage REITs, Equity REITs, Business Development Companies (BDCs) and Financial Technology firms (FinTech). Benjamin’s current coverage list includes: Medalist Diversified REIT (MDRR), Sachem Capital Corp. (SACH), and Saratoga Investment Corp. (SAR).

Mr. Jang joined Aegis from Maxim Group LLC, where he was a Senior Vice President and lead analyst covering the Industrials, Infrastructure and Clean-Technology sectors. Previously, Mr. Jang was a senior analyst at Sidoti & Co. covering furniture and textiles and was an equity research associate at Canaccord Genuity covering Maritime and Upstream E&P companies. Since joining, Mr. Jang has expanded Aegis’ research platform into the Agriculture, Oilfield Services, and Industrial Technology sectors with coverage of Profire Energy (PFIE), Marrone Bio Innovations (MBII), Yield10 Bioscience (YTEN) and Sigma Labs (SGLB).

Michael Pata Aegis’ Head of Business Development commented: “Hiring Benjamin and James continues to show Aegis’ commitment to equity research, which brings institutional quality analysis to the small and mid-cap universe.”

 

SOURCE Aegis Capital

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LexinFintech Announces US$300 Million Private Placement of Convertible Notes with PAG

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LexinFintech Holdings Ltd. (NASDAQ: LX) (“Lexin” or the “Company”), a leading fintech platform for educated young adults in China, today announced that it has entered into a convertible note purchase agreement with PAG, a leading Asia-focused private equity firm with over US$30 billion in capital under management, pursuant to which the Company will issue and sell convertible notes in an aggregate principal amount of US$300 million to PAG through a private placement. The private placement is subject to satisfaction of customary closing conditions and is expected to close on or around September 16, 2019. The gross proceeds raised from this placement will be approximately US$296.4 million.

The convertible notes will mature in seven years, bearing interest at a rate of 2.0% per annum. The notes will be convertible into fully paid Class A ordinary shares of the Company or ADSs at a conversion price of US$14 per ADS at the holder’s option from the date that is six months after the issuance date.  The holder of the notes will have the right to require the Company to repurchase for cash all or any portion of the notes on the fourth anniversary of the issuance date.

At closing, the Company will appoint to its Board of Directors one person designated by PAG.

Mr. Jay Wenjie Xiao, Founder, chairman and chief executive officer of the Company, said, “We are excited to have PAG as our new investor. This investment will enable Lexin to further develop and enhance our consumption-based ecosystem, improve product offerings to our educated adult customers, continue to invest in technology, build up additional consumption scenarios, and provide more consumer benefits to our customers.”

“PAG has a strong commitment to and deep understanding of China’s financial services industry, and we have a demonstrated track record of seeking out and engaging with the industry’s leading companies,” said PAG Chairman & CEO Weijian Shan. “Lexin has an unparalleled platform for meeting young consumers’ credit needs while strictly controlling and minimizing credit risks, which makes it unique, and we are looking forward to supporting the company as it embarks on its next stage of growth.”

Goldman Sachs (Asia) L.L.C., BofA Merrill Lynch and China Renaissance acted as the private placement agents to Lexin on the transaction.

 

SOURCE LexinFintech Holdings Ltd.

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