Shub Nandi is the co-founder and CEO of PiChain Innovations Pvt Limited, a RegTech company that researches and develops DeepTech systems to proactively learn, solve, and automate complex problems. Shub joins Vince Walden to discuss PiChain’s use of AI and blockchain to help with the automation of customer onboarding.
Roughly 1 trillion USD is laundered yearly in the US, yet only 1% of those illicit transactions are uncovered, Shub cites. This occurs despite the existence of regulations and compliance, suggesting that the implementation of these measures is lacking. Shub comments that many financial institutions view compliance as a “black box that is yet to be solved.”
PiChain is bridging the gap between the unbanked population and financial institutions via easy, simple, and convenient interfaces that are easily accessible through smartphones. Onboarding the 400+ personas in this population requires enhanced KYC and advanced programming like artificial intelligence to create ideal financial products for their needs. In addition, PiChain uses blockchain in conjunction with AI technology to ensure that their processes are compliant, and their models are fair and explainable.
Shub advises financial service companies to focus on understanding their customers rather than just their financial details.
Shub Nandi on LinkedIn