“AI and ML are at the core of what we do,” said Priyanka Kanwar, Founder, Kite

by November 20, 2018 0 comments

Kite, a fintech startup introduced two significant products – Kite Tab & Kite Grub for Indian markets, these are SaaS solutions for tracking expense tracking, reimbursements and could be used at food outlets. While explaining the tech angle behind this innovation, Priyanka Kanwar, the founder of Kite also shared that how AI and ML is the nucleus of their creation.

How does your SaaS solution make your client’s work easier?

Policies and Compliance

When a company uses Kite Tab, it knows that expenses will remain within the bounds of its company policies. This means that business owners and admin can spend more time focusing on their missions, rather than their bottom line. Designed especially for Indian businesses of all sizes and in all industries, Kite Tab allows a business to configure any policy, be it food, travel, or TA/DA, on their dashboard. All expenses via Kite are then automatically mapped to the policy and alerts raised for any discrepancies.

AI

Additionally, Kite Tab helps companies comply with government regulations and norms. It also automates the GST reclaims process, which slashes paperwork and ensures companies file for input credit within 30 days.

End-to-end Financial Automation

Kite Tab’s powerful coupling of SaaS with corporate cards can turn expenses into a competitive advantage. With Kite’s corporate cards, every swipe, every spend, turns into analytics—helping companies make more informed and strategic decisions about their financial futures. There are also real-time card controls for everything, so admins get the reins back in their hands.

Reducing Leakages

Using Kite Tab lets companies bring cash spending down to practically zero. That means all expenses can be tracked, approved, and understood on their own—in line with policies and company strategy. Clients using Kite have so far been able to save lakhs every month in leakages and inefficiencies.

What makes Kite unique?

Kite Tab is a business expense automation solution that plugs into several other business tools a company may already be using, including ERP, CRM, and Accounts. What makes Kite Tab unique is that payments are built within the SaaS technology, so businesses do not have to deal with fragmented solutions or inefficient payment instruments. Kite Tab takes care of the entire process for a client, from the issuance of a corporate card to its control, policy checks, real-time reports, and more. Further, Kite’s business model is built for the native Indian market, ensuring that any business of any size can easily access and afford the new-age financial technology.

While developing Kite Tab, what kind of algorithm was designed to evaluate the data to track expenses?

Kite leverages data powerfully to aid decision making at both Kite’s end as well as at the client’s end. For the client, Kite’s algorithms mean that significant employee and financial data are now made available at the fingertips of CEOs, enterprise admins, and reporting managers, giving them crucial insights into the transactions that run their business every day.

On Kite Tab, our algorithms adjust according to the parameters set by the company admin. That is, Kite Tab looks out for policy violations that are fully customized by the client—including date, location, amount, merchant category, and more.

Internally, Kite deploys deep analytics embedded inside the web and mobile apps that help us drive features and pinpoint potential bottlenecks during financial activities like filing a report, submitting an OCR expense, verifying or flagging an expense, and everything else. This helps us understand usage for various user cohorts and optimize our own workflows to ease adoption and reduce TAT for the end-user.

How are you using AI and ML in your solutions and services?

AI and ML are at the core of what we do as an innovative startup, on a mission to shape how the digital economy works in India. But, we also make sure that human beings are in control, letting tasks be automated and controlled meaningfully and sustainably for the business.

You can find AI in our policies engine, helping flag expenses that stick out or our Gmail extension, which automatically detects receipts in your inbox and files expenses for you. Meanwhile, ML helps the OCR KiteBot, which scans your receipts for you, inputting details like merchant name, category, amount, and GSTIN. We’re excited to launch a number of new solutions based on AI and ML this year that will further fully automate several financial processes for businesses.

 

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