Startups are full of surprises, sometimes even for the people who found them. Such was the experience of FluidAI co-founder and CEO Abhinav Aggarwal. When he and his brother and co-founder Raghav Aggarwal got into business together, they knew they wanted to do something in “frontier technology” in the space.
“So we build this beautiful AI platform.”
The surprises started when the potential buyers for that platform – which today is known as FluidAI – turned out to be banks, which is not what the brothers Aggarwal were expecting at all.
“But when we showed it at a couple of events, it was the bankers that were very excited about the possibility and the opportunities presented,” Abhinav Aggarwal says.
That enthusiasm turned into a partnership with India’s largest bank, which brought a few global banks and U.K. banks on board, and Middle Eastern banks on board – and then the remaining four banks in India’s top five on board – in an experience that Abhinav Aggarwal noted was best described with the word ”snowballing.”
“And this became our space – because there is so much exciting work.”
Not bad for two MBA dropouts who got their start winning a TechCrunch hackathon
Banks have two separate but related difficulties as they attempt to find their way into the digital age. Difficulty one is that their consumers are evolving, which means their relationships with their consumers has to evolve as well to meet their needs. That is no easy work. Second, those evolving relationships are throwing off and taking in ever larger amounts of data, and managing, processing and leveraging that data isn’t exactly terribly straightforward.
“Banks always had huge amounts of data, and the biggest question that would come is that we have such rich data but we have no use for it,” Abhinav Aggarwal said.
But fluid FluidAI wants to solve those problems and get the data down off the virtual shelf so it can be put to meaningful work for FIs
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