rhimshah

6 ms·

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by rhimshah 2y ago
Decision making is also more accurate, human analysts often deviate from procedure. Also why banks/fintechs often spend so much on QA teams just to observe how the human analysts have performed. Transaction monitoring is different, tha
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by rhimshah 2y ago
You know this space very well whiplash451! Thank you for the contributions. (nothing more for me to add here :) )
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by rhimshah 2y ago
Yup very true! Traditional banks are far more risk averse and generally have larger budgets for compliance. Whereas fintechs/neobanks have smaller budgets for these things as most of their capital is poured into growth. In the case of
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by rhimshah 2y ago
That's shocking! I guess regulators haven't loosened up in Sweden. Curious how a business plan is relevant for opening a bank? (loans make sense ie feasibility/risk to repay etc.).
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by rhimshah 2y ago
Yup exactly that! One of the benefits of what we're building is that fintechs/banks can now approve good customers quicker. So the innocent ones benefit greatly from Arva.
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by rhimshah 2y ago
It's a great point, but I'm afraid this is what the regulators enforce onto the banks/fintechs, out of our hands!
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by rhimshah 2y ago
Thanks for the comment! Each review doesn't count as a single business entity, there are several checks within a business case which each require manual review. Plus often there is a lot of back and forth with customers, which is a mul
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by rhimshah 2y ago
It would hold up with the regulator as each decision and outcome is stored and has explainability, so it is in fact even more auditable than a human!
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by rhimshah 2y ago
Depends on the fintech! 99% don't have 100% automation for all low/medium risk.
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by rhimshah 2y ago
Not quite! Fintechs often still have humans review docs, websites, perform web due diligence etc. Efficacy has vastly improved at these validation steps with the assistance of LLMs. Interesting to hear that your previous bank has automated
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by rhimshah 2y ago
Yes rightly pointed out, the regulators are the ones that crack down/fine/impose restrictions. I'd say there are varying levels of automation, where even to this day within low/medium risk, ~30% of cases get to manual re
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by rhimshah 2y ago
Thanks for the insights! It is certainly a tough balance for banks/fintechs -- fear of accountability vs. a clear value add. From our interactions, using AI to automate low/medium risk is welcomed. The solution can perform in a ro
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by rhimshah 2y ago
Yup! Arva can be integrated into current compliance stacks!
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by rhimshah 2y ago
Thanks! aha almost is!
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by rhimshah 2y ago
Yes exactly! It still astounds me how much human manual work is required in the space, and it really impacts customer experience from the longer onboarding times! Thanks!!
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Launch HN: Arva AI (YC S24) – AI agents for instant global KYB onboarding
71 points by rhimshah 2y ago|60 comments