AI is the future: Wegofin founder Prabhu Kumar shares his vision on growth and innovation in corporate banking

Imagine a small or medium-sized business (SMB) that is striving to grow in a competitive market, but is burdened by cumbersome financial processes, manual accounting tasks, and ever-changing regulatory compliance requirements. Despite their innovative offerings, these businesses often spend more time on banking services than expanding their operations. This is the reality for many SMBs today, who crave simpler ways to manage their finances – a solution that allows them to focus on growth rather than administrative burdens.

In this regard, artificial intelligence (AI) is revolutionizing modern banking with unprecedented efficiency, personalization, and security. As banks and financial institutions increasingly leverage AI-powered solutions to improve customer experiences, the potential of the technology is clear. According to McKinsey, AI could increase banking productivity by up to 40% over the next decade. Seizing this transformative opportunity, Wegofin, a dynamic player in AI-powered business banking, is simplifying financial management for businesses.

Wegofin’s story begins with its founder, Prabhu Kumar. With over 18 years of experience in strategy and leadership roles, Kumar is well-versed in the challenges businesses face in navigating the complexities of traditional banking. Having spent years running his own businesses, he experienced first-hand the inefficiencies of traditional banking systems – payment delays, cumbersome compliance processes, and the sheer difficulty of managing multiple financial functions across different platforms.

Determined to create a solution, YS Prabhu Kumar founded Wegofin, a platform that seamlessly integrates all aspects of banking into a single, easy-to-use interface. His vision was to empower businesses, be it large or small and medium-sized, by providing them with an integrated, AI-powered banking platform.

What sets Wegofin apart: the AI ​​advantage

What sets Wegofin apart is its ability to offer a full spectrum of AI-enabled solutions designed to meet the diverse needs of businesses. Its platform is designed to offer seamless integration across multiple financial functions, creating a unified experience that simplifies operations and improves decision-making. At the core of Wegofin’s approach is its AI-powered banking platform, designed to provide a holistic and streamlined experience for businesses of all sizes. Its AI-powered banking solutions enable businesses to connect multiple bank accounts, automating tasks and offering real-time updates to streamline account activities. The platform’s simple onboarding process further enables businesses to open a checking account in just three steps, simplifying KYC requirements and making it easy to start managing finances right away. With cohesive management capabilities, businesses gain complete visibility into their finances through a single dashboard, receiving live updates on accounts and transactions. Additionally, the advanced categorization feature automatically tracks and categorizes expenses, helping businesses keep a close eye on their financial activities while receiving instant notifications of transactions. This AI-powered set of tools enables businesses to operate more efficiently, minimize manual tasks, and focus on what really matters: growth and innovation.

“We have painted the canvas of innovation where AI meets the colours of financial freedom, unlocking a new spectrum of endless possibilities,” Kumar said.

ET spotlight

Key features include:

• Connected Banking Platform: A comprehensive solution that integrates all banking services and gives businesses a single dashboard to manage their financial activities. This platform is designed to reduce the friction and complexity associated with multiple banking relationships, allowing for smoother and more efficient operations. For example, a growing SME that was previously constrained by managing separate accounts for payments, collections, and payroll can now seamlessly manage all of these activities from a single interface.
• API Payments & UPI Transactions: Wegofin leverages AI to enable real-time processing of API payments on IMPS, RTGS, and NEFT transactions along with efficient handling of UPI collections and disbursements. This feature is crucial for businesses that need to handle large transactions quickly and securely. It ensures that payments are processed quickly and securely, reducing downtime and increasing operational efficiency.
• Fintech Solutions for Enterprises: Customised solutions are designed to meet the unique needs of large enterprises, offering them the flexibility and scalability to adapt to changing market conditions. These fintech solutions are designed to optimise cash flow, manage risk and ensure compliance with regulatory requirements.
• Digital Tax and Compliance: A simplified and integrated digital tax solution enables businesses to stay compliant and reduce administrative burdens. By automating tax calculations and filings, Wegofin ensures that businesses can focus on their core operations without worrying about regulatory hurdles, saving time and reducing errors.
• Unified Financial Management: A complete set of tools to manage payroll, accounting, and expense management all in one place. This unified approach enables businesses to streamline their financial workflows, improve accuracy, and reduce costs associated with manual processes.
• Online remittances and fraud prevention: Secure and efficient online remittance services, coupled with advanced fraud prevention and chargeback management tools, provide peace of mind for businesses. Wegofin’s AI algorithms continuously monitor transactions to detect anomalies, helping prevent fraud before it happens.

Wegofin’s vision

As Wegofin remains one of the leading players in the AI ​​banking space, its commitment to innovation ensures that businesses across India can access smarter and more personalized financial solutions.