Comviva, one of the global leaders in providing digital financial solutions today announced a strategic partnership with Strands to provide an integrated suite of intelligent digital banking, wallet and payment solutions.
Through this partnership, Comviva will leverage Strands’ smart Personal Finance Management (PFM) solution to enable banks and financial service providers to deliver personalized and contextual digital offerings to their consumers, enhancing consumer-engagement and generating cross and up-sell opportunities.
Speaking on the partnership, Srinivas Nidugondi, Chief Growth & Transformation Officer at Comviva said, “Comviva is focused on enhancing consumer experience by embracing next-generation technologies. Our collaboration with Strands will allow us to leverage data-analytics, Artificial Intelligence and Machine Learning driven Personal Finance Management solution to provide enhanced digital banking and payment experience. For banks, financial institutions, and digital wallet providers the PFM solution will help to accelerate innovation, increase user engagement, create up-sell and cross-sell opportunities and generate greater consumer long-term value and brand loyalty.”
Strands offers innovative financial solutions such as Personal Finance Management to over 700 banks and financial institutions in more than 30 countries, providing personalized digital experience to over 100 million consumers. The PFM developed by Strands, empowers digital banking and wallet users to get an aggregate view of all their accounts, track all the financial transactions and get a complete view of their income, expenses and cash flow through visual dashboards. Users can monitor expenses and income over a given period of time in terms of categories such as food, transport, utilities, leisure, etc. With detailed insights on income and expenses, users can leverage the PFM to create monthly budgets and closely track them to achieve their personal saving goals.
With Strands PFM, users can have complete control over their day-to-day cash flows through visualization of their past and upcoming transactions in a calendar heat map. Using in-built pattern recognizer, the PFM can forecast upcoming income, expenses and cash-flows, enabling users to take intelligent decisions and manage their finances better. Users can anonymously compare their financial behaviour with peers belonging to the same age group, gender, location or income group and create smarter financial goals aligned with their social group.
Speaking on the partnership, Erik Brieva, CEO of Strands said, “In Comviva, we have a leading partner with whom to deliver an enhanced personal banking experience through Strands PFM, Like Strands, Comviva has a global reach and is committed to developing truly innovative digital financial solutions. PFM and Comviva’s mobiquity® banking suite naturally complement one another. We look forward to working closely with Comviva in continuing to push the boundaries of financial innovation and, as a result of our partnership, enabling banks to improve the financial services experience of millions of their customers around the globe.”
Users can set reminders for upcoming payments or alerts to fund the account for future payments, thus, ensuring that users pay on time without the hassle of remembering the payment date. The PFM tool also provides proactive, actionable notifications to users in real-time on breaching the spending limits, eliminating the element of surprise from users’ financial future. Strands leverages data driven predictive analytics, Artificial Intelligence and Machine Learning capabilities to provide personalized financial advice and recommendations to users helping them to build a secure financial future.