Venture Leaders Fintech Interview: Meet Pranay Jain of Enterprise Botby Venturlab Fintech August 6, 2018
The Fintech Venture Leaders team are preparing for a roadshow that will take them to the heart of the global finance industry: New York City.
Team member Enterprise Bot will be hoping to sign up more customers for its natural language powered AI chatbot, already making waves with Swiss corporations.
This is the 5th part of the Fintech Startup Interview serial powered by Venturelab.
Who are you, and what’s your big idea?
I am Pranay Jain, CEO and co-founder of Enterprise Bot. At Enterprise Bot we are transforming the world of insurance and banking by using artificial intelligence and conversational commerce.
Where do you see the biggest opportunities in fintech over the next five years? What problems urgently need to be solved?
The biggest problem in fintech is that the cost of customer support and customer acquisition is significant and growing exponentially (upto $5 a call). This makes it very difficult to provide the required service to customers, and results in hundreds of millions in lost revenues and additional costs every year.
What is pushing you towards international expansion?
Our solution, in the first 12 months of activity in Switzerland, has gained amazing results, with clients like Generali, PWC, SWICA and SIX Securities (Swiss Stock Exchange). We believe we are ready to provide this same level of accuracy, speed and deep technology to the rest of the world.
What do you see as the greatest obstacle to expansion into the global market?
As a startup, our limited brand recognition is the biggest obstacle to global expansion. With the key accounts Generali, PwCand others under our belt, we hope to quickly reduce this obstacle.
What attracts you to New York as a business development destination?
The US is one of the largest markets, and New York is the launchpad for any financial service. We are confident that our trip to NY will help us embark on a successful journey and create deep relationships to will help us grow.
What do you hope to achieve on the trip? What are you most looking forward to?
I hope to connect with investors and clients who will help us expand and dominate the US market.
And what are you nervous about?
Not much! I enjoy being in the US, having spent my college years in Boston, and I am looking forward to making the most of my visit and helping our business achieve additional growth.
How is the Venture Leaders program beneficial for your startup?
Venture Leaders has provided us with the perfect platform to network and expand our business. We are confident that this relationship will allow our business to accelerate our growth and business expansion into new geographies.