Fintech and big data platform serving banks Goals101 has set up a new office in Qatar to tap into burgeoning automation in retail banking in the Middle East.
Fintech and big data platform serving banks Goals101 has expanded into the Middle East with a new office at the Qatar Financial Centre in Doha, Managing Director and Founder Visham Sikand said to FE Online in an interview.
Delhi-based Goals101 through its proprietary big data engine ‘Alpha’ uses data to help banks offer personalised and relevant products to its customers. It has on-boarded 21 banks in Asia on its Alpha platform.
“Machine Learning and AI (artificial intelligence)-driven use cases are still nascent in Qatar with very few big data players serving the market. Hence, we see a huge opportunity for us to support retail banks in Qatar,” Sikand said.
While India is a relatively mature market for banking automation, the Middle East is not. It has significantly higher ticket sizes in banking and is investing in data-driven solutions, wherein robotic process automation and AI may have a big role to play.
“This will be critical to address the three big existential challenges of rising cost to income ratios, lack of true personalization, and cost of regulatory compliance,” Sikand said.
Goals101 in September this year had raised $3.5 million from Nexus Venture Partners. It has allocated a significant portion of the amount towards its international expansion particularly beefing up its business development activities. “The capital has been deployed in product development and data science team. We have also invested in strengthening our on-cloud and on-premise deployment offerings,” Sikand said.
Goals101 plans to expand geographically and multiply the revenue by 2020. “We will be present in more than 10 countries across Asia, Africa, the Middle East, and the USA. In terms of revenue, we will grow by 25X at 75% net margins,” Sikand said.