Digital Transformation is the need of hour and with the rapid innovation in technology space, the organizations are opting for most suitable IT solutions to speed-up their growth. Lumiq is one such brand helping financial service organizations to leverage technology innovations and grow with more pace. Rajeev Ranjan, Editor, Digital Terminal recently interacted with Mohammad Shoaib, Founder and CEO, Lumiq. Mr. Shoaib shared the business plans, growth roadmap and product offerings. Read below the excerpts:
Rajeev: How has been the overall journey of Lumiq so far? Where do you see Lumiq currently in the Indian market?
Shoaib: Lumiq was started in the year 2013 with the aim of propagating a data-driven culture across organisations in India and help Indian enterprises adopt the same practices that digital-first companies had. In the past eight-plus years, we have emerged as a leading end-to-end data science company for FSI sector in India. We’ve helped insurance companies and banks monetize data by at all stages of the customer journey ensuring a better end customer experience, increased productivity and data backed business decisions.
Today, Lumiq, has more than 30 enterprises as customers for whom we are the go-to partners for data related initiatives. To top that, we are already live with more than 40 FSI cloud data platforms. As a result of this, Lumiq boasts of analysing over 1 billion customer interactions and influenced more than 100 million customer journeys in.
We have walked our talk in a highly competitive space and have proved our credibility. Lumiq won the AWS Specialty Partner of the Year 2021 Award for Data, Analytics, and Machine Learning. We achieved this feat through our consulting-led prescriptive analytics approach with API driven integration for most business platforms. This is helping customers drive business transformation faster, and scale quickly. This is precisely the reason why Lumiq has never let a customer down by having zero-churn in the last eight years of it’s existence.
Our evolution from pure technology to a consulting-led and business outcome-driven data solutions company has been fruitful for us and our customers. Since we have readily available platforms that are custom-built for the FSI sector, rolling out a new data initiative for a customer typically takes just a few weeks. In fact, our holistic business driven solutions ensure that our customers have a one-stop solution for anything related to data management.
In August 2021, we received a pre-seed funding of $2 million from Info Edge Ventures which we plan to utilise in the company’s sales growth, enhancing product offerings and expanding our global footprint.
Rajeev: Please tell about your clientele. How do you support data-driven initiatives of your clients?
Shoaib: At Lumiq, we have a vision to be the one-stop shop for any data-driven initiatives for our customers, in how data gets organised, how to leverage and how to monetise it. Our ready to use products, platforms and accelerators help power customer outcomes and deliver digital efficiencies faster. We were a tech start-up right from the beginning, but very soon we realised that financial enterprises are looking for two things - avenues to improve customer experience via customer journeys and profitability.
We are currently working with over 30 companies in the FSI segment for their data related initiatives. These include most of the leaders in the FSI sectors. Five of the top seven insurance companies in the country use our products. For enabling a data-driven culture, we are helping our clients to remove traditional data-driven innovation hurdles ranging from data silos and formats to sources and the availability of experienced skillsets.
This leads to speedily driving business outcomes with real customer data, improving business interactions, and eliminating guesswork. To do this, we use the AWS tools stack which has proven to be extremely flexible and scalable for us and our partners. On top of that, Lumiq has developed over 120 ready-to-deploy AI/ML data models especially for the FSI enterprises which is helping them transform their business focussing a new generation of customers.
At Lumiq are trying to achieve by becoming the technology partners to data-driven organizations, from data-driven initiatives like data capturing and organization to leveraging and monetizing it
Rajeev: Please brief about the product portfolio of Lumiq. What are your plans to boost your services?
Shoaib: We’ve built our solutions for financial service providers who want to take a proactive approach for handling and optimizing their data. As a result, not only does it accelerate the confluence of AI, BI and DI (Data Interchange or Data as a Service) operations in a FSI organization but also helps to monetize data insights. At a time where a data analytics project can take anywhere from six months to even years, our agile teams help build and deliver ready to deploy models in 100 days, helping customers drive quicker business outcomes.
Our ready to use products, platforms and accelerators help power customer outcomes and deliver digital efficiencies faster. Some of our products are:
emPower FSI Data Cloud platform, and accelerators help power customer outcomes and deliver digital efficiencies faster. This not only allows us to have a faster GTM strategy and stronger ROI but also helps us build knowledge repository clubbed with proven products, accelerators & use cases. Lumiq’s customers include leading insurers, banks, and NBFCs. The company helps financial enterprises with their data-driven decision-making with AI and machine learning solutions, enabling improved productivity and the enhanced customer experience in their chosen business function. This is achieved by leveraging deep domain expertise and experience across data engineering and data science.
Drishti, a state-of-the-art document intelligence engine goes beyond traditional OCR to understand your documents and generate insights for deeper customer understanding, leading to intelligent decision-making.
Aurum, NLP-driven real-time customer identification and deduplication solution. It operates on Dedupe logic and reduces false positives by checking combinations of identity and non-identity fields before giving the result.
SmartUW enable zero-touch processing and increase straight-through processing (STP). It can also act as an assistant that assesses medical, financial, and external parameters (bureau and others). Moreover, it provides holistic recommendations with supporting reasons.
Amplify, our Customer Data Platform ensures that there is an end-to-end mapping of customer data bringing in data from multiple channels and sources. By design, Amplify was built to be able to address velocity, volume, and veracity challenges of customer data. Further, the solution has been designed with micro services and container strategies to ensure that the solution is truly elastic and able to scale up and down.
Lighthouse, our ML Observability solution gives you an end-to-end governance of your ML models. The automated monitoring proactively checks for data quality issues while analysing the model’s performance metrics.
Rajeev: How does your new-age technology products enable financial service organizations to drive better business outcomes?
Shoaib: Lumiq solutions help remove data-driven innovation roadblocks that arise from siloed data and the lack of skill and experience. For AI/ML initiatives – we have adopted an end-to-end approach right from organization of data to model development, model deployment and model governance. This focus across data engineering, data science and ML-Ops has ensured that the business value creation is continuous, and transformations are successful.
To ensure easy adoption and understanding of model recommendations, we have embedded transparency and explain ability into our solutions.
Rajeev: What are your expansion plans? Do you have presence in other countries? If not, then are you willing to take your business international?
Shoaib: We live in interesting times – that pushes us to innovate constantly to stay ahead of the curve. It’s very important to foresee what’s going to come, so we’re trying to not only enhance our existing product portfolio but also build newer ones.
To expand our domain expertise and continually innovate, we created an ecosystem for collaboration with academia and technology partners like AWS. Our collaboration with AWS as a trusted partner has helped us respond to the FSI industry’s need to shift from a POC to a BOT model.
We are working towards enhancing our product offerings, doubling our revenue as we increase our customer base by 150% this fiscal, and move towards being a 500-people products and services organization by 2023.
We are focused on growing the depth of our offering with larger use cases from the 50 today and width across business verticals to cover Insurance, Banks and Retail, and geographies as we evolve. This would mean expanding our Product and Accelerator framework to 5 Products with a wider global footprint. We have already started our offices in the US, Singapore and the South-east Asian markets.
