Latin America’s underserved communities have long been deprived of financial inclusion, leading to a significant gap in their economic growth. Aviva, a Mexico City-based fintech startup, is on a mission to bridge this gap by building an AI-powered digital bank with a laser focus on the needs of underserved communities in LatAm. In this startup showcase, we’ll take a closer look at Aviva, their unique approach to financial inclusion, and how they’re using innovative technology to bring banking services to the unbanked.
Bringing Inclusive Financial Services to Latin America
Aviva is determined to fuel Latin America’s ongoing emergence of a new middle class with a fully-fledged portfolio of inclusive financial services. Their initial go-to-market strategy concentrates on unsecured credit products for individuals and nano-businesses in Mexico. As most of the underbanked 40+ million Mexicans live in small and medium-sized towns, Aviva builds a bridge to those living in remote communities with its physical onboarding kiosks. These nano-branches provide a documentless 3-minute video onboarding for everyone in need of liquidity.
A Novel AI-Based Approach to Credit Scoring
Aviva’s novel AI-based technology, including natural language processing, allows the company to match customers’ spoken word to the fields of a comprehensive real-time credit application. Transforming speech to text and inferring emotions and personality from the visual layer of the application video gives Aviva an edge in scoring thin-file customers. Leveraging these novel risk models, Aviva aims to provide the lowest interest rates available to today’s underserved.
Aviva’s digital platform also uses AI to provide personalized financial advice and product recommendations based on each customer’s individual needs. This feature is particularly important for customers who may not have had access to financial education and are navigating the complexities of financial services for the first time.
Aviva’s Commitment to Financial Inclusion
Aviva’s commitment to financial inclusion goes beyond their business model. The company actively partners with NGOs and government agencies to promote financial literacy and education. They also work with local entrepreneurs and businesses to provide access to financing that supports growth and expansion. Aviva is committed to making a positive impact on the communities they serve, and their work is helping to build a more inclusive and prosperous LatAm.
Aviva is a promising startup that is leveraging innovative technology to provide financial services to Latin America’s underserved communities. Their focus on unsecured credit products for individuals and nano-businesses, along with physical onboarding kiosks in remote communities, is a unique approach to financial inclusion. Aviva’s use of AI-based credit scoring and personalized financial advice is also helping to make banking services accessible to the unbanked. Their commitment to financial literacy and education, as well as supporting local businesses and entrepreneurs, is commendable. Aviva is a fintech startup to watch, and we look forward to seeing their continued success in the years to come.
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