To meet the demand of today’s customers, large enterprises – banks and financial institutions in particular – must offer them what they want, that is, frictionless and seamless digital services. It is no secret then that they are scrambling to digitally innovate their business processes and transform their technology. But the financial industry is plagued by a lack of resources and outdated and inflexible core systems.
In 2018, when Balakrishnan Kavikkal and Ranjit Padmanabhan, founders of Chennai-based Autonom8 observed the challenges in the traditional software delivery model especially for large enterprises, where transformational projects took a lot of time to launch, they decided to solve that time-to-value using low-code for enterprise companies. While at it, they wanted to ensure that they are able to create autonomous workflows driven by the data and insights that enterprises generate in huge volumes.
Addressing the problem statement
To address these concerns, they introduced a B2B low-code automation platform to facilitate digital transformation. The startup caters to a diverse range of businesses – from banks to educational institutions, healthcare services and retail units. Their intelligent automation platform helps enterprises deploy new digital journeys within a few weeks, thanks to their low-code development environment.
“Autonom8 is building the world’s most advanced low-code platform, driven by the twin objectives of hyper-automation and the lowest Total Cost of Ownership (TCO). The platform makes customers the center of your enterprise, unlike the traditional internal ‘process-driven’ thought process. After all, that is the essence of going digital – making it easy for customers to do business with you. The platform seamlessly integrates channels, workflow, and intelligence,” says Balakrishnan.
Flexible multi-channel approach, speed to deploy and cost-savings
Autonom8’s unique value proposition is to increase an enterprise’s velocity to launch large business initiatives using a low-code quickly versus waiting for months using custom application development. The flexibility in their multi-channel approach, speed to deploy, and cost savings that it offers their customers in the long-term is what sets Autonom8 apart from any enterprise partner in this space.
“Our clients have seen the speed of deploying new features increase by 3x, and making changes to existing business processes by 10x. This speed of launching new business initiatives has led them to save up to 75 percent of the total cost of ownership versus deploying the traditional custom software delivery model,” he claims.
Majority of Autonom8’s customers are financial institutions. Autonom8’s enterprise-grade workflow management platform has been instrumental in enabling them to roll out multiple business applications to improve its customer banking experience. The startup’s fintech customers have processed over 300,000 loans worth $2 billion in October 2022.
Autonom8 combines machine learning (ML), natural language processing (NLP), along with BPM to create workflows and applications that automate complex banking processes. This cutting-edge technology provides breakthrough insights and notifies customers of potential transaction pattern anomalies, enabling fraud and money laundering detection.
One of Autonom8’s customers, Kinara Capital, a fintech company offering collateral-free credit to micro, small, and medium enterprises (MSMEs), runs their entire customer onboarding and Loan Origination System (LOS) solution on the Autonom8 platform. As a result, a loan applicant can use any channel (web, mobile, chatbot, social media) and seamlessly move between web and mobile versions of the company’s multilingual myKinara App to continue their application process.
Commercial model
Unlike other SaaS companies, Autonom8 works on a transaction-based commercial model rather than features or user growth – their customers pay based on transaction volume each month. This consumption-based pricing provides customers complete control over their technology spending. In addition, this pricing approach enables Autonom8 to be the growth engine behind their customers, aligned with their success, as a true technology partner should be.
Autonom8’s 2022 revenue has grown 3x over the previous year. Having clinched some global customers, the startup is now focussed on expanding its US presence over the next year.
