Sergei Smelov, Founder of Boostra, Shares the Latest Technologies in Microfinancing

23 May 2024

Sergei Smelov, the visionary founder of Boostra, has been at the forefront of integrating cutting-edge technologies into the microfinancing sector. Established in 2014, Boostra has rapidly emerged as an innovative platform for financial products, leveraging advancements in artificial intelligence (AI), process automation, and data analysis to enhance service delivery and operational efficiency.

The Role of AI in Microfinancing

According to Smelov, AI technology in credit scoring is currently in its nascent stages. There are few, if any, ready-made solutions available in the market. Most AI tools are still under private development by individual companies, hesitant to share their innovations until they fully mature. However, Smelov anticipates a significant shift in the next two to three years, where AI-based scoring solutions will become more prevalent. He emphasizes that AI's potential in this field is vast, and those who master its applications swiftly will gain a substantial competitive edge.

"The real challenge lies not in the technology's capability but in the speed and efficiency of its adoption," Smelov asserts. "Companies that can quickly integrate and utilize AI effectively will lead the market."

Boostra's Technological Innovations

Boostra, under Smelov's leadership, prioritizes the implementation of market-ready solutions over extensive in-house development. The company’s top management continually surveys the technological landscape to integrate the latest advancements, ensuring enhanced work efficiency and superior customer service.

One of the notable integrations at Boostra is an AI-based chatbot on their website, capable of handling approximately 75-80% of customer inquiries. This chatbot has significantly improved customer satisfaction, with many users unaware they are interacting with a bot. Additionally, Boostra employs an AI solution that analyzes photographs and documents to verify identities, effectively reducing fraud and minimizing client decision waiting times.

To further enhance user experience, Boostra has embedded a small game within the client's personal account interface. This not only entertains users but also helps mitigate the perceived wait time for service.

Leveraging External Solutions

Boostra also integrates external technologies to optimize its services. They use ready-made solutions like Dbrain for photo recognition, which assists in the verification process. Moreover, Boostra conducts its own research focused on refining its decision-making systems, particularly in borrower analysis.

These technologies are not only aimed at improving customer convenience but also at enhancing the efficiency of Boostra's business processes. By adopting and integrating the latest technological solutions, Boostra ensures they remain at the cutting edge of the microfinancing industry.

The Future of AI in Microfinancing

Looking forward, Smelov is optimistic about the transformative potential of AI in microfinancing. As AI technologies continue to evolve, their integration into microfinancing processes will likely become more sophisticated and widespread. This will not only improve accuracy in credit scoring and fraud detection but also streamline operations and enhance customer interactions.

In conclusion, Sergei Smelov's proactive approach to adopting and integrating advanced technologies at Boostra sets a benchmark in the microfinancing sector. His foresight and commitment to leveraging AI, process automation, and data analysis position Boostra as a leader in innovation and efficiency in financial services. As these technologies mature, Boostra is poised to offer even more refined and effective solutions, benefiting both the company and its customers.