BUSINESSNEXT, a global enabler of composable enterprise solutions for financial services, has partnered with MongoDB to support autonomous operations enhanced with predictive and generative AI for banking as well as insurance.
Headquartered in New York, MongoDB enables industry participants to create, transform, and enhance various industry processes with the power of software and data.
The partnership between BUSINESSNEXT and MongoDB will aim to support banking and financial services with the tech required to provide improved customer experiences and drive autonomous operations.
By combining BUSINESSNEXT’s expertise in digital financial services with MongoDB’s database platform that has encryption, access controls, and data protection protocols, the partnership will deliver solutions that address the needs of the industry.
BUSINESSNEXT’s solutions are focused on driving autonomous banking and reportedly include real-time AI at the core powering CRM, digital journeys, lending platforms, risk-rating platforms, workforce assistants, customer chatbots.
MongoDB’s document-oriented data model, with its schema, complements BUSINESSNEXT’s AI-driven capabilities.
The partnership will enable banks to tap the power of their data to support personalized customer journeys, enhance lending processes, and carry out data-driven decisions.
Sushil Tyagi, Executive Director at BUSINESSNEXT said that MongoDB’s data protection protocols and their ability to handle data structures and scale aligns with their vision of providing an agile platform for banks.
Sachin Chawla, Vice President, India and South Asia at MongoDB explained that independent software vendors are a key part of the enterprise software stack in India,
He added that this partnership will help financial services organizations to accelerate their modernization initiatives and use AI to drive differentiation.
Key benefits of the partnership include:
- Autonomous Banking operations
- Enhanced customer experiences
- Accelerated lending processes
- Improved operational efficiency
- Strengthened risk management
This partnership is said to mark a key milestone for BUSINESSNEXT and MongoDB, and it is expected to drive considerable value for financial institutions globally.
