FINTECH REVIEW: Kudi.ai, A ChatBot ePayment Revolution in Nigeria





Fintech is here and it’s rapidly changing, ravaging and disrupting everything that looks like status quo. There are three keywords I would lately use to describe how fintech is operating and these words are that fintech is merging, submerging, emerging. It’s merging by collapsing so many platforms, sectors and system into one, it’s submerging by drowning the old ways with sophistication and finesse and it’s emerging because it seems like we will never get to the end of all the disruptions we see every day in this space.

Such latest disruption is the emergence of Kudi.ai. with a simple model of just leveraging on your regular chat platforms like Facebook messenger, Skype and its (Kudi) in-built chat, Kudi solves your transfer, bill payments, airtime or data purchases in the most seamless way like never before. The promise seems bogus and the capability is what you’ll quickly discard in doubt. This was how I felt, but for my curiosity I gave it a phantom try and the rest is history, I’m already a fan of Kudi probably until another Nigerian disruption outwits.

What exactly is the concept behind Kudi? When a simple chat instantly transfer money, pay bills, buy airtime in the most acquitted way you could imagine, it’s important to demystify the infrastructure upon which Kudi sits.

Kudi the Chatbot and more…
What are chatbots? Here’s how Wikipedia describes it. A chatbot (also known as a talkbot, chatterbot, Bot, chatterbox, Artificial Conversational Entity) is a computer program which conducts a conversation via auditory or textual methods. Such programs are often designed to convincingly simulate how a human would behave as a conversational partner, thereby passing the Turing test. Chatterbots are typically used in dialog systems for various practical purposes including customer service or information acquisition. Some chatterbots use sophisticated natural language processing systems, but many simpler systems scan for keywords within the input, then pull a reply with the most matching keywords, or the most similar wording pattern, from a database.

But Kudi is much more than a chatbot, the chatbot integration in itself is just the concept; meaning, financial transactions, being carried out using the concept of chat or by just chatting it out. The idea is that it is an enabler of financial technology and behind the scenes is an infrastructure that permits the financial transactions in a secure way. The transactions are typically carried out by a third-party platform known as a payment infrastructure and this could either be a payment switch or a payment gateway infrastructure.  



So, is Kudi alone in this space? No, ChatPay had existed before Kudi, but what makes Kudi unique is that it brought an idea or concept of transfer and payment that doesn’t require adding or downloading another apps on an already app-crowded device. By making use of the regular chat platforms we have always had and used on our device we need not bring in a new app and this is what most users would agree is the unique selling proposition and the great differentiator.

Kudi and your Security…
How secure is the Kudi platform? Well, what scared the freckle out of me was the claim by the Kudi platform to save your details and you wouldn’t need to input your card details when you choose to use the platform again and again. So, what if my Facebook messenger or Skype was hacked into with my card details already saved into the Kudi platform wouldn’t all my money be moved? My further prodding revealed that your unique four-digit pin and your hard token or OTP would always be needed to validate your transaction, except held at gun point, merely hacking your Messenger or Skype doesn’t make anyone close-in on your money.

CRM
As it has been typical with most new Nigerian Fintech products, customer relations feedback, queries and hiccups are either not accommodated in the entire plan or are poorly integrated and managed. With Kudi the circumstance is not farfetched from the status quo. For a fintech product, especially one that sits on a chat concept and Infrastructure, it is important to have a real-time CRM system that attends to queries, questions and hiccups as all fintech product have shown overtime their imperfections, and irrespective of how solid the claims are people will always have a reason to make queries or ask questions and here Kudi lacks.   

Overall, this a watertight platform and after carrying my first chat-payment am completely sure this is what I want to do again and again simply because it just makes life easy just as I want it to be. My overall rating for Kudi is 95 percent.And, did i mention that transfers to other banks on Kudi.ai is absolutely FREE!

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