Fintech Alif, a fintech and banking group with roots in Tajikistan and a holding company based in the UK, saw a sharp expansion in its customer base. In 2023, its products served nearly 900,000 unique clients, marking a 58% increase over the previous year.
The company’s decision to integrate artificial intelligence technology into its scoring and customer support systems proved to be a game-changer. This strategic move enabled fintech Alif to process over 1.5 mn installment applications. Consequently, there was a 27% increase in the GMV (Gross Merchandise Volume) of Alif Nasiya installments, amounting to $123 mn.
2023 was a particularly successful year for Alif Mobi, the company’s payment app. The user base saw an impressive growth of 169%, and the Monthly Active Users (MAU) increased by 102%. This growth can be attributed to the app’s superior UI/UX design and competitive payment and remittance offerings.
The company launched its full-field center and logistics to further develop the Alif Shop online marketplace. This strategic move resulted in a significant increase in users and sales, marking another successful year for the company.
The conversation around the adoption of AI products at Alif started in 2019. Back then, Alif Group was operating as a regulated institution in Tajikistan, offering lending and deposit services. The serious contemplation of AI integration was triggered by Alif’s expansion into Uzbekistan. Given that the market in Uzbekistan is significantly larger than that in Tajikistan, the company saw the need to simplify the installment process through AI. To automate credit analysis, the team embarked on the development of a proprietary Machine Learning (ML) scoring system, dubbed “GulChatAI.”
By 2021, Alif captured approximately 30% of Uzbekistan’s Point of Sale (POS) financing market, which led to the development of the ML scoring system. At present, over 70% of all financing applications are processed using this ML scoring system. It considerably reduced the incidence of overdue payments. The successful implementation of the ML scoring system enhanced the efficiency of the installment process, reduced risks, and increased the proportion of automated operations, thereby contributing to Alif’s growth in Uzbekistan.
Beyond credit scoring, Alif expanded its AI applications by introducing an AI chatbot in Uzbekistan towards the end of 2022. This chatbot autonomously manages nearly 60% of daily customer inquiries, thereby reducing the workload on the support team while ensuring high levels of customer satisfaction.
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