Funding Societies debuts Miyu chatbot

By LYDIA NATHAN

CrowdFunding platform Funding Societies has launched Miyu, a chatbot which will function round the clock to answer queries that business owners may ask about the loan products offered by Funding Societies.

The service will be the first such chatbot by a crowdfunding company in South-East Asia and is part of Funding Societies’ move to empower small and medium enterprises (SMEs) to build stronger economies.

“Since inception, we’ve promised to help SMEs and investors through crowdfunding and innovation. Our chatbot is another step in innovation and aims to deliver almost human- like customer experience 24/7,” Funding Societies CEO Kelvin Teoh noted in a release yesterday.

Miyu, jointly developed by two Singapore Management University interns at Funding Societies along with bot (Internet robots) platforms meya.ai and api.ai, used machine learning and natural language processing to evolve the platform.

It is set to use an interactive manner to increase the awareness and confidence of peer-to-peer lending among SMEs, thereby helping them reach their business goals through alternative finance.

According to Funding Societies, small businesses use speed as one of their key growth factors, yet some are still not able to secure sufficient financial assistance from traditional financial institutions. But through Miyu, business owners will now have the support they need.

This comes after estimates cited by the Securities Commission Malaysia said the Malaysian SME sector has a financing gap of more than RM80 billion.

Another feature of Miyu is the online document collection tech-driven credit processes which will secure the end-to-end process from application to disbursal in just five to seven days, a much shorter period than a traditional financial institution.

Future plans for Miyu will include taking on the role of a virtual relationship manager who will assist SMEs in loan application with minimal human intervention or link them up with account managers.

Miyu will also help investors navigate through the platform, initiate video chats with real customer experience managers, as well as perform account opening and management, activities such as investments, deposits, withdrawals solely online with no human interaction.