AI is the future: Wegofin founder Prabhu Kumar shares his vision on growth and innovation in business banking

Picture a small or medium-sized enterprise (SME) striving to grow in a competitive market, yet feeling weighed down by cumbersome financial processes, manual accounting tasks, and ever-changing compliance requirements. Despite their innovative offerings, these businesses often find themselves spending more time on banking than scaling their operations. This is the reality for many SMEs today, who crave simpler ways to manage their finances—a solution that frees them to focus on growth instead of administrative burdens.

This is where artificial intelligence (AI) is revolutionising modern banking with unprecedented efficiency, personalisation, and security. As banks and financial institutions increasingly leverage AI-driven solutions to enhance customer experiences, the technology’s potential is clear. According to McKinsey, AI could boost banking productivity by up to 40% over the next decade. Seizing this transformative opportunity, Wegofin, a dynamic player in AI-driven business banking, is simplifying financial management for businesses.

Wegofin’s story begins with its founder, Prabhu Kumar. With over 18 years of experience in strategy and leadership roles, Kumar is no stranger to the challenges businesses face in navigating traditional banking complexities. Having spent years managing his ventures, he experienced firsthand the inefficiencies of legacy banking systems—delays in payments, cumbersome compliance processes, and the sheer difficulty of managing multiple financial functions across different platforms.

Determined to create a solution, YS Prabhu Kumar founded Wegofin, a platform that seamlessly integrates all banking aspects into a single, user-friendly interface. His vision was: To empower businesses—whether a large enterprise or a small and medium-sized enterprise —by providing a seamless, AI-powered banking platform.

What sets Wegofin apart: The AI advantage

What sets Wegofin apart is its ability to deliver a full spectrum of AI-enabled solutions tailored to meet the diverse needs of businesses. Its platform is designed to offer seamless integration across multiple financial functions, creating a unified experience that simplifies operations and enhances decision-making.At the core of Wegofin’s approach is its AI-driven banking platform, designed to provide a holistic and streamlined experience for businesses of all sizes. Its AI banking solutions enable businesses to connect multiple bank accounts, automating tasks and offering real-time updates to optimise account activities. The platform’s easy onboarding process further allows businesses to open a current account in just three steps, simplifying KYC requirements and making it easier to start managing finances right away. With cohesive management capabilities, businesses gain complete visibility over their finances through a single dashboard, receiving live updates on accounts and transactions. Additionally, the advanced categorisation feature automatically tracks and categorises spending, helping businesses maintain a close watch on their financial activities while receiving instant notifications for transactions. This suite of AI-powered tools empowers companies to operate more efficiently, minimise manual tasks, and focus on what truly matters—growth and innovation.

“We paint the canvas of innovation where AI blends with the colours of financial freedom, unlocking a new spectrum of infinite possibilities,” said Kumar.

ET Spotlight

Key features include:

• Connected Banking Platform: A one-stop solution that integrates all banking services, providing businesses with a single dashboard to manage their financial activities. This platform is designed to reduce the friction and complexity associated with multiple banking relationships, allowing for smoother and more efficient operations. For instance, a growing SME that was previously bogged down by managing separate accounts for payments, collections, and payroll can now seamlessly manage all these activities from one interface.
• API Payouts and UPI Transactions: Leveraging AI, Wegofin enables real-time processing of API payouts across IMPS, RTGS, and NEFT transactions, along with efficient handling of UPI collections and disbursals. This feature is crucial for businesses that must manage large transactions quickly and securely. It ensures payments are processed quickly and securely, reducing downtime and increasing operational efficiency.
• Enterprise Fintech Solutions: Customised solutions are designed to meet the unique needs of large enterprises, offering them the flexibility and scalability to adapt to changing market conditions. These fintech solutions are crafted to optimise cash flow, manage risk, and ensure compliance with regulatory requirements.
• Digital Taxation and Compliance: A simplified, integrated digital taxation solution equips businesses to stay compliant while reducing administrative burdens. By automating tax calculations and filings, Wegofin ensures that businesses can focus on their core operations without worrying about regulatory hurdles, saving time and reducing errors.
• Unified Financial Management: A comprehensive suite of tools for managing payroll, accounting, and expense management, all in one place. This unified approach allows businesses to streamline their financial workflows, improve accuracy, and reduce costs associated with manual processes.
• Online Remittance and Fraud Prevention: Secure and efficient online remittance services, coupled with advanced fraud prevention and chargeback management tools, provide businesses with peace of mind. Wegofin’s AI algorithms continuously monitor transactions for anomalies, helping to prevent fraud before it happens.

Wegofin’s vision

As Wegofin continues to be one of the leading players in the AI banking space, its commitment to innovation ensures that businesses across India can access smarter, more personalised financial solutions.