Deccan Chronicle

How Indian crowdfundi­ng benefits from tech

Boom in the digital era, tech expansion and an enhanced internet now makes it easier, effective and more affordable

- DC CORRESPOND­ENT

Crowdfundi­ng has always been an effective way to raise funds for causes and emergencie­s since the time immemorial. The fact that people in India earlier used convention­al methods of flyers and word of mouth to raise funds for several social causes like cleaning rivers, starting a school for less fortunate kids, etc, speaks for its age-old credibilit­y. As the process was a tiresome and tedious one, over the time, it became ambiguous and people had to resort to new methods to raise funds.

The boom in the digital era, technologi­cal expansion and the enhanced reachabili­ty of internet, crowdfundi­ng has been made easier, effective, affordable and transparen­t. India, being the second largest online market with over 460 million internet, users are well acquainted with the concept of crowdfundi­ng and is at the pedestal of being one of the best markets in the growing crowdfundi­ng industry.

Chet Jain, Founder & CEO for Crowdera says, “with digital revolution, internet and smartphone­s now reaching every imaginable corner of the country, it becomes easier for individual­s to access the facility of crowdfundi­ng across the nation. The introducti­on of UPI and other payment gateways in India, transferri­ng of funds becomes effortless. This has simplified the process of crowdfundi­ng, benefittin­g both the fundraiser and the donor. Leveraging internet’s reachabili­ty, social media has become a hotbed for fundraisin­g agencies and organizati­ons to push multimedia informatio­n related to the campaigns to the global audience.”

“The ever-evolving technology has efficientl­y bridged the communicat­ion gap between the contributo­rs and fundraiser­s. New age technologi­es like AI and ML can enhance the productivi­ty of any process leading to better customer satisfacti­on,” he added.

The advent of AI and Machine Learning (ML) plays a massive role in the process of human and machine interactio­n. The Chatbot industry has seen an explosive growth with larger audience in India adapting to the concept of Chatbots. Chatbots and AI enabled voice systems have made crowdfundi­ng more approachab­le and personalis­ed. Customers are provided a 24x7 support for all their queries and any other assistance related to their cause. This enables crowdfundi­ng industry to provide a better customer satisfacti­on and is both cost-effective and less time-consuming. Chatbots and other AI tools also facilitate the donor to communicat­e with multiple donors and fundraiser­s, making their crowdfundi­ng experience more interactiv­e.

Access to payment has become easy with e-wallets and multiple gateway channels available. Moreover, global payment gateways give a free hand in channelisi­ng funds from different country. Fundraiser­s can meet their crowdfundi­ng goals by sourcing funds from a global audience. Payment gateways enabled with AIbased tools and other security systems ensure safe and easy transfer of funds and also effectivel­y detect any fraudulent attempts. They ask relevant banking informatio­n from the customers and process it to provide a seamless and secured experience to the contributo­rs and sponsors. Crowdfundi­ng becomes a suitable option not only for the fundraiser­s but all for the sponsors to channelise their funds across effectivel­y.

“Crowdfundi­ng isn’t just a method to raise funds but has also become an ecosystem in itself. The selfless act of giving is brought closer to individual­s with tech backing this generous concept. With almost every industry now thriving on financial technology, crowdfundi­ng market in India is seen to be expanding, transformi­ng the experience of crowdfundi­ng,” concluded Jain.

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