At Europe’s biggest FinTech event Money 20/20 in Amsterdam, the F10 alumni Apiax and Enterprise Bot showcased their vision of a personal digital compliance officer which combines the Startups’ RegTech and FinTech expertise. Apiax provides a comprehensive solution to digitalise regulations and to manage digital regulatory rules throughout their full lifecycle. “We are a one-stop shop for managed, verified and always up-to-date digital regulatory rules”, Ralf Huber, co-founder of Apiax, explains. The FinTech Startup Enterprise Bot contributes to the digitalization of the finance industry through the introduction of sector-specific AI technology. Their plug and play chatbots powered by Natural Language Processing for a better customer experience are available in multiple languages including English, German, French, Italian and even some Swiss German.
The presented chatbot runs on the technology of Enterprise Bot and is fed with digital compliance rules provided by Apiax. These rules cover the most pressing regulatory topics, especially those that matter in a cross-border compliance context. Based on machine-readable regulatory rules, the chatbot is able to give reliable answers to even the most complicated regulatory questions. “We offered the audience at Money 20/20 a glimpse into the future, in which financial service providers can work with a digital compliance officer running on chatbot technology”, Ralf says. “The Money 20/20 setup was grand, and it was definitely nerve-wracking to face such a large audience – especially with a live Alexa demo and Steve Wozniack presenting at the same event”, Ravina Mutha, co-founder of Enterprise Bot, recalls. “Once on stage though it was amazing to connect with a passionate and like-minded audience that was so supportive of our solution and AI in general.”
How did it all start? According to Ralf, the collaboration of Apiax and Enterprise Bot was “a logical step” for both parties. Read the interview below to learn more about the additional value created by the cooperation, what their next milestones are, if the collaboration affects the way the two Startups work, and how Alexa telling jokes and rapping helps staying motivated.
Why had you decided to work together?
Ravina: We had always discussed working together and considered Money 20/20 a great launch platform. The reason we thought of working together is that while Apiax provides a one-stop-shop for digital compliance rules, Enterprise Bot can help make them accessible through natural conversations on any channel 24/7. It just makes sense to combine the two and provide our customers a holistic experience.
Ralf: Enterprise Bot has the chatbot technology, we deliver the digital regulatory rules. It’s as good as it gets when it comes to cooperation.
Was it easy for you to find a way to match your strengths ideally?
Ravina: Fortunately, we knew and kind of liked each other through the F10 Incubation Program which facilitated matching our strengths and efficiently working together.
Ralf: Enterprise Bot has the know-how and the technology when it comes to chatbots, we have it when it comes to regulations. Plus, we had known each other already from the F10 Accelerator Program and have always had an excellent relationship. So yes, it was straightforward for us to work with Enterprise Bot. Not only when we worked hard, but also during our FIFA sessions!
How does the cooperation affect the way you work?
Ralf: To work with Enterprise Bot was an eye-opener for us. We had known that a regulatory chatbot would be a big thing, but when we saw it in action for the first time, it blew our minds. It took us only split seconds to figure out potential use cases and applications in financial institutions. This light bulb moment undoubtedly has influenced the way we think about certain use cases.
Ravina: It taught us to work as a team and bring our strengths together to deliver a highly valuable solution to our clients. I can't think of any challenges, I really think we worked well together and will continue to do so.Ralf: Neither can we remember any challenges of working with Enterprise Bot. Staying motivated was easy.Ravina (laughs): Asking Alexa to tell jokes and rap for us also kept us motivated.
What are the next milestones?
Ralf: As we are continually scoping business opportunities with potential clients, this project is a great showcase to present the potential of a chatbot fuelled with digital regulatory rules. And we have already received encouraging feedback.
Ravina: The next milestone for us would be to get our first client together. We hope to achieve this later this year.
What advice can you give to young entrepreneurs in the FinTech industry?
Ravina: Sales cycles can be quite long, but it's all about meeting the right person at the right time and following up until you get a ‘yes’.
Ralf: The key is to be persistent. You need to be ready to work harder and smarter than ever before. And the fact that you are doing something new, means that you need to be able to cope with uncertainty. That requires a lot of intrinsic motivation and a sense of purpose. If you have what it takes, embarking on a Startup journey is one of the best things you can do.
Apiax and Enterprise Bot met during the Incubation Program at F10 in Zurich. F10 is a place where valuable collaborations start: between Startups, between FinTech, RegTech or InsurTech Startups and financial institutions or between young entrepreneurs and mentors.