Fluid Ai-Breaking New Ground with Artificial Intelligence

The case is set in 2017 and covers the journey of Fluid AI. Fluid AI is a five-year-old artificial intelligence (AI) startup that emerged as a pioneer in offering various AI-based products to solve various business problems. Its customers were primarily international and domestic (Indian) banks that generated and held enormous data but struggled to make sense of it. These banks needed help in solving problems such as predicting which customers they should lend money to, having an effective collection mechanism with reduced reliance on human decision-making, and using AI as modern technology to enhance the overall quality of customer experience. High cost-to-income ratios in banks provided another business imperative for building AI-based solutions to automate various operational processes in banks. Recognizing these needs, Fluid AI's founders-Raghav and Abhinav Aggarwal-built a core set of products powered by deep technical expertise and knowledge of AI algorithms. Enthused by the success from their first banking customer, the duo invested heavily in creating a two-pronged AI value proposition: predictive AI capabilities and conversational bots, with the ability to deploy solutions both on the customer's premises and on the cloud. This unique capability put Fluid AI in a formidable position to compete with more established AI startups, including some large IT service providers and product companies. The brothers did all of this in a completely bootstrapped mode, allowing the Fluid AI team full freedom to make technology, architectural, and business model decisions. They reached a critical mass of customers as more banks signed up and started using Fluid AI's products. A turning point came when Forbes magazine approached Fluid AI to help create a virtual avatar of Warren Buffett. This case traces Fluid AI's journey from being a startup, including its young founders and their dreams.