Artificial Intelligence (AI) is dramatically changing businesses. Brands are consistently focusing on promoting personalized user experiences (UX). Everchanging customer expectations, low operational costs has enabled banks to adopt AI-powered chatbots for their operations.
In India, there has been tremendous revolution in banking as banks are offering users with a variety of digital solutions available. These solutions have bridged the gap between customers and the servicing banks by nurturing their relationships through better interactions. Earlier, customer interactions in banks were limited to physical branch visits. Today, digital means online and mobile banking. Online banking has been popularized. So, customers have an easier access to all financial services and information.
Bankbots of the modern days are smarter and more sophisticated as a result of advancement in Artificial Intelligence (AI) and Machine Learning (ML). They invariably help banks in streamlining communications with customers, promoting two-way interactions as well as providing a unified customer experience across all platforms.
AI & chatbots have largely been used in the leading commercial banks of India:
i.'Yes Robot' By Yes Bank:
'Yes Robot' is a 24*7 Personal Banking Assistant. A customer can easily check balance, mini bank statement, recent transactions, send & transfer money, recharge phone, pay the bills, check loan eligibility, hotlist debit card and apply for 60+YES BANK products and services on it. It also helps in locating ATMs & branches available. It is also accessible through the applications and interfaces that we already use, such as Facebook Messenger.
ii.'Software Robotics' by ICICI bank:
ICICI bank has introduced 'software robotics' for their smooth operations. It is a kind of software that automates, regulates & performs tasks of high-density & volume that needs to carried out over multiple apps while also increasing productivity. It uses facial & voice recognition, NLP, Machine Learning & bots to automate over 200 business processes. This idea has been generated from customer's need to get quicker & more efficient services from the bank.
It uses algorithms to sort processes & connects internal applications to external ones such as Aadhar or PAN card verification for KYC compliance. A sequential decision-making method is then used to sort the processes.
iii.Humanoid Lakshmi by City Union Bank:
'Humanoid Lakshmi' is a robot developed for City Union Bank. It can speak in English, gesture, turn around and engage in a very life-like manner in conversations.
It is capable of multitasking sensitive financial information. It can answer customer queries on more than 125 subjects such as current interest rates on loans, account balance & transactional history, etc. Apart from answering generic questions, Lakshmi is also programmed to provide information with the core banking solutions.
iv.HDFC Bank's On Chat:
HDFC Bank & Niki.ai introduced a conversational & intelligent banking chatbot 'On chat' to facilitate e-commerce & banking transactions. It is available for everyone & not only the HDFC user accounts.
To sign up, users only need to find 'HDFC Bank OnChat' on their Facebook Messenger, and message a 'Hi'. The platform then verifies the user's phone number and prompts them to carry out transactions. This includes mobile recharges, utility bill payments and cab bookings in Ola/Uber. Users can ask the bot for suggestions like 'recommended data plans' etc., or issue orders like 'cancel transaction', to get relevant responses.
The platform saves user data, so bill details are automatically saved for future payments. For payments, the platform prompts users to pay either via Paytm, Freecharge or PayuMoney, using which users can pay via debit/credit cards etc. The chatbot simply facilitates the transaction via another payment portal.
State Bank of India is also highly inclined on using AI for making banking operations easier, systematic & smarter. SBI Intelligent Assistant(SIA), developed by Payjo, is a chatbot aimed at handling customer queries and help guiding the customers through the various retail products and services offered by SBI. SIA works on AI. It helps in identifying work processes that can be transferred to robots so that minimum human resources can be more creatively used.
The banks in the industry seem to be competing with each other to launch their AI solutions and stay ahead in the technology adoption curve. It is evident that a large percentage of the digital transformation budget is being geared toward AI and related technologies and the spend is only going to increase in the future.