12 Jul How are banks using AI to future-proof themselves?
Those who are aware of the AI trends in banking will agree that 2016 was a year when banks began revolutionizing the way their services are offered to customers. It was the year many notable banking institutions implemented the use of AI-based chat-boxes to offer a more refined customer experience. As different sectors, for example, retail, online business, edutech and so on have been persuaded by the ability that conversational AI carries alongside it, the situation is not much different for the Indian financial sector. Fuelled by inventive activities, banks and other budgetary foundations have been investing intensely on AI to support their general contributions.
Chatbots in Indian Banking division picking up steam
The ongoing headways in Artificial Intelligence (AI) and Machine Learning (ML) has made the experience very likable by both banks and their clients. Thanks to the abilities of ML and AI, natural conversations has enabled the banks to build up good client relationships over time. Its straightforwardness and adaptability add to its popularity.
Let’s explore few of such ongoing improvements where chatbots and conversational AI have been presented in the Indian banking sector-
1. ICICI Bank testifies for Software Robotics
One of India’s largest player, ICICI Bank had deployed software robotics in September 2016 to manage banking-related activities. With applications it in over 200 business process over different capacities, it imitates human activities to mechanize and perform tedious, high volume business exchanges. According to the company blog, the bank has actualized the ‘Software Robotics’ platform for taking advantage of the technological developments for in-house productivity.
2. Digibank by DBS-
Singapore’s digital banking presence in India, Digibank, is India’s first mobile banking solution that employs AI chatbot. Backed by NY-based Kasisto, the chatbot can answer different saving money inquiries which the users can ask.
3. SBI using IBM Watson-
SBI, through its new digital initiatives like SBI inTouch, is generally utilizing bots and AI, such as IBM Watson, to execute different types of tasks, particularly in enhancing the customer experience. It said, “Men and machines shall coexist in banks for some time like they do in any modern walk of life.”
4. HDFC Bank propelled OnChat in a relationship with Niki.ai
HDFC Bank, along with Niki.ai, acquainted a conversational chatbot to encourage e-commerce and banking transactions using a simpler process. Presently accessible on Facebook Messenger, HDFC chatbot is available to everyone and not only those with HDFC financial balance. Known as “On chat”, it enables the client to perform a multitude of activities like mobile recharge, booking an ola or uber, pay service bills and so forth.
5. YES BANK’s mPower is a chatbot for advance items
In association with Gupshup, Yes Bank introduced ‘YES mPower’ – a banking chatbot that provides support for the bank’s loan catalog. The chatbot provides clients with information regarding personal loans, various types of automobile loans, loans against securities, and so on, which are offered by Yes Bank.
AI has not only paved its way into the banking industry. Even other financial sectors, for example, insurance, has begun adopting the chatbots and AI in their everyday work. While HDFC Life had propelled the main life coverage chatbot in a joint effort with Haptik, different players like Birla Sun Life introduced a chatbot and vouches that it is substantially faster than other client contact points.
What other financial sectors you think can take disruptive advantages by deploying Artificial intelligence? Do let us know in the comment section below.