Page 32 - Banking Finance August 2022

ARTICLE

6) With AI progression's and voice recognition the basing their ideas on what they thought would succeed
application of chatbot is increasing. the most in the future .Then they would have unbundled
the offerings of other banks and decided on which
Banking chatbot can be broadly categorized in topics they could start building the chatbots to handle.
SBI has successfully deployed workforce enablement
3 parts -
tools like chatbots for improving productivity and quality
1) First category involves FAQ, which are simple questions
of customer service personnel.
which you may want to ask your bank executives, for
which there are simple structured answers. You ask B) HDFC Bank's - "EVA" (Electronic virtual assistant) is AI
question, Bots will respond and it learns along with way. based chatbot application of hdfc bank. It is aimed to
serve customer better and faster , by leveraging
2) Second category involve financial transactions, where
technology. EVA uses latest AI and natural language
in you can make fund transfer from person to person,
processing to understand user queries and fetch relevant
pay your bill or recharge your bills using queries.
information from thousands of possible sources .By
3) In third category it involves helping people discover new conversing with EVA customer can get various
features. These answers simple how to tasks such as
information. EVA has already answered more than 5
how to reset your ATM Pin , which is a bit more evolved
million queries from around a million customers with
and is like interacting with your bank executive
85% accuracy. EVA hold more than 20000 conversation
per day. EVA can be connected on all digital channel of
Examples of famous Chatbots and HDFC bank, i.e., website, mobile site and dedicated
portals of bank customers. She is also available on voice
utilities
via Google assistant .If you just say "ok Google, talk to
A) SBI, largest public sector bank with millions of customer
HDFC bank" into your Google assistant you can talk to
is embarking on its AI journey from point of view of both
EVA. EVA can also be connected through Amazon echo
employees and customer .SBI launched a national
devices, just say "alexa, open HDFC bank to connect
hackthon, "Code for Bank", for developers, students to
with EVA.
come up with innovative idea and banking solution
focusing on bots. SBI is currently using an AI-based
Questions like
solution developed by chapdex , the winning team from
1) "Tell me IFSC code of ------ branch",
its first hackthon. The solution essentially scans cameras
installed in branch and captures the facial expression 2) "Current FD rates"
of customer and immediately reports whether the
3) "Give me the address of ---- branch"
customer is happy or sad. This is real-time or near to
4) "Rates and charges of ----------"
real time feedback. Chatbot of SBI is named "SIA" (Sales
intelligence Assistant),launched is AI powered chat
assistant that addresses customer inquiry instantly and
help them in everyday banking task just like bank
representative. This facilitates customer with numerous
consumer banking actions.SIA is developed by PAYJO .It
is setup to handle nearly 10000 enquiries per second
which according to payjo , is 25% of queries processed
by Google everyday.SBI claims SIA continuously learns
with each interaction and get better over time. It is a
machine learning based product. Currently SIA can
address enquiries on banking products and services. It
is trained with set of past consumer questions and is
said to handle frequently asked questions aptly. Payjo
developed SIA after studying how other banks were
changing their customer service business models and

32 | 2022 | AUGUST | BANKING FINANCE