Page 25 - Banking Finance August 2025

ARTICLE

the country's linguistic diversity, including handling code- These have progressively evolved to include voice inte-
mixed text effectively. gration, allowing customers to speak their queries in-
Y Voice Biometrics: This technology offers a highly secure stead of typing.
and convenient method for authentication. By analyz- Y Leading Banks' Initiatives: Several prominent Indian
ing unique vocal characteristics (pitch, tone, rhythm), banks have launched their own voice-enabled AI assis-
voice biometrics create a "voiceprint" that can verify a tants:
user's identity. This adds a robust, user-friendly security o HDFC Bank's "EVA" (Electronic Virtual Assistant):
layer, reducing reliance on PINs and passwords, which EVA is a popular AI-powered chatbot that supports
can be cumbersome or prone to security breaches. The both text and voice interactions. It assists custom-
regulatory landscape around biometric data in India ers with a wide range of services, including open-
(e.g., DPDP Bill) will be crucial for its widespread adop- ing savings accounts, checking loan eligibility, pro-
tion in banking. viding information on various products (personal
loans, business loans, credit card loans, fixed depos-
Y Cloud Computing: The processing power and storage
its, salary accounts, home loans), and answering
required for training and deploying sophisticated AI
models for voice and vernacular banking are immense. FAQs. EVA can also facilitate language changes and
accept voice commands for searches.
Cloud computing provides the scalable, on-demand in-
frastructure necessary to handle these computational o ICICI Bank's "iPal": ICICI Bank has significantly in-
demands efficiently and cost-effectively. vested in AI-driven customer experience, with iPal
Y Open APIs and Ecosystems: Banks are increasingly in- handling millions of customer interactions annually.
iPal is designed to address queries, provide account
tegrating with third-party voice platforms (like Google
Assistant, Amazon Alexa) or developing their own pro- information, and facilitate transactions in real-
time, personalized based on customer data.
prietary voice AI systems. Open APIs facilitate seamless
integration with core banking systems, CRM platforms, o SBI YONO Integration: While SBI's YONO (You Only
and other digital channels, creating an omnichannel Need One) platform is a comprehensive digital bank-
experience for customers. ing app, SBI has been integrating voice features,
Y Big Data Analytics: Every voice interaction generates particularly through its phone banking services, al-
lowing customers to check balances, request state-
valuable data. Banks can leverage big data analytics to
gain insights into customer behavior, preferences, pain ments, block cards, and access information on vari-
ous products through voice commands. The
points, and even emotional states, enabling further per-
roadmap for YONO likely includes deeper voice AI
sonalization and proactive service delivery.
integration.
The Indian Banking Sector: Pioneers and o Axis Bank's "AXAA": Axis Bank introduced AXAA,
Progress

The Indian banking sector, known for its rapid adoption of
digital technologies and its proactive stance on financial
inclusion, has been at the forefront of exploring and imple-
menting voice and vernacular banking solutions.

Early Adopters and Use Cases:
While Interactive Voice Response (IVR) systems have been
a staple for decades, offering menu-driven voice navigation,
the current wave of voice banking is far more intelligent and
conversational. Indian banks have moved beyond basic IVR
to leverage advanced AI:
Y Evolution of Chatbots: Many banks initially deployed
text-based chatbots on their websites and mobile apps.

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