Page 41 - Banking Finance May 2023

ARTICLE

(even co-browsing) to deliver effective solutions with and can shortly be more advanced.
personalized conversations. In addition to handling common queries, conversational
AI will be able to handle complex queries and respond
Customer Data Privacy accordingly by understanding the mood and emotion of
the customer.
Customer data, being a huge responsibility for the banks,
risks associated with conversational banking must be The hybrid form of interaction will be the norm with a
completely taken care of to protect the data and retain convenient mix of chat, voice and human interface.
trust. The shift between channels will be smooth with the
continuation of the contextual engagement seamlessly
Measures banks can adopt to protect data are to avoid repetition.
1. Leveraging automated technologies like chatbots also
means several security measures can be built-in to The next big step will be opening the banking channels
protect customer data like proper identification and completely to popularly available voice assistants (like Siri,
authentication. Google Assistant, Alexa, Cortana) and messaging applications
(like WhatsApp, Telegram, Signal, Messenger, WeChat, etc).
2. The messaging app used by the customer for the
In fact, this is already a reality asbanks worldwide and a few
banking services should be secure with no data storing
of them in India (like Axis Bank) have enabled this facility in
capability and fully encrypted end-to-end.
smart speakers.And many have integrated their services
3. The coordination and collaboration among the teams
with messaging applications to offer services over chat.
like technology, information security, finance, legal and
compliance in the bank will pave way for a safe and
Conclusion
secure banking experience.
An approach with suitable policies and vision in building AI-
4. In the case ofthird-party tie-ups in, sufficient careshould
based conversational banking solutions will surely help banks
be ensured for confidentiality and non-disclosure.
gainsubstantialyields. Research and experience to date show
that conversational banking can aid in revenue growth
The Near Future significantly in addition to cost reduction. This itself should
The influence and involvement of conversational interfaces push banks to grab the opportunity and embrace the trend
are going to be huge for banking services. The landscape in to offer a personalized experience through customers'
conversational banking will surely undergo drastic change preferred means.

NCLAT upholds Rs. 1,338-crore fine on Google, grants partial relief
An appellate tribunal handed out a mixed verdict on Google's alleged anti-competitive practices in the android mobile
devise case - upholding a fine of Rs. 1,338 crore but scrapping conditions like allowing hosting of third-party app
stores on its Play Store.

While upholding the fine imposed by the CCI for exploiting its dominant position in Android, the NCLAT struck down
anti-trust regulator order that had said Google will not restrict the removal of its pre-installed apps by the users.
Notably, the NCLAT in its 189-page order, upheld CCI's six directions, including one in which Google was asked to
allow the users during the initial device setup to choose their default search engine, and another that made it clear
that OEMs cannot be forced to pre-install a bouquet of apps.
Google said it is reviewing the NCLAT order and is in the process of evaluating legal options. A two-member bench of
the National Company Law Appellate Tribunal (NCLAT) has asked Google to implement the direction and deposit the
amount in 30 days.

38 | 2023 | MAY | BANKING FINANCE