Page 21 - Banking Fiannce March 2018

PRESS RELEASE

Federal Bank & Niki.ai launch a Chatbot based virtual assistant in

FedMobile Banking application

Federal Bank & Niki.ai have launched a Chatbot based Sachin Jaiswal, CEO, Niki.ai said "With the integration of Niki
virtual assistant in FedMobile, bank's mobile banking bot on FebMobile, the teams have created the most
application. Using the Chatbot feature, the users of the app seamless AI powered transactional experience for the
can avail a host of m-commerce services by simply chatting customers. Search and discovery for a product or service is
on the application. now as simple as talking to a friend. For the payments, the
customer need not get redirected to any other platform or
The bank has partnered with Niki.ai for powering the
Artificially Intelligent bot. The Chatbot feature offers take the hassle of loading their digital wallets, the debit
Mobile Recharges, Hotel Room/ Bus Ticket reservation, happens directly from the federal bank account and the
payment is done in a flash."
Household bill payments (Electricity, Water, DTH, DataCard,
Landline, Broadband, Gas), Movie booking, Events booking As a launch offer, the Bank is preparing to roll-out extensive
& Cab booking. A user who wants to do a mobile recharge offers on the Chatbot services for its customers using their
will simply have to type on the app "recharge my mobile mobile banking application, FedMobile. This will encourage
number for Rs. 100". The intelligent chatbot will pick up the users to discover the simplicity & smartness of the
automatically the mobile number, identify the mobile feature. Chatbots are becoming a chosen mode by
operator & display the details for the user's confirmation. companies across the globe for delivery of services, for its
Once confirmed, the mobile number is instantly recharged. interactive abilities & increased customer satisfaction.
The service is smart to pick up mobile number from contacts Federal Bank is already witnessing a higher acceptance of
list on the device, so that one can recharge any mobile the Chatbot feature by its mobile banking users. The service
number in just a few seconds. Booking a cab, movie ticket, is currently made available for Android devices & will soon
bus ticket, paying bills is also simple & quick. Services be released for Apple devices as well. Along with the
through Chat on the app is made seamless & interactive, existing widespread services offered on the app, such as
which makes the process quite simple, making m-commerce Deposit Opening, Loans, Mutual Funds, Insurance and more,
transactions as easy as chatting with your friend. Chatbot is an appreciated feature.
Bank of Baroda partners with Invoicemart as a TReDS partner

Invoicemart, India’s leading digital invoice discounting marketplace by A. TREDS Ltd, a joint venture between Axis Bank
Ltd and mjunction services ltd, has tied up with leading PSU bank, Bank of Baroda (BoB) to discount invoices for MSMEs.
The partnership with Bank of Baroda will now provide buyers and sellers registered on Invoicemart with a variety of
options.

With this partnership, BoB now joins other leading financial institutions that are on board with A. TREDS Ltd as financiers.
BoB is one of India’s leading public sector bank which has stepped up its focus on supply chain financing, whereby it will
provide loans to MSMEs associated with large corporates. TReDS is an online mechanism that helps MSMEs unlock working
capital without the hassle of applying for loans. A solution which gives MSMEs control over their financial health and
enables them to focus on growing their business.
Speaking on this occasion, Mr. Kalyan Basu, CEO & MD, Invoicemart said, “Financiers are a crucial element of the factoring
ecosystem and provide the much needed working capital to MSMEs registered on our platform. We are privileged to be
associated with Bank of Baroda as one of our financers and we look forward to their invaluable support in our endeavour
to strengthen our industry.”
Globally factoring is a USD 2849 billion industry with India forming miniscule part of it at USD 5.2 billion. Recently
Government of India advised all public sector banks and undertakings to get registered on TReDS platforms. This move
opens the way for Indian SMEs and MSMEs to obtain the much needed trade finance.

BANKING FINANCE | MARCH | 2018 | 21