Page 26 - BANKING FINANCE OCTOBER 2021

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9. Canara Bank answered 5 million queries with 85% accuracy.Chatbots can
10. City Union Bank analyse and understand not only the content but also the
context of customer's question. The history of Chatbot
11. Punjab National Bank
started with "Elisa", first ever Chatbot started in 1966. It
12. IndusInd Bank
was a very basic bot providing some basic information
related to entertainment, sports and price regulation of
Smart use of AI means viewing banking operations through
stock market as well.With the development of smart phones
both an automation and augmentation perspective. Banks
and the applications these Chatbots have turned all the
can use the insights gained from the deployment of their
more smarter .With AI progression's and voice recognition
Chatbots to improve bankers' productivity and their
the application of Chatbot is increasing day by day.Union
interactions with customers. Banks using AI can achieve a
virtual assistance (Chatbot) being able to provide customer
more informed banking environment that not only provides
delight and study of pattern of Chatbot usage in union bank
customers with assistance and insights, which in turn gives
is also encouraging.
them greater control over their personal finances, but also
an added sense of financial security. Chatbots have evolved
The Techno savvy customers prefer self-service and they
to a point where they have developed a level of human
want quick and easy ways to get their queries responded.
intelligence. As a result, they can offer an emotionally
Chatbot conduct conversation to respond queries and deliver
connected experience for customers who are in the process
meaningful offer and make everyday banking easier, faster
of making important life decisions.
and convenient. Some of the salient features of Chatbot are
that they can handle omni-platform concurrent queries,
With increasing consumer expectation, the use of artificial
humanistic approach, predictive in nature, they conduct
intelligence, machine learning and Chatbots in banking is also
short and simple interaction with easy text driven
of great utility. Banks & Credit Unions worldwide are testing
conversation and also having simple user interface. They are
new application and deploying new solutions to improve
at customer service 24*7*365 i.e. all the time.
overall digital experience of customers. Chatbots have
already begun to make their mark in Indian banking industry.
Chatbots nowadays combines benefits of virtual and human Progress made by the Banks in this
assistance and provide a differentiated customer experience. regard:
State Bank of India (SBI): SBI is currently using an AI-based
Chatbots have begun to mark their presence in Indian solution that captures the facial expressions of the
banking sector.Kotak Mahindra bank is first to launch voice customers and helps them in understanding the behaviour
Chatbot "Keya". HDFC Bank EVA's (Electronic virtual of its customers developed by Chapdex. On the front desk,
assistance) is largest AI powered Chatbot which has already it uses SIA Chatbot, an AI-powered chat assistant developed

by Payjo, a Startup based in Silicon Valley and Bengaluru. It
addresses customer enquiries instantly and helps them with
everyday banking tasks just like a bank representative.

Chatbot of SBI i.e. "SIA" (Sales intelligence Assistant),
facilitates customer with numerous consumer banking
actions. It is setup to handle nearly 10000 enquiries per
second which according to Payjo is 25% of queries processed
by google every day. SBI claims SIA continuously learns with
each interaction and gets 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

26 | 2021 | OCTOBER | BANKING FINANCE