Page 27 - BANKING FINANCE OCTOBER 2021

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asked questions aptly. Payjo developed SIA after studying conversing with EVA customer can get various information.
how other banks were changing their customer service EVA has already answered more than 5 million queries from
business models and basing their ideas on what they thought around a million customers with 85% accuracy. EVA holds
would succeed the most in the future. more than 20000 conversation per day.EVA can be
connected on all digital channel of HDFC bank i.e.
Bank of Baroda: BoB has set up hi-tech digital branch website,mobile site and dedicated portals of bank
equipped with advanced gadgets like artificial intelligence customers.She is also available on voice via Google assistant
robot named Baroda Brainy and Digital Lab with free Wi-Fi .If you just say "ok Google, talk to HDFC Bank" into your
services. Google assistant you can talk to EVA. EVA can also be
connected through amazon echo devices, just say "Alexa,
Allahabad Bank: In a media statement earlier, the open HDFC bank to connect with EVA. Also many questions
Allahabad bank said that its app 'emPower' is scheduled to can be asked such as
get major enhancements like Chatbot and artificial 1) "Tell me IFSC code of ------ branch",
intelligence-based ecommerce payments.
2) "Current FD rates"
3) "Give me the address of ---- branch"
YES Bank: It has partnered with Gupshup, a bot platform,
to launch 'YES mPower' - a banking Chatbot for its loan 4) "Rates and charges of ----------"
product. Another AI product YES ROBOT is equipped to 5) "Documents required for ----------- loan"
answer consumer's banking related queries anytime,
6) "How can I get -------- loan"
anywhere, without the hassle of waiting for on-call or
searching online. Also, YES BANK was the 1st Bank in India
ICICI Bank: It has deployed software robotics in 200+
to introduce Chatbot based banking with the launch of YES
business processes across various functions of the company,
TAG in April 2016 which allows customers to perform
created mostly in-house using AI features such as facial and
banking transactions on various social messengers and
voice recognition, natural language processing, machine
enables transactions through 5 messaging apps. Customers
learning and bots among others. The software robots at ICICI
can carry out a wide range of activities, such as check
balance, FD details, status of cheque, transfer money, etc. Banks are configured to capture and interpret information
from systems, recognize patterns and run business processes
across multiple applications to execute activities. One such
HDFC Bank: It has developed an AI-based chatbot, "Eva",
product is its AI-based Chatbot, named iPal, which helps in
built by Bengaluru-based Senseforth AI Research. Eva can
answering queries, helping in financial transactions and
assimilate knowledge from thousands of sources and provide
discovering new features.The bank claimed to be 1st among
simple answers in less than 0.4 seconds and has in the first
country and among a few globally to deploy this technology
few days of its launch answered more than 100,000 queries
from thousands of customers from 17 countries. It has that emulates human actions to automate and perform
repetitive and high volume and time consuming business
addressed over 2.7 million customer queries, interacted with
task. iPAL Chatbot of ICICI, since its inception till February
over 530,000 unique users, and held 1.2 million
conversations. Going forward, Eva would be able to handle 2020 has attended 3.1 million customers and their 6 million
queries along with 90 percent accuracy rate. iPAL is divided
real banking transactions as well. HDFC is also experimenting
into three categories-
with in-store robotic applications and launched a prototype
robot IRA ("Intelligent Robotic Assistant"). 1) First category involves FAQ, which are simple questions
which you may want to ask your bank executives, for
which there are simple structured answers.
"EVA" (Electronic virtual assistant) the AI based Chatbot is
aimed to serve customer better and faster, by leveraging 2) Second category,It involves 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

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