Page 28 - BANKING FINANCE OCTOBER 2021

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new features.These answers simple how to tasks such Union Bank of India: It launched the banking robot, 'UVA'.
as how to reset ATM Pin,which is a bit more evolved The robot can interact with customers on multiple subjects
and is like interacting with your bank executive. and product information. Chabot by Union Bank of India
(Union Virtual Assistant) is an artificial intelligence (AI)
The bank is currently in process of integrating iPAL with software that can simulate a conversation or chat with a
existing voice assistant such as Cortana, Siri and assistant. human user in natural language through messaging
Axis Bank: It launched an AI-enabled app that uses natural application (text chats) or voice commands or may be both,
language processing to enable conversational banking that which may be through Website, Social media platform or
helps consumers with financial and non-financial mobile apps.UVA (Union bank of India's Virtual assistant) help
transactions, queries and product information.Innovation in redefining customer experience by (ASK UVA).The features
lab launched by Axis Bank called "Thought Factory" last year offered are-
to accelerate the development of innovative AI technology 1) EMI CALCULATOR
solutions for the banking 2) CALL CENTRE EXECUTIVE
3) DEPOSITS
Canara Bank: It launched Mitra, a humanoid robot
4) LOANS
developed by Bengaluru-based Invento Robotics which helps
customers navigate the bank. Another one Candi, which is 5) GOVERNMENT SCHEMES
slightly smaller than Mitra is supplementing the human 6) INTEREST RATES
resource. 7) OTHERS

Punjab National Bank: In 2018, the bank announced its As Union Bank already effected the amalgamation, it plans
plan to implement AI in account reconciliation as well as to upgrade the analytics centre of excellence and launch
using analytics to improve its audit systems. The move came many digital banking products.
in after the infamous debilitating fraud of approximately INR
20K Cr, took place in February 2018, which almost paralysed Both challenger and traditional banks are growing their
the bank's operation for a short time. focus on helping consumers save money. As customers
increasingly look to save money for a rainy day and become
IndusInd Bank: It has launched Alexa Skill, 'IndusAssist', more fiscally responsible, many banks have reacted by
using which bank account holders can conduct financial and providing a variety of services. Traditionally, these services
non-financial banking transactions with Alexa, Amazon's included basic budgeting apps or digital tools, but AI is now
virtual assistant. being deployed to help segment different payments, provide
suggestions to customers based on payment history, offer a
City Union Bank: It launched the banking robot, 'Lakshmi'. source of advice, and a resource for answering common
The robot can interact with customers on more than 125 customer queries via Chatbot.
subjects. Apart from answering generic questions, the robot
is also programmed to connect with the core banking When a human point of contact isn't always available, AI-
solution including balance, interest rates and transactional driven virtual assistants or Chatbots are able to respond to
history. customers' simple banking needs. From identifying funds in
a customer's cash flow that can be automatically moved to
Andhra Bank (Now amalgamated entity of Union Bank a savings account, and alerting customers to any unusual
of India): Bengaluru-based AI Startup, Floatbot has launched activity in their accounts, to providing personalised financial
AI Chatbot integrated with Core Banking Servers of Andhra management insights and advice.
Bank, to digitally engage and automate customer support
for its 5 Cr customers. Floatbot will also develop a Chatbot AI-based decision making can ultimately help banks expedite
for 20K+ internal employees of Andhra Bank to automate workflow, reduce the volume of customer calls coming into
on boarding and training. the call centre, and improve customer service.

28 | 2021 | OCTOBER | BANKING FINANCE