Artificial Intelligence (AI) opens up new platforms for the banking industry
Banking is one sector that has been radically affected by technological developments. The banking sector is also the fastest adopters of new technology that has been revolutionising the whole world. Most banks depend on technology to ease their hectic schedule. A recent trend shows that banks have been undergoing an AI-oriented transformation to reduce human effort. As part of this, digital wings of popular banks have employed AI-based ‘chatbots’ to assist in transactions.
Chatbot, an advanced AI software for stimulating natural Language conversation
A chatbot is artificial intelligence (AI) software that can simulate a conversation (or a chat) with a user in natural language through messaging applications, websites, mobile apps or telephone. A chatbot is often described as one of the most advanced and promising expressions of interaction between humans and machines. Chatbots are used for formulating responses to questions in natural language. Advantages of using AI is that there is very little chance of forgery happening. AI helps in identifying frauds much efficient than humans could. Today, many Indian banks are using AI-enabled chatbots for transactions. Latest to enter into this transition is the banking wing of Geneva-based Hinduja Global Solutions. HGS employs Robotic Process Automation, a non-invasive technology solution, to serve its clients.
Axis Bank – Axis Aha
Axis Aha is the virtual assistant chatbot of Axis Bank, which works on AI and ML algorithms. The chatbot is designed to deliver a contextual response to user queries and helps in carrying out transactions on the chat window. Axis Aha is available on Axis Bank Website, Axis Mobile application or on axisbank.com/support
HDFC – EVA
EVA or Electronic Virtual Assistant is the chatbot of HDFC India. It is the first and largest Artificial Intelligence-powered banking chatbot in India. The chatbot is capable of handling 7,500 FAQs and has so far served 16 Million transactions.
Kotak Mahindra Bank – Keya
Kotak Mahindra Bank-owned Keya is India’s first voice bot employed in the banking sector. A bilingual voice bot, Keya caters to the needs of English and Hindi customers. Keya uses automatic speech recognition, natural language understanding and text-to-speech
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SBI – SIA
State Bank Intelligence Assistant is the chatbot launched by State Bank of India. SIA is capable of handling 10,000 enquiries every second. SIA will help customers with everyday banking tasks just like a bank representative. SIA is one of the largest AI deployment in consumer banking.
