Chatbots: Future of AI Banking

AI

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Facebook Messenger users have been able to use the app to avail of travel services, movie bookings, or bills payment. HDFC (Housing Development Financial Corporation) Bank has already invested in this technology. Developed for HDFC by tech firm Niki.ai, they were able to come up with a service that would make banking much easier. The Artificial Intelligence-powered chatbot, OnChat, replaces conventional mechanisms like Interactive Voice Response (IVR) and can understand language combs like Hindi and English.

Lately, HDFC Bank offered another chatbot, called Electronic Virtual Assistant or EVA for Web and mobile. Eva is India's first AI-based banking chatbot and can answer millions of customer queries across multiple channels instantly.

CEO and Co-Founder Shridhar Marri explains, “EVA currently handles 50,000 plus semantic variations for thousands of banking related intents. Eva tracks and analyses everyday customer issues and gains a deeper understanding of their behavior patterns...EVA never sleeps and her learning never stops!”

HDFC is not the only one walking down the path of the intelligent agent trail.  ICICI Lombard is using chatbots to provide fire insurance cover for small and medium enterprise (SME) clients, which would have been otherwise uneconomical to pursue. The company has deployed a chatbot to do the job of an insurance underwriter by generating queries in respect to the proposal. Also, tech startup Payjo said it launched an AI-powered chat assistant for State Bank of India to addresses customer inquiries. There is also Finacle, the banking solution from Infosys that has many global customers for its core banking tools.

HDFC Bank was incorporated in August 1994. As of June 30, 2017, the Bank had a nationwide distribution network of 4,727 branches and 12,225 ATM's in 2,666 cities/towns.