Payment solutions provider SBI Card has become the latest financial services player to embrace artificial intelligence (AI) by launching a virtual assistant for customer support and services.
In a statement, SBI Card said that ‘ELA’ (Electronic Live Assistant) is driven by an AI and machine learning algorithm and aims to revolutionise the way customers interact with the company.
SBI Card said that the chatbot is designed to provide relevant and instant responses to customer queries and can communicate in simple conversational language.
For instance, customers can explore products and services, learn how to generate account statements or make bill payments, block their cards, check on reward point redemption process, among other things.
Through a machine learning algorithm, the chatbot will learn from customer interactions and provide customised responses over time.
SBI Card said additional features will also be enabled in future that will allow customers to receive responses to account-specific queries and carry out transactions.
The virtual assistant is currently hosted on the SBI Card website and will soon be integrated on the mobile app as well.
“We will continue to make technology investments especially in the exciting AI and robotics arena,” said Hardayal Prasad, managing director and chief executive officer and SBI Card, which has a customer base of more than 6 million.
Financial institutions and banks in particular have been adopting newer technologies such as AI of late.
State-owned lenders Bank of Baroda, Allahabad Bank, and State Bank of India (SBI) are aggressively implementing AI to improve customer experience, streamline internal processes and reduce operational costs.
Axis Bank recently joined the chatbot club with the launch of virtual assistant Aha, which is based on artificial intelligence and machine learning algorithms
In April, private-sector lender HDFC Bank’s humanoid robot secured a customer-care job at a Bengaluru branch.
Kotak Mahindra Bank's virtual assistant Keya, which is integrated into the phone banking line, responds in a human-like voice and is conversant in both Hindi and English.