Mumbai-based Yes Bank has partnered with technology giant Microsoft to bolster its chatbot services. As part of the partnership, Microsoft has developed an artificial intelligence (AI)-enabled chatbot for the bank.
The Yes Robot will be paired with language understanding intelligent service, a natural language processing platform, and other cognitive services, an official statement from the bank said.
The solution will help the bank understand and resolve customer needs with minimal human intervention, the statement added.
The chatbot is capable of handling over half a million transactions per month and offers a range of over 25 banking services, the statement said.
The Yes Robot is capable of harnessing machine learning technologies to provide indicative loan amounts and credit scoring algorithms.
Customers of Yes Bank can apply for several banking services like checking eligibility for loans and opening fixed and recurring deposits by using the chatbot.
Microsoft has incorporated conversational AI equipped with financial knowledge on the chatbot to help customers navigate Yes Bank's services.
"We had started working on automating several processes and service touchpoints through bots as early as 2016. The reinvigoration of YES ROBOT in-house, using Microsoft’s cognitive services, aims to further enhance customer service by personalising interactions and reducing the time-of-first-response to just a few seconds," said Ritesh Pai, chief digital officer, Yes Bank.
Financial institutions have been adopting AI solutions to bolster their service offerings.
Abonty Banerjee, chief marketing officer at Tata Capital, told TechCircle that the introduction of AI in chatbots will make loan offerings more personable.
A Gartner report recently found that nearly one-third of the organisations in the world have adopted AI solutions.
Relatively small financial institutions such as AU Small Finance Bank has been harnessing chatbots and big data to onboard customers.