Clix launches AI bot Maya to tap into WhatsApp, social media platforms for loan disbursals

Small and medium enterprise-focused lending platform Clix Capital India has rolled out artificial intelligence (AI)-enabled bot, Maya.

According to the Gurugram based non-banking financial company, Maya will help it check credit scores and improve customer experience. The bot will complement Clix’s mobile-first, omnichannel strategy across its website, app, WhatsApp and other third-party platforms such as Paytm, PaisaBazaar and Wishfin.

 Clix plans to tap into traffic on its own platforms as well as WhatsApp’s user base by incorporating the new bot. The social messaging platform has roughly 500 million monthly active users in the country. 

“We are certain that a significant share of new customers will be originated from our own platforms,” Bhavesh Gupta, CEO, Clix Capital said.

Clix claims Maya will make research, lifecycle management and application usage convenient, with eligible customers being able to apply for a loan within seconds.

“Maya is multi-lingual and will eventually speak the language of every Indian, making loans available to them the way they want, whenever they need,” added Gupta. 

Currently, Maya is only available in English.

Read: How souped-up AI chatbots will take over our financial sector

Apart from Maya, Clix also leverages AI to run its data analysis engine Delphi for credit decisions. Other technology capabilities that Maya will complement include video face matching, digital signatures, document generation and fraud detection among others.

The bot will also be able to provide calculations for loan EMI (equated monthly instalments), insurance premiums and standard customer support enquires.

The chatbot market is projected to grow from $2.6 billion in 2019 to $9.4 billion by 2024 at a compound annual growth rate of 29.7%, according to research conducted by the publication Business Insider. 

Most consumers now prefer interacting with chatbots and voice bots compared to real human interactions, according to a study by Paris-based consulting and outsourcing services company Capgemini.

 Other popular AI-enabled bots in the market include HDFC’s Eva and ICICI Bank’s iPal. Crisis-hit Yes Bank also has a Yes robot that helps customers book fixed deposits and recurring deposits.

 Recently, Reliance Jio Owned enterprise Conversational Al platform Haptik developed an AI assistant for Kotak Life insurance.