Yes Bank bets big on AI bots as potential revenue creators
Artificial intelligence – enabled bots are helping the bank to launch new products and deepen customer engagements; it has the potential to become a revenue generator in the future. Ritesh Pai, Chief Digital Officer, YES BANK says that this can be achieved by adding new commerce related activities activity on the bot. However, to discover where the most value lies, the bank is actively experimenting, for instance around speech conversation.
First step to achieve this is to understand the intent and the emotion behind it and respond accordingly. This applies not just for existing services, but also for new opportunities. Edited excerpts
AI-enabled chatbot is now round-the-clock banking assistant developed by our in-house technology team. Bot has built on Microsoft’s modular and customizable AI platform with advanced NLP engine LUIS (Language Understanding Intelligent Service) and other cognitive services.
YES BANK says, we proactively go through our customer requests/queries/complaints and build solutions or quick kills on these platforms to address their needs. The main aim for us is to focus on real-time personalized experience for customers, so that over time the chatbot can evolve and operate as a full-fledged banking assistant.
Additional facility of this bot is that Users can book fixed deposits (FDs) and recurring deposits (RDs) by simply conversing with the bot, without need of registration or remembering passwords (only OTP based authentication is required). A software bot can work 24 hours a day. It never sleeps. So customers across the globe can avail services in an uninterrupted manner.
AI and machine learning integrated into enterprise solutions impacts the productivity of people, primary intent is to reduce cost of operations and secondly to improve customer experience and increase efficiency, which has great returns on both the top-line growth and bottom-line savings.
We can serve the customers at a single touch or modes of their preference. Hence, we are working towards extending our AI bot services to additional channels and IoT platforms such as WhatsApp, Alexa, Siri and Google Assistant.