YES BANK bets big on AI, partners with Microsoft for banking solutions

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Ritesh Pai, Chief Digital Officer, YES BANK

Leading Indian private lender YES BANK has partnered with technology giant Microsoft to strengthen its AI-powered banking solutions. The Mumbai-based bank has launched a first of its kind, AI-enabled chatbot, YES ROBOT. The Bot, with advanced NLP engine LUIS (Language Understanding Intelligent Service) and other cognitive services, is capable of understanding and resolving the ever-evolving banking needs of customers without the need for human intervention.

Built on Microsoft’s modular and customizable AI platform, the YES ROBOT enables users to perform financial and non-financial banking transactions by employing conversational AI equipped with extensive financial knowledge. Thus, relieving customers from the hassle of navigating through multiple web pages.

Ritesh Pai, Chief Digital Officer, YES BANK, said, “YES BANK has been one of the early adopters in leveraging machine learning and AI. Recognising that chatbots would provide a major competitive advantage to banks, 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”.

“The aim is to make the whole service experience more personalised and instant so that the chatbot can evolve and operate as a full-fledged banking assistant in future,” Pai added.

Meetul Patel, COO, Microsoft India, said, “YES BANK is taking a big step towards its vision of creating a bank of the future. This innovative solution leverages the latest technologies to help customers interact with the bank in new, more efficient, and scalable ways. Our teams have partnered to integrate Microsoft’s Azure Cognitive Services with existing systems to deliver this intelligent chatbot.”

YES ROBOT can provide an indicative loan amount using Machine Learning (ML) and advanced credit scoring algorithms. One of the most important features of this chatbot is the option to book fixed deposits (FDs) and recurring deposits (RDs) by merely conversing with it. There is no need of registration or remembering passwords (only OTP based authentication is required).

The Bank’s customers have widely accepted the Bot, testimony to which is Rs.5.2 billion worth deposits booked through YES ROBOT since December 2018. Even with human errors, the chatbot can identify the intent of the user with over 90% accuracy. Over 8.3 million customer interactions have already been reported on YES ROBOT since its launch, the bank said in a statement.

Besides, the Bot allows customers to manage their credit card, view the summary, bill payment, reward points and international card usage. It also the customer’s unique credit requirements and provides them with an indicative loan amount. A lead ID is generated for eligible customers, and real-time RM assistance is provided for further processing of loans, local deals,  hotel and bus ticket booking

Microsoft Azure’s cognitive services have enhanced the stability and capabilities of the YES ROBOT platform including efficient handling of user query variations, accuracy in responding to user queries as well as user goal completion rate for transactions. It helps accelerate the speed of adding new features and time-to-market.  These have also ensured that the platform is future-ready for integration with other cognitive tools and engines in a seamless plug & play manner.

Going forward, YES BANK plans to integrate the bot with more services such as contextual and real-time transfer of chat from bot to the live agent of the Bank. It would also integrate with different platforms and applications such as WhatsApp, Alexa, Google Assistant and Siri to provide the Bank’s services on IoT platforms for customers. The bank also plans to cross-sell and acquisition services on YES ROBOT as a strategic tool to empower the sales force further.

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