5 recent banking bot announcements in Asia
By Edil Corneille
Banking bots are an application of artificial intelligence used across the financial services industry. These chatbots are said to deliver a very high return on investment when it comes to cost savings. These chatbots provide insights and can answer customer queries based on the information available with the bank, thereby reducing the load on other channels such as call centers and internet banking. The banking bot is capable of other financial tasks such as balance inquiry information, accessing mini statements, fund transfers, etc. Chatbots can be implemented over social media platforms too such as WhatsApp, Facebook Messenger, or even AI-enabled smart speakers such as Amazon Echo or Google Home, to name a few. This makes it easier for customers to access their information without having to open a banking application each time.
Lending and transaction banking solutions provider – Nucleus Software, announced the launch of the latest version of its lending solution – FinnOne Neo 5.0. FinnOne Neo’s comprehensive portfolio of digital channels for lending, comprising Mobile Applications, Web Portals and AI-powered Chatbots, not only helps banks help meet social distancing requirements but also improves operational effectiveness during lockdowns and remote working. As risk increases, FinnOne Neo 5.0 provides enhanced capabilities for more cost-effective and efficient delinquency management.
Kuwait City-based Burgan Bank launched BANKI, a voice-enabled artificial intelligence-powered banking chatbot. The solution uses AI and Natural Language Processing (NLP), to better understand customer inquiries and enable relevant and contextual responses from innumerable sources accordingly. Burgan Bank’s customers can now receive information related to products and services instantaneously by conversing with BANKI in both voice as well as text available in Arabic and English languages instead of searching, browsing, clicking buttons or waiting on a call. Moreover, BANKI is available round the clock to assist customers with their banking needs.
UAE’s Mashreq has selected Avaya and Koopid’s digital engagement banking bot solution. Customers of the financial institution can now access self-service capabilities for instantaneous service delivery and shorter times to resolution. The solution enables customers to transition to a browser-based chat session with the new virtual agent. The system securely authenticates customers, uses native-language processing to correctly interpret their enquiries, interfaces with the bank’s back-end systems, and presents relevant details in a visual format.
RBL Bank, an Indian private sector bank, has now enabled additional banking transactions and added a host of new features to its AI-powered conversational chatbot ‘RBL Cares’. The Mumbai-based bank’s chatbot can provide real-time customer service assistance on a range of questions related to banking and credit card products and services. The chatbot has been built in partnership with Senseforth.ai, a company dealing in the conversational AI space. It has successfully answered over 4 million queries in less than 6 months of its launch in January 2020, with an accuracy of over 95 percent.
TIA, the AI-powered Voicebot by Tata Capital, is now available on Google Assistant, the popular voice service by Google. The solution will now offer a host of service features through a simple voice command. TIA is available across Android and iOS based mobile phones and smart home devices. As voice servicing platforms continue to gain momentum, Tata Capital recently launched the Voicebot TIA on Amazon’s Alexa. With TIA now also available on Google Assistant, Tata Capital can service its customers on two of the most widely used voice-enabled devices in India.
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