Yes Bank partners Microsoft to strengthen its AI powered banking solutions

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NEW DELHI: Yes Bank, India's fourth largest C, has partnered with Microsoft to strengthen its first of its kind, AI enabled chatbot, Yes Robot, with advanced neuro language programming (NLP) engine LUIS (Language Understanding Intelligent Service) and other cognitive services, capable of understanding and resolving the evolving banking needs of customers without the need for human intervention. Built on Microsoft's modular and customizable AI platform, the all new, reinvigorated Yes Robot enables users to perform financial and non-financial banking transactions by employing conversational AI equipped with extensive financial knowledge, thereby relieving customers from the hassle of navigating through multiple web pages. Commenting on the partnership, Ritesh Pai, Chief Digital Officer, Yes Bank, said, "YES BANK has been one of the early adopters when it comes to leveraging machine learning and AI. Recognizing that chatbots would be game changers in the industry, providing major competitive advantage to banks, we had started working on automating several processes and service touch points 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 personalizing interactions and reducing the time-of-first-response to just a few seconds" A customer can apply for over 65 banking products, check his/her eligibility for a loan and then get serviced by a Relationship Manager after all the basic checks are done by the Bot.


Meet 11 of the Most Interesting Chatbots in Banking

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With consumer expectations increasing, the use of artificial intelligence, machine learning and chatbots in banking is also increasing. Banks and credit unions worldwide are testing new applications and deploying new solutions to improve the overall digital customer experience. Subscribe to The Financial Brand via email for FREE!More and more banking organizations are leveraging artificial intelligence to launch chatbot solutions, reducing costs and serving increasingly tech-savvy consumers. In many instances, chatbots are developed to facilitate two-way communication, replacing channels such as phone, email or text. The objective is to provide quick service and transactional support.


Erica, Eno, Aida and 8 More Interesting Chatbots in Banking

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With consumer expectations increasing, the use of artificial intelligence, machine learning and chatbots in banking is also increasing. Banks and credit unions worldwide are testing new applications and deploying new solutions to improve the overall digital customer experience. Subscribe to The Financial Brand via email for FREE!More and more banking organizations are leveraging artificial intelligence to launch chatbot solutions, reducing costs and serving increasingly tech-savvy consumers. In many instances, chatbots are developed to facilitate two-way communication, replacing channels such as phone, email or text. The objective is to provide quick service and transactional support.


Hello, May I Speak to My Personal Bot?

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Powered by AI, chatbots create an opportunity for the banking industry to take customer relationships to a new level that was not possible until now – providing anytime, anywhere personalized service. There once was an old saying about'banker's hours,' when referencing a standard 9-5 day with no overtime or weekend work. Not to slight dedicated banking professionals, but historically, many bankers did work in brick and mortar offices, where doors closed promptly at 4:00pm (or earlier) every weekday, with extended weekend work rare. Sure, banker's hours don't matter as much in the digital age. Online tools have allowed customers to perform basic tasks like bill payments, money transfers and checking deposits from wherever they want, whenever they want.


Chatbots in Banking Benefits, Building Blocks, Examples and Future

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Conversations with customers have become the need of the hour for businesses. Now we are witnessing a paradigm shift from mass-centered to granular, account-based approach. Banks and other financial institutions, who work closely with customers and rely heavily on customer relationships, have always leveraged technology to assist them. First, it was internet banking in the late 90s, then mobile banking when the smartphone revolution took over the world. Now, with the advent of AI and machine cognizance, conversational banking is on the rise. Conversational banking is nothing but communication between a bank and its customer through text, voice or visual interface. It adds that extra touch of personalization in customer relationships. Conversational banking, though highly effective, comes with the hardship of effective implementation given the sheer volume of customers banks serve (or any B2C business for that matter). That is why AI becomes extremely important in conversational banking.