The next AI bank by HDFC
Posted on: 02/Oct/2017 1:01:01 PM
Just chat with a cool robotic tool and pay all your utility bills, travel services, and make movie bookings - how easy-peasy is that going to be? HDFC Bank’s chatbox, OnChat is exactly the same. Driven by Artificial Intelligence, the chat tool has befriended a lot many that the bank is able to convert about one in four users into their customers.
Business initiatives by banks and financial institutions in India are aiming to tap more customers with utmost use of internet and social media. There are several innovative start-ups to aid the same.
On OnChat, the conventional mechanism of Interactive Voice Response is replaced. It can easily understand Hindi and English. Niki.AI has developed On Chat for HDFC. It is a Bengaluru based start-up. It has harnessed Artificial Intelligence and Machine learning for developing the tool. It is now working with stock smart tool on insurance bot.
There is another chatbox on HDFC called the Electronic Virtual Assistant available both on Web and mobile. This is developed by Senseforth AI Research, another AI-savvy startup.
Shridhar Marri, the CEO and co-founder explains that EVA at present handles 50,000 and more semantic variations of the intents associated with banks. The everyday consumer issues are being analyzed and traced and better understanding of behavior patterns are being studied. EVA will keep on learning.
Apart from HDFC, ICICI bank and ICICI Lombard have also eyed on Senseforth for creating chatbots.
