Leading private lender YES BANK has joined hands with Microsoft for strengthening its YES ROBOT, a first of its kind Artificial Intelligence (AI) enabled chatbot, powered with advanced NLP engine LUIS (Language Understanding Intelligent Service) and other cognitive services, proficient enough of understanding and resolving the solving banking needs of customers without the need for human intervention.
Designed in Microsoft’s modular and customisable AI platform, the all-new, modified YES ROBOT assists users to execute financial and non-financial banking transactions by using conversational AI equipped with extensive financial knowledge, thereby lessening customers’ hassle of navigating through multiple web pages.
With the help of this Chatbot, a customer can apply for more than 65 banking products, verify his/her eligibility for a loan and then get serviced by a Relationship Manager after all the basic formalities are completed by the Bot.
YES ROBOT can give an approximate loan amount making use of Machine Learning (ML) and advanced credit scoring algorithms. One of the important features of this chatbot is the option to create fixed deposits (FDs) and recurring deposits (RDs) by simply conversing with it, without the need of registration or remembering passwords (only OTP based authentication is required).
The Bot has been extensively accepted by the bank’s customers. Since December 2018, deposits worth Rs. 5.2 billion have been booked through YES ROBOT. Even with human errors, the chatbot is capable of identifying the intention of the user with over 90 percent accuracy and over 8.3 million customer interactions have already been reported on YES ROBOT since its launch.
“YES BANK has been one of the early adopters when it comes to leveraging machine learning and AI. Recognising that chatbots would be gamechangers in the industry, providing 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 personalizing interactions and reducing the time-of-first response to just a few seconds,” said Ritesh Pai, Chief Digital Officer, YES BANK, commenting on the partnership.
“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,” added Pai.