Implementation Of AI In Banking Sector

Artificial Intelligence plays a very important role in helping the Indian economy. Investments in AI applications worldwide reached USD 5.1 billion (EUR 4.3 billion) in 2016 as per PWC Fintech Report India (2017). Even if PNB is excluded, banks like SBI, HDFC, ICICI, HSBC, Axis Banks and some other banks in India have turned to AI. The banks that have used AI are:

1. State Bank of India: SBI Bank launched SIA. SIA provides a chatbot platform through which customers can interact with the bank in natural language dialogue, eliminating waiting time and the services of human customer care officers. It helps customers with their regular financial transactions and answers their queries, just like a bank officer. SIA is constantly upgrading itself to provide more AI-based solutions to enhance the customer experience.

2. Bank of Baroda (BoB): Bank of Baroda (BoB) has opened an e-branch where it has been set up with facilities like an artificial intelligence-driven robot called Baroda Brain and a digital lab with free Wi-Fi services.

3. Allahabad Bank: Allahabad Bank uses Artificial Intelligence (AI) in various areas of its business such as fraud detection, customer service automation, loan processing, including risk management, are some of the typical uses of AI in banking. Banks are able to process data in large volumes with speed and accuracy, improve operations, and provide more and personalized services to customers using AI.

4. Andhra Bank: Andhra Bank launched Float Bot, an AI product with a goal to enhance customer service with manpower chatbots. The AI ​​chatbot is incorporated in the bank’s core banking waiter to onboard and train guests both digitally and by speaking. It is an AI-based chatbot solution that allows customers to interact with the bank in natural language, eliminating wait times and fewer human customer care representatives.

5. Yes Bank: Yes Bank has launched its two flagship AI initiatives, which are Yes Power where it is an AI platform that provides a number of services to the bank’s customers, including customer support chatbots, fraud detection, and risk management and Yes Robot to improve its operations as well as customer experience.

6. HDFC Bank: HDFC Bank has developed the chatbot EVA, an acronym for Electronic Virtual Assistant and an AI-powered chatbot solution that allows customers to interact with the bank using natural language. EVA responds to customer queries promptly and accurately, reducing wait times and the need for human customer care staff.

7. Axis Bank: Axis Bank It is the voice of Axis AI and Automation and is an artificial intelligence-based platform that provides a range of services to the bank’s customers such as customer care chatbots, risk assessment, and fraud detection. The application of AI is explored to make banking operations more effective, reduce costs, enhance customer service, and retain customers in the fast-paced era of banking. With AXAA, the bank can provide more specialized products and services, reduce fraudulent transactions, and improve its market image and competitiveness.

8. ICICI Bank: ICICI Bank was one of the first banks in the country to use AI technology on a large scale in blind operations. It brought about several AI projects, but it has no title AI project. However, the bank has launched AI-based chatbots, AI-based fraud management solutions, and AI-based tailored solutions. These have enabled ICICI Bank to increase operational effectiveness, reduce costs, and enhance customer satisfaction.

9. Canara Bank: Canara Bank launched Mitra, a virtual assistant powered by AI that answers customer queries quickly and accurately in natural language dialogue, a thinking robot that guides customers through the bank. Another is an AI by the name of Candy, a chatbot-based AI solution where customers can interact with banking services through a conversational interface.

Read Also:

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5. Artificial Intelligence In Indian Banking Sector: An Overview
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