Indian Banks Using Artificial Intelligence (AI)

According to a collaborative study conducted by the National Business Research and Science Centre, about 32% of the banking sector already employs AI technologies such as predictive analytics, speech recognition, and so on. Over the past several years, 12 Indian banks have accepted AI projects. a) SBI, b) Baroda Bank (BOB), c) Allahabad Bank, d) Andhra Bank, e) Yes Bank, f) HDFC Bank, G) ICICI BANK, H) AXIS BANK, I) CANARA BANK, J) CITY UNION BANK, k) Punjab National Bank, l) Indusind Bank

1.  State Bank of India (SBI): SBI is now using an Artificial Intelligence (AI) solution built by Chapdex, the winning team in SBI’s first National Hackathon, “Code for Code.” At the front desk, customers are using the Sia chatbot, an artificial intelligence (AI)-enabled conversational assistant built by Pageo, a Silicon Valley and Bangalore-based firm. It responds to client inquiries and assists them with the day-to-day operations of the bank as a representative of the bank.

2. Bank of Baroda: BOB has created a high-tech branch equipped with cutting-edge technology such as artificial intelligence robot Baroda Brain and a digital lab with free Wi-Fi.

3. Allahabad Bank: In an earlier news release, Allahabad Bank said its App’em Power’ undergoes significant updates including chatbot and artificial intelligence-based ecommerce payments.

4. Andhra Bank: Flatbot, a Bengaluru Artificial Intelligence (AI) company, has connected an AI chatbot with Andhra Bank’s core banking servers to digitally engage and manage customer support for 5 crore customers. Flatbot will also boost Andhra Bank’s internal chatbot, which has over 20,000 users and is used for recruitment and programmed training.

5. Yes Bank: In collaboration with Gupshup, a bot platform, launched a banking buzzword ‘Yes MPower’ for its credit facility. The Yes Robot product is another AI technology, used to answer consumer queries related to bank issues at any location across the globe. Also, with the launch of Yes Tag in April 2016, Yes Bank became the first bank in India to offer chatbot-based financial services, enabling users to conduct financial transactions through popular social media platforms.

6. HDFC Bank: “Eva,” a chatbot powered by Artificial Intelligence (AI) developed by Bengaluru Sense, an AI research forward, is now available. Eva can pull data from tens of multiple sources and answer simple queries in less than 0.4 seconds. In the future, Eva will be able to oversee real-world banking activities. HDFC is also working with shop robotic capabilities, and has revealed the prototype robot IRA (“Intelligent Robotic Assistant”).

7. ICIC BANK: Robotic software was installed on 200+ business operations across multiple functions of the organization, most of which were built in-house and use AI capabilities such as facial and voice recognition, language processing, deep learning, bots and others. ICICI Bank computer bots are set to collect and analyze information from systems, discover trends and execute business tasks across multiple applications to perform duties. IPAL, an AI-powered chabot, is a tool that helps answer questions, identify financial advertising and new services.

8. AXIS BANK: Introduces a cognitive payment gateway powered by artificial intelligence that uses machine learning and natural to help users with financial and non-financial transactions, inquiries and marketing materials.

9. CANARA BANK: Mitra, a humanoid robot developed by BENGALURU-based Invento Robotics, was unveiled to help customers navigate the bank. Kandy, which offers significantly less support workers than Mitra, is another possibility.

10. City Union Bank: Banking robot Lakshmi has been unveiled. Customers can communicate with a robot on more than 125 different topics. The robot has been trained to connect to a basic banking service without answering any specific questions.

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