Yes Bank partners Microsoft to strengthen its AI powered banking solutions
Yes Bank, India’s private sector bank, has partnered with Microsoft to strengthen its AI enabled chatbot, Yes Robot, with advanced 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.
Ritesh Pai, Chief Digital Officer, Yes Bank, said,
“The reinvigoration of YES ROBOT in-house, using Microsoft’s cognitive services aims to further enhance customer service by personalising interactions and reducing the time-of-first-response to just a few seconds”.
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.
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. Yes Robot can provide an indicative loan amount using Machine Learning (ML) and advanced credit scoring algorithms.
The chatbot also provides an option to book 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).
Over 8.3 million customer interactions have already been reported on Yes Robot since its launch and Rs. 5.2 billion worth deposits booked through it since December, 2018.
Meetul Patel, COO, Microsoft India, said,
“This innovative solution leverages the latest technologies to help customers interact with the bank in new, more efficient, and scalable ways. Our teams have partnered to integrate Microsoft’s Azure Cognitive Services with existing systems to deliver this intelligent chatbot.”
Going forward, Yes Bank plans to integrate the bot with services such as contextual & real-time transfer of chat from bot to the live agent of the bank, integration with different platforms and applications such as WhatsApp, Alexa, Google Assistant and Siri to provide the bank’s services on IoT platforms for customers.