Chatbots Are Future Lifestyle Managers

Banks and financial services institutions are increasingly adopting chatbots to engage customers:

- Ravi

Chatbots, once a niche concept, are now turning into a necessity for mainstream businesses. Enterprises, especially in the financial services domain, have been experimenting with them, using them especially in customer interactions. More refinements are being added to their functionalities and newer versions are emerging. YES Bank, for example, has launched YES ROBOT, an AI-enabled personal banking assistant for customers, available on the bank’s website and Facebook messenger. The bot has many disruptive, industry first features like customers can send money, check balance, recharge their phones, pay bills, check recent transactions and do a host of other banking transactions. It uses GPS to offer real time assistance in locating the nearest branch/ATM. Users can check eligibility and apply for a commercial loan product with real time assignment of a relationship manager for further loan processing. The facility can be used by customers to apply for some 65 products of the bank in real time.

YES ROBOT is the second chatbot of the bank. It had earlier launched a unique, award-winning chatbot - YES TAG - which enabled users to send money, check balance, order cheque book and do other priority transactions from 5 social media platforms – Facebook, Twitter, Telegram, WeChat and Skype.

The bank has also in partnership with bot platform Gupshup, launched YES mPower, a chatbot for loan products. Currently active on Facebook Messenger, YES mPOWER helps customers get information about loan products of the bank and instantly get a loan eligibility. According to Ritesh Pai, chief digital officer at YES Bank, YES mPower is an interactive, easy to use chatbot that gives an instant loan offering to customers from anywhere, anytime.