India-based Kotak Mahindra Bank has introduced an AI-powered voicebot ‘Keya’, the first of its kind in the country’s banking sector.

The new voicebot is integrated with the bank’s phone-banking helpline and will enhance the traditional interactive voice response (IVR) system.

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Currently, the service is available in English and Hindi.

The introduction of the new voicebot forms a part of Kotak’s digital-first organic growth strategy that aims to make banking more accessible and offer technology-driven services to its customers.

Keya was developed under the bank’s ABCD charter that focuses on — AI enriched App, Biometric enabled branch, context enhanced Customer Experience; and data empowered Design.

It is designed to help the customers to smoothly navigate though the IVR by using automatic speech recognition, natural language understanding and text-to-speech technology.

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Kotak Mahindra Bank president of consumer banking Shanti Ekambaram said: “Keya, our AIpowered voicebot, brings intelligent conversations to life and will help us deliver a transformative self‑service customer experience.

“It is one of the building blocks of Kotak’s ABCD charter unveiled last week that will drive the bank’s digital-first organic growth strategy.”

Developed in partnership with Nuance, the chatbot understands the caller’s intent, verifies it and accordingly provides relevant solution thereby increasing customer satisfaction and reducing the time of delivery of accurate response.

Kotak Mahindra Bank senior executive vice-president Puneet Kapoor said: “Keya is an intelligent voicebot developed keeping in mind customers’ changing preference for voice over text.

“It is built on a technology that understands a customer’s query and steers the conversation to provide a quick and relevant response.

“Keya combines the benefits of virtual and human assistance and provides a differentiated customer experience. Further, this technology will also enable us to derive real customer insights and thereby, identify new automation opportunities.”