Indian private sector lender Yes Bank has entered into a partnership with Microsoft to upgrade its AI enabled chatbot.
The chatbot, called YES ROBOT, will be upgraded with advanced NLP engine Language Understanding Intelligent Service (LUIS) and other cognitive services.
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It will enable the bot to understand and resolve evolving banking requirements of the customers without human intervention.
The addition of cognitive services will boost the bot’s efficiency in handling variations in user queries and improve its response accuracy.
Yes Bank chief digital officer Ritesh Pai said: “Recognising that chatbots would be game changers in the industry, providing major competitive advantage to banks, we had started working on automating several processes and service touch points through Bots as early as 2016.
“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.”
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By GlobalDataThe YES ROBOT chatbot is developed on Microsoft’s modular and customisable AI platform. It is designed to help the customers conduct financial and non-financial banking transactions.
By communicating with the chatbot, a customer can apply for more than 65 banking products, check loan eligibility and connect with a relationship manager.
It is capable of guiding the users with booking fixed deposits (FDs) and recurring deposits (RDs), as well as managing their credit cards.
Microsoft India COO Meetul Patel 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.”
In July this year, Yes Bank teamed up with Wirecard to improve financial inclusion in India.
