SBI launches chatbot to help banking

Banking interactions can often be cumbersome ordeals, and poor communication between banks and customers is all too common.

However, the State Bank of India (or SBI) has become aware of this issue, and has decided to use technology to help bridge the gap between themselves and their customers.

Payjo, an artificial intelligence banking platform, has just announced its launch of an AI-powered chat assistant for the SBI, known as the SBI Intelligent Assistant (or SIA). The SIA will aid the SBI in addressing customer enquiries, and it will be able to help customers with their everyday banking tasks.

Therefore, it takes the role of a bank representative, except that it will be available for everyone at all times.

The founder and CEO of Payjo, Srinivas Njay, said that the SIA will be a revolution in the banking industry, since it will completely change how banks and their customers interact with each other.

The SIA will allow any customer to perform banking tasks at any time, since it can handle almost 10,000 enquiries per second, or 864 million enquiries per day.

This amounts to almost 25% of the queries that Google processes each day. Therefore, this will vastly improve the convenience of bank interactions for both customers and banks.

The SIA will allow the SBI to reduce its operational expenditure over time, since the chatbot will be able to provide more interactions with customers than bank representatives. It can currently address any customer enquiry on banking products and services.

The SIA is trained with a large store of knowledge, and it can also answer frequently asked questions.

The chief technology officer of the SBI, Shiv Kumar Bhasin, said that the SBI is looking forward to helping simplify customers’ experiences with the SIA.

This efficient chatbot will make banking interactions much smoother and more convenient for everyone.

Image Credit: Agastya Chandrakant / CC BY-SA 4.0, via Wikimedia Commons

Image Reference: https://commons.wikimedia.org/wiki/File:Rush_in_front_of_SBI_bank.jpg