Virtual Assistance in Banking

Sectors: A Study on Indian Banks

Prepared By:
In The Guidance of:- Sushmita Das (3118BBA070)
Dr. Subrat Patnaik Meenakshi Mohapatra (3118BBA031)
Soumyjit Panda (3118BBA070)
Sarthak Goyal (3118BBA057)
 The Outline
Introduction
Virtual Assistant (VA’s)
Customer Care in Indian Banks
Technically enhance in Customer Care
 Non-Banking Sector
Case Study
Conclusion
References
Introduction
Customer service in banking is one of the most important ways to keep
customers coming back.
It includes:
Large outreach for delivery of financial services
Vast network of branches spread over the entire country with millions
of customers & a complex variety of products & services.
Customer is a user potential user of banking services, so a ‘Customer’
include:-
One on whose behalf the account is maintained
A person or entity connected with a financial transaction
Artificial Intelligence
 AI is wide-ranging branch of computer science
concerned with building smart machines capable of
performing tasks the typically require human
intelligence.
 The expensive goal of AI has given rise to many
questions and debates.
 AI divided into two types:
Weak AI (Ex. iPhone’s Siri and Amazon’s Alexa)
Strong AI ( Ex. Games)
It covers anything which enables the computers
to behave like humans.
Use in Speech Recognition, Fraud Detection, https://
searchcustomerexperience.techtarget.com/
Personalization definition/virtual-assistant-AI-assistant
Machine Learning
 Machine Learning is a concept which allows
the machine to learn from examples and
experience, and that too without being explicitly
programmed.
So instead of you writing the code, what you do is
you feed data to the generic algorithm, and the
algorithm/machine builds the logic based on the
given data.
It deals with the extraction of patterns from a large
data sets.

https://searchenterpriseai.techtarget.co
m/definition/machine-learning-ML
Virtual Assistant
Virtual Assistant is also called AI assistant, is an
application program that understands natural
language, voice commands & completes tasks for
the user.
VA’s perform such tasks:
Social Media Management.
Managing Calendars, appointment and emails.
Personal tasks like booking hotels and
restaurant.

 https://
searchcustomerexperience.techtarget.co
m/definition/virtual-assistant-AI-
 Virtual assistant
 Virtual assistant are typically cloud-
based programs that require internet-
connected devices or applications to
work.
Eg- Siri on apple devices, Google
assistant on Android devices.
 Users task virtual assistant to make &
receive phone calls, create text
messages, get directions, hear news &
weather report, find hotels or
restaurants, check flight, reservations,
hear music and play games.
 https://searchcustomerexperience.techtarget.com/
definition/virtual-assistant-AI-assistant
 Brief About Indian banks
• Indian Banking originated in the first decade of 18th century.
• Bank of Hindustan is the first bank in India started in 1770 and liquidated in
1829-32
• The oldest bank still in existence in India originated as the Bank of Calcutta
in June 1806. Bank of Bengal, Bank of Bombay and Bank of Madras merged
in 1921 to form Imperial Bank of India, which was converted as SBI in 1955.
• Indian Banking sector classified into Schedule and Non-Schedule banks.
Example of:- Schedule Bank- Canara bank, Bank of India
Non- Schedule Bank- Akhand Anand Co-Operative Bank Ltd,
Capital Local Area Bank Ltd

https://en.wikipedia.org/wiki/Banking_in_India
Customer Care in Indian Banks:
THEN
 Tedious/Manual banking service:
If someone has query related to
bank account, go for branch.
 Paper-Processing Machines &
related Tools:
A lot paper work and time-
consuming.
 Loads of Paperwork:
Writing letter or reports and
keeping records.
NOW
 Easy-to Use Virtual Banking
Services:
Nowadays, if customer has query and
perform a task can do it online.
 Online Technology, ATM, Mobile &
Social Banking:
No more need go for branch.
 Paperless Service:
Store information and communicate
with each other using computers,
rather than paper.
 Customer service in specific cases
 Customer service is the direct one-on-one
interaction between a consumer making a purchase
& representative of the company that is selling it.
 Customer service responds to customers query in a
thorough & timely manner.
State Bank Of India:- An account holder can
contact the SBI customer care toll-free number
incase he encounters an issue or wants to get any
information.
 SBI offers SMS & missed call banking service:-

SMS to 567676 PIN Generates new ATM PIN

SMS to 567676 BLOCK Block your ATM card

 Customer service in specific cases
 HDFC BANK:- It has a 24/7 customer care centre
that offers complete support in case of any query,
feedback or problem faced related to any service.
NUMBER- 022- 61606161
 HDFC Bank Customer Care Online :- You can fill
their online query/feedback form available on the
website.
 HDFC Customer Care Grievance Redressal :-
- Fill the grievance redressal form available
on HDFC website with complaint number.
- You can call them on : 1800224060
: 23625600
Technically enhance in Customer Care:
Toll Free Number
Interactive Voice Response System
Customer Feedback
Customer can go Top Level, If they’re not satisfied
Virtual Assistants in Bank:
• Virtual Assistants or IVAs, that empower banks with smart solutions
for Consumer Banking, Wealth and Investment.
• Smart solutions help enterprises and banks gain that AI-Edge, driving
business growth. By utilizing Intelligent Virtual Assistants we are able
to:
• Constantly Improve Customer Experiences
• Significantly Reduce the Bottom Line
• Improve Customer Retention

• https://interface.ai/solutions/industries/banking/ ( References)
 Some Examples of VA’s:

In Banking Sector: In other Sector:

EVA: VA’s of HDFC AHA:VA’s of AXIS

DISHA:VA’s of IRCTC YUVA:VA’s of YATRA

SIA:VA’s of SBI ENO: VA’s of Capital

One
 VA’s IN Indian Bank
1. ‘AHA!’- VA’s of Axis Bank
 “Axis Aha!” is a virtual banking assistant
which uses AI and Machine Learning to help
customers do transactions and answer their
banking related queries.
 “Axis Aha!” is available on Axis Bank website,
Axis Mobile Application or on
axisbank.com/support.
 Provides relevant and contextual responses
to customer queries such as Block Card,
Cheque Book and according to user’s need.
 It is capable of crafting intelligent micro-
conversations to guide, execute, suggest,
remind and simplify basic banking for the
customer.
 https://youtu.be/urMmhar0454
 SIA: VA’s of SBI

 SIA is designed to answer customer questions regarding

various loan & deposit products.
 Home loans, education loans, car loans, personal loans
 Recurring deposit, term deposits

 80% of transactions are non banking in nature, which

means no employee are engaged with the customer
for these transactions. So this where SIA is of
immense help.
 Using audio and text, this Chabot guides the
customers to the most useful sections of the website.
 https://www.ndtv.com/business/meet-sia-
sbi-s-ai-powered-chatbot-for-customers-
assistance-1745981
Virtual Assistant in Foreign Bank:
ENO- VA’s of Capital One
ENO is a virtual assistant of Capital One. It
works 24/7.
 What it does:-
• ENO provides insights and alerts about your
money.
• ENO helps user shop safer and easier online.
• ENO helps you manage your accounts.
 ENO can “learn” consumer behaviour over time,
adapting itself to an individual user’s needs
through pilot programme for 1,00,000 Capital
One user.
 ENO can even understand emoji's.
Case study of HDFC Bank:
HDFC bank Ltd. is an Indian financial services company which was
incorporated in August 1994.
 It was received ‘in principle’ approval from the RBI to set up in
private sector.
Times Bank Limited was merged with HDFC Bank ltd which was the
first merger of two private banks in India.
Introduce International Debit Card in association with VISA.
Contd…
HDFC bank has launched India’s first AI-based
banking chatbot ‘EVA’ for customer service.
Eva uses the latest in AI and Natural Language
Processing to understand the user query.
Customer find according to their query by
interacting with EVA in human language instead of
searching, browsing or waiting on a call.
EVA has addressed over 65 lakhs queries on chat
based and voice channels with over 85% accuracy.
EVA holds more than 20,000 conversations
everydays with customers.
 Contd…
EVA has been integrated with Google
assistant and Amazon Alexa
For example users just say “OK Google, talk
to HDFC bank”.
EVA can assimilate knowledge from thousand
of sources and provide answer in simple
language in less than 0.4 seconds.
The technology behind Eva was built and is
managed by Senseforth AI
Research Private Limited.
First bank to offer Voice banking experience.
 Contd…
Virtual assistant are becoming smarter day by day.
The Virtual assistantship is now attached to luxury
& class service.
HDFC bank also launched IRA which is advance
version of AI.
IRA is interactive humanoid is aim to enhance
users experience for customers visiting
Koramangala branch in Bengaluru.
IRA interact with customers to solve their
queries, frequently asked question, and also
guide them inside the branch with voice based
navigation.
Here the link of HDFC IRA:
https://youtu.be/5vjY1c8N1rk
VA’s in non-Banking Sector:
1. YUVA: VA’s of YATRA.Com
The unique and first-of-its-kind "Hybrid approach"
YUVA allows the user to use both voice and text to communicate with YUVA
and complete the booking on the go.
YUVA enables intuitive customer interaction in a relatively human-like way,
answering questions related to flight bookings and providing expertise in real
time.
 No longer do customers need to search through content on the company’s
website, instead they can now interact directly with YUVA and uncover the
information they need in an instant.
2. DISHA: VA’s of
IRCTC
This new assistant will be prompt in answering generic queries about most
frequently asked questions on the ticket booking platform.
The chatbot 'Disha' is unable to answer more detailed or personal queries like
details about trains between two particular stations or exact PNR status but it
can direct the user to the page where the query can be resolved.
The chatbot has various preset questions that pop up when the user starts
typing. If there's no matching question, the user can type the entire phrase and
press enter.
If the user doesn't find relevant information, they can leave feedback and even
down vote the suggestions.
 Advantages & Disadvantages of VA’s:
Advantages:
 Saves Time
 Reduces Cost
 Utilizes Other Staff Better
 Eliminates Employee Drama
 Flexible working
Disadvantages:
 Unemployment.
 Not able to meet Person.
(If they are a significant distance
away)
 May not receive all their time or
loyalty.
 Highly defined role without
variations.
(unless programmed to do so)
 Conclusion:
• Looking at how speedily people connect sharply with riveting innovations,
we can say all consumer sectors, including finance market, are about to be
touched by a positive impact technology brings. The discussion on whether
or not banking needs digital voice assistant can conclude with many
possibilities, one of which is ‘probably yes’. This is because it is impossible
to avert from the shift that leading tech giants have promised in the
banking sector through voice-enabled devices, AI-driven technology and
evolved data processing science. The invisible banking bot system is still at
its thoughtful stage with some of its components becoming true as
Artificial Intelligence is combined with voice.
• Despite the digital progress, the banking sector is still not perfectly
prepared to dive into absolute voice-enabled AI-driven services. The
complete transformation is perhaps still a few years away.
sources
https://searchcustomerexperience.techtarget.com/definition/virtual-
assistant-AI-assistant
https://www.forbes.com/sites/ilkerkoksal/2019/04/30/the-9-steps-
to-build-a-great-banking-virtual-assistant/#f6861ff7f8db
https://yourstory.com/2018/05/consumer-banking-ai-virtual-
assistants
https://www.forbes.com/sites/franksorrentino/2018/02/23/ai-
banking-ditch-the-fear-embrace-the-data/#182c8e387870
https://due.com/blog/benefits-hiring-virtual-assistant/
 Sources
 https://www.livemint.com/Industry/68ipadKiLQwxGUKTxXd3pL/SBI-
launches-chatbot-to-help-customers-in-banking-services.html
 https://www.ndtv.com/business/meet-sia-sbi-s-ai-powered-chatbot-
for-customers-assistance-1745981
 https://digiqom.com/clientnews/hdfcbank/2017/03/hdfc-bank-launc
hes-chatbot-eva-for-customer-service
/
 https://en.wikipedia.org/wiki/Banking_in_India

https
://searchenterpriseai.techtarget.com/definition/machine-learning
-ML
Thank You!