As per a PwC report published in 2017, almost close to 5.1 Billion USD was spent globally for the wide-scale incorporation of Artificial Intelligence (AI) into multiple industry verticals. This was a dramatic rise from the previous year which saw a stagnation, of the global investment into AI, at the 4 Billion USD mark.
However, since the report was published, there has been a change in terms of industry requirements. Automation tools for the manufacturing and production industry slowed down as the FinTech sector stepped up a gear and took off!
Multiple Financial institutions and Banking Service Providers have started embracing technologies such as AI and Blockchain, with the final verdict in favour of AI as the hottest and most exciting technology of the future.
State Bank of India (SBI), the largest public sector bank in India with over 400 million customers, has displayed its commitment to the AI faction. They held a nationwide hackathon called the ‘Code for bank’ which invited developers, startups and even students to come up with innovative ideas to help resolve blaring problems within the banking sector, focussing primarily on technologies such as AI, IoT, Blockchain, Predictive Analytics, Machine Learning (ML), Digital Payments and Robotic Process Automation.
SBI has been on top of the AI game, in the banking sector, for a long time. Chapdex, the winner from the first edition of the hackathon, developed a smart AI which uses CCTV cameras to gauge the customer’s expression, and cumulatively decide if they are happy or sad. This technology is currently in use in certain branches of the SBI. It will also be used for quality control to gain feedback if the customer-relationship team was effective in sorting out a customer’s queries or complaints.
Banking has witnessed a paradigm shift from the quintessential wealth management firms, to multinational institutions focussed on UX/UI experiences of the customers for developing their business. The business of money!
SBI has also employed a smart ChatBot-AI called ‘SIA’ that answers queries on a regular basis and even helps customers perform simple tasks. SIA was developed by Silicon Valley-Bengaluru based company ‘Payjo’. Although as of December 2017, SIA has been in-operational due to a website related technical difficulty.
The Housing Development Financial Corporation (HDFC), India’s largest asset-backed financial institution, hasn’t been left behind in the 21st century AI race either! Bengaluru based Senseforth AI Research developed an intelligent ‘ChatBot’ called ‘EVA’, which stands for Electronic Virtual Assistant.
Within the first few days of EVA’s rollout, it answered more than 100,000 customer queries from around 17 destinations across the globe. Customers were able to receive information about products and services instantly, negating the need to search for it online or make a phone call across.
HDFC has also experimented with a humanoid assistant called ‘IRA’, which stands for Intelligent Robotic Assistant. It was developed in association with Kochi based robotics firm Asimov Robotics.
The robot can be found at the brand offering ‘hands-on’ assistance to customers for multiple banking-related queries. But the flipside to the coin is that IRA is in the research developmental stage, and is still not being implanted across the bank’s branches in the country.
The only roadblock in the setting up of humanoid robotic assistants in branches across the country is the cost of implementation. Hence, HDFC has announced to deploy 20 humanoid robots over the course of the next 2 years.
But this a is step in the right direction for the AI-industry. With a peak in interest, it’s only a matter of time before a bank’s board of Directors direct sufficient funds towards the RND division for robotics. This will only improve the efficiency and quality of the product, which will in turn boost customer experiences and relationships. This will lead to high retention of existing customers, and the construction of a bridge towards new potential clients.
The upcoming Big BFSI Tech Show and Awards is an initiative that will honour the men and women who have dedicated their lives towards this innovative trend, in order to improve the sector. The event will provide a platform for these experts to discuss use-cases and implementation strategies, after which they will be honoured at the Awards ceremony. The show is being conducted by international events and consulting firm Trescon.
The 6th Edition of the show will be taking place, this year, in Mumbai on the 7th of June. You can get more details on how to take part at the event by visiting the official website of the Big BFSI Tech Show and Awards, or by contacting:
Asst. MarCom Manager