Yes Bank’s YES ROBOT was developed using Microsoft’s natural language processing (NLP) engine
Indian private sector bank Yes Bank has introduced YES ROBOT, an artificial intelligence-enabled chatbot to support its customers.
Developed by Microsoft, the chatbot is powered by natural language processing (NLP) engine Language Understanding Intelligent Service (LUIS) and other cognitive services.
The chatbot is claimed to be capable of understanding and resolving the banking needs of customers without the need for human intervention.
Developed on Microsoft’s modular and customisable AI platform, the YES ROBOT enables Yes Bank customers to perform financial and non-financial banking transactions by using conversational AI, which has extensive financial knowledge. Thus, it can relieve customers from the hassle of navigating through multiple web pages.
Yes Bank chief digital officer Ritesh Pai said: “Yes Bank has been one of the early adopters when it comes to leveraging machine learning and AI. Recognizing 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 personalizing interactions and reducing the time-of-first-response to just a few seconds.
“The aim is to make the whole service experience more personalized and instant, so that the chatbot can evolve and operate as a full-fledged banking assistant in future.”
A customer can apply for more than 65 banking products, check for the eligibility for a loan and then gets serviced by a Relationship Manager after all the basic checks are done by the Bot.
YES ROBOT can provide an indicative loan amount using machine learning (ML) and other credit scoring algorithms. The chatbot also has the capability to book fixed deposits, recurring deposits, after conversing with the customers, without the need for registration or remembering passwords.
The bank stated that the chatbot has been widely accepted by its customers and claims that about INR5.2bn (£59m) deposits were booked through YES ROBOT since last December.
Till date, 8.3 million customer interactions have taken place on YES ROBOT
Even with human errors, the chatbot is claimed to identify the intent of the user with more than 90% accuracy and 8.3 million customer interactions have already taken place on YES ROBOT since its launch.
Microsoft India chief operating office Meetul Patel said: “YES BANK is taking a big step towards its vision of creating a bank of the future. 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. It is one of YES BANK’s many innovations, and we are extremely proud to be a part of its journey to bring the best of technology to its customers.”