AI now gets involved banking activities. Artificial Intelligence banking platform Payjo declared in an official statement about its AI-powered chat assistant for State Bank Of India to address the customer querries.
The chat assistant is known as SBI Intelligent Assistant, or SIA is structured to aid the customers with the day-to-day banking tasks, similar to a bank representative, as stated by the company. Also, this SIA has the capability to answer 850 million queries a day, claiming the position of the largest financial sector AI solution in the world.
Payjo is a company based out of the Silicon Valley in US and Bengaluru. They constructed this SIA or SBI Intelligent chatbot, which is enabled to answer in 14 languages, in speech or text. For the first three months, it will answer to only the standard queries like information on products and services and to the frequently asked questions like ATM locations and IFSC codes.
Payjo founder and CEO Srinivas Njay regarded that, “India leapfrogged into the mobile revolution with many people adopting internet for the first time through mobile. The idea is, can we give all these people a simpler new way of interacting with the bank? SIA is a revolution in the banking industry. It is set to disrupt the way banks and customers interact”. Also, as per Njay, Payjo won the bid for SBI over other giants in the reckoning -IBM and other AI providers such as Nuance and 7. He added that this is the largest deployment of the AI platform after Google and Amazon.
Now, according to SBI chief technology officer Shiv Kumar Bhasin, SIA is the pioneer in the field of banking application in AI and conversational banking. He added that “It will enhance customer service several notches above. Payjo’s expertise in the conversational banking domain helped us build SIA as a superior chatbot in the global banking space”.
Njay ended by stating that, India’s banking infrastructure is much ahead of all the IT systems in the western world. He added by stating that,”SBI has built an application programming interface (API) layer over its banking solution. We use the same layer to gather data”.