A combination of elements including massive distributed computing power, the decreasing cost of data storage,…
Artificial intelligence was first invented in the 1950s and in the time since its birth, the power of our machines to compute has increased one trillion fold. A couple of Nintendo game consoles could have taken us to the moon in 1969 and a used iPhone 4 could trounce the Cray-2 supercomputer of 1985. We have watched our devices get smaller and faster. But our machines are quietly getting smarter as well, with the addition of intelligent technology tools.
At the forefront of AI virtual agent implementation is HDFC, a Mumbai-based Bank, which has its sights set on becoming the “AI-enabled bank of the future”. It envisions Artificial Intelligence as revolutionizing the way the banking industry operates. The bank is one of the few to provide AI enabled services to customers. Beyond what touches customers directly HDFC has AI initiatives launched or in the process of launching that span functions like banking transactions, employee training and engagement, recruitment, operations, analytics, e-commerce, and payments.
Its vision expands beyond its bank customers to non-bank customers.
Specific AI projects launched or in the works are:
These initiatives serve both current customers and the general public, including prospective customers.
The AI virtual agents are very popular, resolving more than 600,000 monthly queries saving more than 20,000 labor hours per month. Beyond the efficiencies gained using the AI virtual agent, this always-on customer service channel serves as a differentiator for the bank in a competitive market.
A single-stop AI virtual agent deployed on the Facebook Messenger platform is capable of giving customers personalized solutions in a conversational user interface. This virtual agent has seen more than 300,000 users monthly. It is also the first AI-based chatbot that can perform e-commerce transactions on a social media app.
The bank has explored AI in a physical realm too, with their branches are testing the implementation of humanoid robots, called IRA, to provide teller assistance to customers. IRA robot assistants help about 60 customers daily.
Finally, the HDFC has added Recruit Bot to their AI virtual assistant team. This AI virtual agent is able to identify promising candidates across multiple skill sets and backgrounds to reach candidates who may not have been identified using traditional HR methods. The Recruit Bot virtual agent has help reduce recruiting and hiring times by as much as 80%.
The bank recognizes that it will take some time to get the AI tools tuned to feel integrated and natural to their customers and staff, it is confident that its investment in the technology and the training for employees to incorporate these tools will pay off handsomely. HDFC is committed to ensuring AI technology becomes a part of its core strategy for the long run.
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