Yes Bank partners Microsoft to strengthen its AI powered banking solutions

NEW DELHI : Yes Bank, India’s fourth largest C, has partnered with Microsoft to strengthen its first of its kind, AI enabled chatbot, Yes Robot, with advanced neuro language programming (NLP) engine LUIS (Language Understanding Intelligent Service) and other cognitive services, capable of understanding and resolving the evolving banking needs of customers without the need for human intervention.

Built on Microsoft’s modular and customizable AI platform, the all new, reinvigorated Yes Robot enables users to perform financial and non-financial banking transactions by employing conversational AI equipped with extensive financial knowledge, thereby relieving customers from the hassle of navigating through multiple web pages.

Commenting on the partnership, Ritesh Pai, Chief Digital Officer, Yes Bank, 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"

A customer can apply for over 65 banking products, check his/her eligibility for a loan and then get 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 advanced credit scoring algorithms. One of the most pivotal features of this chatbot is the option to book fixed deposits (FDs) and recurring deposits (RDs) by simply conversing with it, without the need of registration or remembering passwords (only OTP based authentication is required).

The Bot has been widely accepted by the Bank’s customers, testimony to which is Rs.5.2 billion worth deposits booked through YES ROBOT since December 2018. Even with human errors, the chatbot can identify the intent of the user with over 90% accuracy and over 8.3 million customer interactions have already been reported on YES ROBOT since its launch.

Microsoft Azure’s cognitive services have enhanced the stability and capabilities of the Yes Robot platform which includes efficiency in handling user query variations, accuracy in responding to user queries as well as user goal completion rate for transactions, thereby helping accelerate the speed of adding new features and time-to-market.

Going forward, Yes Bank plans to integrate the bot with services such as contextual & real-time transfer of chat from bot to the live agent of the Bank; integration with different platforms and applications such as WhatsApp, Alexa, Google Assistant and Siri to provide the Bank’s services on IoT platforms for customers and other MS cognitive services & tools such as RPA, OCR etc. The Bank also plans to enable cross sell and acquisition services on Yes Robot as a strategic tool to further empower the sales force.