Virtual assistants make a lot of waves in the financial sector. The latest venture of this kind to come to market goes by the name of Keya. It is an artificial intelligence-enhanced personal assistant. It is the first offering its kind to make inroads in the Indian banking industry.

A lot of things are changing in the financial sector. Personal and digital assistants play an increasing role of importance. making these contraptions as consumer-friendly as possible will remain a big challenge, for obvious reasons. It is not a straightforward process by any means, albeit one that can be completed with some effort.

A Major Shakeup for the Indian Banking Sector

Kotak Mahindra Bank is trying their hand at doing so through Keya It is the first Indian banking-oriented AI-powered virtual assistant. With Nuance’s Natural language Understanding and Call steering technologies, it can understand requests with ease. This also removes any need for menu options, which only enhances the customer experience.

Kotak Mahindra Bank SEVP Puneet Kapoor comments:

“Voice commands form a significant share of search online. In addition, the nature of the call is changing with customers using voice as an escalation channel. Keya is an intelligent Voice assistant developed keeping in mind customers’ changing preference for voice over text. It is built on a technology that understands a customer’s query and steers the conversation to provide a quick and relevant response. Keya combines the benefits of virtual and human assistance and provides a differentiated customer experience. Further, this technology will also enable us to derive real customer insights and thereby, identify new automation opportunities.”

Solving the mundane queries which occur on a regular basis will free up manpower for the bank. It is a task any AI can complete with ease. Live humans need to spend their time on more complex requests.  This is also a cost-cutting measure, although one that won’t result in fewer jobs. Instead, more manpower can be dedicated to pressing matters.

Header image courtesy of Shutterstock


About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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