Artificial intelligence banking platform Payjo on Monday said it has launched an AI-powered chat assistant for State Bank of India to addresses customer enquiries. The chat assistant, known as SBI Intelligent Assistant, or SIA, will help customers with everyday banking tasks just like a bank representative, the company said. Payjo does not operate as an alternative to banking apps but provides a layer of AI on banking functions available on the online platform of a commercial bank. It works on a chatbot interface and helps the user navigate through various banking services such as deposits, payments, etc. Payjo was launched in January 2015 and has since added several public and private sector lenders as its clients. Its clients include State Bank of India, YES Bank and RBL Bank, among others.
Srinivas Nijay, CEO of Payjo, said the company substantially reduces operational expenses for a bank and uses AI to personalise experience for each of its users. It will also be extending its services to mobile, IVR, SMS and social media platforms such as WhatsApp and Skype.“It will enhance customer service several notches above and Payjo’s expertise in the conversational banking domain helped us build SIA as a superior chatbot in the global banking space. We look forward to taking SIA and simplifying customer’s lives on multiple customer interaction platforms in partnership with Payjo,” said Shiv Kumar Bhasin, chief technology officer at SBI.
Payjo does not manage banking functions through its platform but provides assistance via AI on the banking platform of its client’s. This allows the user to get access to personalised suggestions irrespective of the amount that they have deposited with the bank. Nijay claims that no other company
specialises in AI for banking but named Israel-based Nanorep as one of its closest competitors which provide AI-powered services to help users navigate through self-service apps. In addition to assistance via chatbots for banking, the company is in the process of launching assistance in regional languages for various other financial services in its second phase of expansion that begins early 2018, Nijay told FE.