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Soon, Bots will Assist You in Banking

Soon, Bots will Assist You in Banking

Silicon Valley-based artificial intelligence company Payjo is set to launch banking bots in India in collaboration with Yes Bank and RBL.

The company has signed deals with the two banks and is in talks with other public and private sector banks to launch banking bots or robots by early next year, CEO Srinivas Njay said.

“These will be the top six banks in India by transaction value, and the launch will help greatly to ease the adoption of digital banking and creating more financial literacy in India,” Njay said. The company had earlier this year launched a recharge bot, which it said garnered 30,000 users within three months for services such as recharge and balance reminders.

The bot, which can be accessed in multiple languages, will be available over social messaging platforms such as Facebook Messenger, WhatsApp, and Skype. Njay said the company is getting inquiries for this product from a number of US banks. The government’s demonetization move will boost adoption of banking bots, according to the company, whose officials recently met Andhra Pradesh chief minister N Chandrababu Naidu, who heads the committee of chief ministers set up to promote digital payments.

The bot will operate as an intelligent financial assistant for an individual. For instance, if it sees that the person travels a lot for work, it may recommend specific travel cards the person could use.

Or, to give another example, it may analyze the monthly expenses and salary and suggest that perhaps a higher portion of the money be invested. “We’ll use prescriptive analytics to help the user with decision-making. We will be integrated with banks, so the actions are just a click away. For instance, if the bot suggests creating a fixed deposit, then the user just needs to say ‘yes’ and the FD will be created,” said Njay.

The company is working with Paladion Networks to ensure that all data security concerns are taken care of, he said.

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