HDFC adopts conversational banking


HDFC Bank has tied up with, an artificial intelligence firm supported by Ratan Tata and Ronnie Screwvala, to acquire ‘conversational banking’ — chatbots that encourage bank account transactions and management without escaping the chat window.

The chatbot currently is accessible on Facebook messenger where it can be utilized for web based business exchanges like booking a taxi, requesting food or paying bill the chatbot is intended to act as a virtual attendant service.

Nitin Chugh, HDFC Bank’s digital banking head mentioned that the HDFC Bank on-talk application is accessible to anybody and not only those with HDFC Bank accounts.The chat opens a payment portal through which exchanges can be made utilizing any bank account.In web-based social networking, the chatbot will encourage e-commerce transactions.

He also included that a comparable chatbot will be accessible inside the bank’s sign in page and encourage ‘assisted net banking’exchanges without deep diving into the site.

Discussing more Chugh said “With over 71% of our transaction taking place on digital platforms, we no longer call this as an alternate banking channel. Internet and mobile are now our core channels. While some other banks are talking about how demonetization is kick-starting digital banking, for HDFC Bank it was a booster shot to an already growing channel.”

HDFC Bank is not the first to utilize a chatbot for conversational banking. Prior, DBS had acquainted a virtual associate The Singapore-based bank has tied up with US firm Kasisto, which is hived off from SRI International — maker of Apple’s voice bot Siri

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Madhurima Goyal, From ITvoir News Desk