Axis Bank brings chat bots in its app to let users transact and keep track of spends too

MUMBAI, INDIA: Axis Bank has partnered with Active.ai, a Singapore-based fintech platform, to launch intelligent banking chat bots that will bring mobile banking services for its customers in the form of a conversational interface. This will enable users to chat through the Axis Bank mobile banking app and messaging platforms like Facebook messenger.

ICICI bank also enabled this chatbot feature in its app.

Conversation is the new UX and with banks opening up APIs, a new era of digital business is emerging, and artificial intelligence (AI) is at an intersection of new wave of technologies which will define the future of financial services.

The banking ecosystem is moving from ‘Mobile First’ to ‘AI first’ and Active.ai is focused on being the platform facilitating the banks to achieve superior value proposition to its customers.

“We are enabling new digital technologies to make it easy and simpler for customers to engage with us. Users are moving to an unstructured form of engagement, we want to be where customers are. Active.ai will help us engage with our customers in a conversation in a personal and contextual manner in the digital space,” said Rajiv Anand, Executive Director (Retail Banking), Axis Bank. “Repeat value of transactions, large number of customers and daily usage on these platforms make a compelling reason for the bank to be one of the early adopters of conversational banking in the BFSI space,” he added.

“We are excited to enable Axis Bank unveil their new AI first strategy and create conversational bots for intelligent conversations with Axis Bank customers. New era of personalized banking and commerce is emerging wherein customers can converse with brands and financial institutions in natural language through their preferred mode of communication. In the future, customers will just walk to micro branches with voice enabled IoT devices to engage with the banks for services,” said Ravishankar, CEO and Co-Founder Active.ai.

The platform utilizes AI to help financial institutions develop personalized and contextual interaction solutions which can be used by consumers through web, mobile, social and messaging channels.

“Customer today want services like taxi, food, tickets and financial services on demand, anytime and anywhere. We are enabling our users to achieve this by talking to us in the form of a normal conversation on messaging platforms and mobile apps,” added he.