Payjo reportedly to launch banking bots with Yes Bank and RBL

AI banking platform, Payjo will soon be launching its banking bots in India in collaboration with Yes Bank and RBL, according to an Economic Times report.

Apparently, the Silicon Valley-based company has already signed pacts with the two banks and is presently in talks with other banks to launch banking bots or robots by early next year.

“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,” CEO Srinivas Njay told ET.

Payjo’s recharge bot that was launched earlier this year had 30,000 users within three months for services such as recharge and balance reminders, claims the company. According to Njay, demonetization will surely be a shot I the arm for banking bots who will “use prescriptive analytics to help the user with decision-making.”

These bot are expected to work as financial assistants who can provide investment related guidance. “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,” added Njay.

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