YES BANK partners Microsoft to strengthen its AI Banking Solutions

Yes Bank, India’s fourth-largest private sector bank, has partnered with Microsoft to bolster its chatbot services. As a part of the deal, Microsoft has developed an AI-enabled chatbot called YES ROBOT for the bank.

The YES ROBOT will be paired with the language understanding intelligent service (LUIS), which is a natural language processing (NLP) platform, and some other cognitive services, the announcement notes.

The chatbot solution intends to understand and resolve customer needs with minimal human interventions The chatbot is capable of handling over half a million transaction per month and provides with a range of more than 25 banking services.

Executive Opinion

Chief Digital Officer, YES BANK, Ritesh Pai, said, "YES BANK has been one of the early adopters when it comes to leveraging machine learning and AI. Recognizing that chatbots would be game changers in the industry, providing major competitive advantage to banks, we had started working on automating several processes and service touch points through Bots as early as 2016. The reinvigoration of YES ROBOT in-house, using Microsoft’s cognitive services aims to further enhance customer service by personalizing interactions and reducing the time-of-first-response to just a few seconds”.

COO, Microsoft India, Meetul Patel, said, "YES BANK is taking a big step towards its vision of creating a bank of the future. This innovative solution leverages the latest technologies to help customers interact with the bank in new, more efficient, and scalable ways. Our teams have partnered to integrate Microsoft’s Azure Cognitive Services with existing systems to deliver this intelligent chatbot. It is one of YES BANK’s many innovations, and we are extremely proud to be a part of its journey to bring the best of technology to its customers."

YES ROBO, a Chatbot

The YES ROBOT is capable of harnessing the machine learning to offer indicative loan amounts and advanced credit scoring algorithms.

Customers of the Yes Bank can apply for the various banking services like the checking eligibility for the loans and opening fixed deposit and recurring deposits with the help of using the chatbot.

Microsoft has incorporated conversational AI equipped with the financial knowledge on the chatbot to help customers navigate Yes Bank services. YES ROBOT platform is powered by Microsoft Azure’s cognitive services

Since December 2018, YES ROBOT has helped the bank to book deposits of Rs. 5.2 billion. With 8.3 million customer interactions, the chatbot is capable to identify the intent of the user with over 90% accuracy, the announcement notes.