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29 March, 2017 22:43 IST
Yes Bank partners with US-based Payjo
Source: IRIS | 20 Mar, 2017, 03.17PM
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Yes Bank is proud to announce a big step towards adopting Artificial Intelligence (AI), in partnership with Payjo, a leading AI Banking Platform based out of Silicon Valley, California.
 
The Yes Pay Bot will be the first AI-driven Bot for a wallet and will complement the already trusted and popular Yes Pay wallet service with over half-a-million users.
 
Yes Bank is launching its wallet services through a chat-based financial assistant in partnership with Payjo on Facebook Messenger. This will soon be available on other popular social media channels like Skype, Slack and WhatsApp. With widespread use of instant messaging, Yes Pay will be an effortless way to recharge your mobile and DTH, send-request money and pay utility bills.
 
The AI-powered YES Pay Bot not only carries out financial transactions over a friendly chat but also answers banking queries and requests in a conversant manner. The technology enables the bot to give quick, personalized responses and real-time insights on transactions. Further, it works harmoniously across multiple channels like web, mobile and IVR. Over time, AI-powered Bots become more astute and can act as personalised banking assistants which can forecast customer requirements and provide a personalised panoramic view of spending trends.
 
"As a leader in embracing the Digital Banking ecosystem, Yes Bank (Q,N,C,F)* is glad to partner with Payjo to introduce AI-powered Bots offering financial transactions capabilities to customers in an intuitive manner to improve their banking experience," said Ritesh Pai, Senior President and Country Head, Digital Banking at Yes Bank.
 
"Given that these ‘humanised’ Bots can act as intelligent assistants, we are also working on various use cases for our employees to enable them with information about the Bank's policies and new initiatives. Over the next year, we shall also migrate a significant portion of our customer service to this customer-friendly platform," he added.
 
"Instant and personalised customer assistance is becoming the new norm in CX. The experience offered through Payjo will make banking services for customers more accessible and fun, leading to more financial literacy in India," said Payjo Founder and Chief Executive Officer, Srinivas Njay, "YES BANK offers valuable services for individual customers as well as small businesses, which are bound to benefit immensely from our cutting-edge solution. To stay ahead of times, we have partnered with several leading research institutions such as Stanford University to build expertise in active research areas like Machine Learning (ML) and Natural Language Understanding (NLU). "
 
 
Research shows that nearly a quarter of installed apps tend to be discarded after one use. With chat-based financial assistants currently on the rise, YES BANK is pioneering this revolution by offering its services through popular social media channels like Facebook Messenger which has close to 300 million active users. Bots are immensely helpful to reach out to the section of users who are digitally active, but find it cumbersome to perform these transactions over apps. In collaboration with Payjo, YES BANK will soon launch Bots that would offer other banking services.
 
Chatbots are predicted to handle more than half of the customer conversations for financial institutions in the next three to five years. YES BANK is at the forefront of capitalising on this trend by serving millions of customers round the clock in an economical and insightful way.

Shares of the company gained Rs 3.95, or 0.26%, to trade at Rs 1,512.00. The total volume of shares traded was 166,626 at the BSE (3.09 p.m., Monday).

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