News : Kotak Becomes First Bank to Roll Out AI-run Voicebot
Mumbai, India, March, 2018 -- Kotak Mahindra Bank has launched an artificial intelligence-powered voicebot in the banking sector. The voicebot has been developed using a library of phone-banking conversations over the past three years.
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The lender has integrated the voicebot Keya, which can understand both Hindi and English, with its phone-banking helpline. Keya uses automatic speech recognition, natural language understanding and text-to-speech technology. It is powered by Nuance, the technology behind Apple’s Siri. However, the bank is not using voice for biometric authentication.
"Of all the mediums through which customers can interact with us, voice is the most preferred," said Puneet Kapoor, senior executive VP, Kotak Mahindra Bank. According to him, the reason behind it was that customers can get their issues resolved in a single interaction.
"Even when you look at how the global ecosystem is evolving, voice is emerging to be the preferred medium. According to one study, 50% of all searches will be voice-based by 2020. If you look at all the bots — Siri or Alexa — they started as text and evolved into voice-based commands," said Kapoor.
Posted by Veronica Silva Cusi, news correspondent
Today's Tip of the Day - Don’t Fix It Until You Know The Full Story
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