Yes Bank to Digitize Loan Business using AI Powered Bots

Yes Bank to Digitize Loan Business using AI Powered Bots

Yes Bank to digitize its retail loan business leveraging technology and AI backed bots

Digitization of retail loan business using AI powered bots will improve process automation and bring down cost for Yes Bank

Mumbai: Yes Bank, India’s fourth largest private sector bank is all set to digitize its retail loan business using technology and eliminate paper usage. This will improve process automation and reduce overall cost to the bank.

Traditionally, availing a loan has being a lengthy process involving loan application, credit bureau’s scrutiny and verification of other documents and then loan disbursement to applicant. The entire process from loan application to its disbursement can take around 7-10 days.

But with the digitization, bank aims to complete the entire process in less than 30 minutes over the next six months. Besides, it also plans to improve customer experience by leveraging AI backed chatbot.

The bot will enable a digitized workflow for retail loans, allowing the customers to get instant conditional approval using their mobile device and popular messenger app. Each customer can get customized solutions on products, pricing and eligibility.

Also, the chatbot will help customers by answering their queries in real-time leveraging integration with bank’s core internal systems. This enables bank’s representative to connect with a prospective customer within the shortest possible turnaround time.

The bank claimed to be the only one to offer virtual demos of cars through a chatbot and expects to service a million customers through this bot in FY 2017-18.

The chatbot is completely device, medium, location and channel agnostic and in the near term, it would have the capability to host pre-filled loan agreements and act as a place holder for enabling e-signatures, thereby creating an ecosystem that would ensure an end-to-end digital journey for customers and channel partners alike.

The retail loan customers will be able to respond to pre-approved offerings from the bank and will get to know their eligibility and EMIs, apply for loans online and get instant in-principle approvals.

The automated retail lending products will be made available in a phased manner over a period of one year and is expected to improve user experience substantially for more than 2.5 lakh customers by this fiscal end.

In addition, Yes Bank informs that it will use an industry first sales productivity tool offering completely digitalized field visit reports with Geo-tagging. This transparent sales monitoring process makes it easier for the frontline workforce to plan their day-to-day activities. Bank’s customer facing sales team members will able to save multiple man hours every day through ‘real time call reporting’ and it will be extended to over 20,000 employees working on the backend side.

“These digital interventions are key milestones in transforming Yes Bank into a truly digital bank. In a world where physical and virtual environments are rapidly converging, we constantly strive to make processes simpler for all our customers and digitizing our retail loans is a definitive step in that direction,” said Pralay Mondal, Senior Group President – Retail and Business Banking, Yes Bank.

Source:ETCIO