When I set out to write this story, I wanted to check out the chatbots Indian banks use. My first stop was ICICI Bank, India’s second-largest private bank by assets. I clicked on ‘Ask iPal’, the bank’s omnichannel bot, one the bank says can "redefine your banking experience" and is a "conversational way to make your transactions". The bot greeted and prompted me to ask something in English.
"I need to open a savings account," I typed. "Thank you for your interest in opening a savings account with ICICI Bank," it responded, before providing a link to the application. Next, I was prompted to respond with either a thumbs up or thumbs down emoji. My question about wanting to open a demat account met with a similar response, and a link to more details.
The going was good. But I decided to have some fun.
"How should I manage my money when dating?" I asked. "Sorry, I am not sure if I got that. Could you please try rephrasing your question?" I tried again, adding a few more words. "Where should I park my money after getting married? Should I choose fixed deposits or SIPs (systematic investment plans)?"
The bot responded with some suggestions, but it was not the advice a human financial adviser would offer. One of them was an advisory on how to open a fixed deposit. By now, I had realized that I had exceeded my brief.
To be fair, the bot has been asked stuff which is outside its traditional banking syllabus. iPal, nonetheless, is one of the newer generation bots-it is an artificial intelligence (AI)-based system. All answers are automated and the chatbot is trained to understand the queries and improve the responses. As more people interact with the bot, it learns. Over a period of time, the bot would get sharper and more intelligent.
It is quite likely that in a year, iPal would be able to understand and answer questions beyond its syllabus.
Denne historien er fra February 07, 2024-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra February 07, 2024-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
GDP growth falters in Q2, hopes pinned on 2nd half
GDP growth of 5.4% was the lowest in nearly two years, lower than estimates
Aster DM merges with Quality Care in $5-billion deal
Bengaluru-based Aster DM Healthcare on Friday announced a merger with Blackstone-backed Quality Care India Ltd (QCIL) in a deal that will value the combined entity at $5.08 billion (₹43,000 crore).
AIFs, equities pip realty in family office funding
What's Ahead for Family Offices?
Defence contracts emerge as key biz for telecom infra makers
India's push for local manufacturing has prised open a new business frontier for domestic telecom equipment manufacturers.
HUL turns to high-growth segments to lift demand
Premium is the watchword for packaged consumer goods major Hindustan Unilever Ltd (HUL), as it unveiled a new strategy on Friday to ride on an expected rise in household income and increasing consumer preference for more expensive brands and products.
Russia's war economy shows new cracks after ruble plunges
The Russian economy, surprisingly resilient through two-plus years of war and sanctions, has suddenly begun to show serious strains.
Colgate making right moves, but valuation a concern
Colgate Palmolive (India) Ltd has had a good run in recent quarters and continues to make efforts to boost growth.
Kalyani family's wealth war takes a fresh turn
Gaurishankar Kalyani has filed papers to back his claim that HUF exists
Zomato raises ₹8,500 crore via QIP
A big part of the proceeds is to be used to expand Zomato's quick commerce arm Blinkit
Fintech startup Klub halves workforce
Bengaluru-based financing startup Klub laid off about 60-70 employees in September and paused its commerce operations, according to multiple people aware of the developments.
