According to the banks’ officials, it is expected that mobile banking will overtake internet banking in the years to come. Currently, almost half of the digital transactions of savings account are taking place on mobiles, with an expected growth on voice-based services. To align with this situation, in 2017 the bank introduced iPal, a chatbot which enables financial transactions on a mobile application. The solutions integrates AI features of advanced Natural Language Understanding (NLU) that helps it to learn and understand real language usage like humans and engage in contextually accurate conversations. It enables customers to resolves their queries and also undertake financial transactions of bill pay, fund transfer and recharges.
The bank aims to innovate iMobile solution with over 180 services; currently, customers can do basic banking like balance checks to transactions like fund transfer, getting an instant credit card/personal loan, applying for life insurance, mutual fund, movie ticket, or rail ticket. The app also enables its rural beneficiaries to undertake frequently used banking services from their smartphone, without using mobile internet services.
Furthermore, data remains secure due to the registration procedure; Reserve Bank of India (RBI) approved two-step activation, and encryption of data and communication. However, extensive customer awareness is required to protect them against social engineering fraud and prevent sharing personal data.
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