Kotak Mahindra Bank Introduces AI-Enabled Voice Assistant
Kotak Mahindra Bank has made a significant stride in digital banking with the launch of Keya, India's first AI-powered voicebot in the banking sector. This innovative voicebot is designed to understand customer queries and provide quick, relevant responses, revolutionising the way customers interact with the bank.
Keya is the result of a partnership between Kotak Mahindra Bank and Haptik, with the technology developed further in collaboration with Nuance, a Nasdaq listed firm based out of Massachusetts, USA. According to Puneet Kapoor, Senior Executive Vice President of Kotak Mahindra Bank, Keya is an intelligent voicebot created to cater to customers' changing preference for voice over text.
The nature of customer calls is evolving, with customers increasingly using voice as an escalation channel. This shift in customer behaviour is one of the factors that influenced Keya's development. Voice commands are a significant share of online searches, making them a crucial aspect of modern customer interactions.
Keya is built on a technology that understands a customer's query and steers the conversation to provide a quick and relevant response. It combines conversational intelligence with human-like natural dialogue, enabling it to understand and respond to a wide range of queries. This results in greater call routing accuracy, reduced call duration, and improved customer satisfaction.
Keya is available in both English and Hindi, making it a bilingual voicebot. It is integrated with Kotak's phone-banking helpline and aims to augment the traditional Interactive Voice Response (IVR) system. By automating simpler calls, Keya helps in efficient agent utilisation and better deployment at the Kotak contact centre. It also routes complex calls for human assistance, ensuring that customers receive the help they need when they need it.
Shanti Ekambaram, President - Consumer Banking at Kotak Mahindra Bank, stated that Keya is a building block of the ABCD charter and will drive the bank's digital-first organic growth strategy. The ABCD charter focuses on AI-enriched App, Biometric-enabled Branch, Context-enhanced Customer Experience, and Data-Empowered Design. It seeks to make banking more accessible and rewarding for customers by integrating technology, design, and customisation across products and services.
In a nutshell, Keya is more than just a voicebot. It combines the benefits of virtual and human assistance, providing a differentiated customer experience. By understanding customer queries and providing quick, relevant responses, Keya is set to redefine the future of customer service in the banking sector.
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