Joining the league of companies vouching by chatbot, Tata Capital, the financial arm of Tata Group has unveiled its Artificial Intelligence based chatbot. It relies on natural language and cognitive learning capabilities to understand the queries and respond individually to each of these.
We had earlier covered an article about how the use of chatbot has seen a visible increase in financial sectors. From insurance companies to banks, these institutions are relying on chatbots to enact high volume of customer support tasks and streamlining the operations.
The chatbot by Tata Capital is based on the same lines where it answers the queries around it’s financial services products.
The online chatbot which is powered by a virtual agent (VA) engine, comes as a huge step forward by Tata Capital towards digitising the customer journey, both qualitatively and quantitatively.
What can the chatbot do?
The chatbot is considerably equipped to handle over 70% of the routine customer queries, including product information, application tracking and sales & after-sales service. This promises to reduce not only the dependency on traditional customer servicing platforms but also enable a better customer experience.
The Chatbot’s evolving data insights will also help Tata Capital track and measure customer queries, sentiments, satisfaction and more, and will help the company devise a more customer-centric strategy.
Speaking about the Chatbot, Veetika Deoras, COO, digital vertical, Tata Capital, said, “Tata Capital has always endeavoured to stay ahead of the technology curve and the Tata Capital Online Chatbot is another unique Fintech product from Tata Capital, developed to cater to the growing needs of our digital-savvy and mobile customer segment, which needs access to information on the go.”
“Not only will the Chatbot help reduce response time and provide 24×7 support to potential customers but also has the ability to self-learn and become smarter through frequent customer interactions. We believe that the online Chatbot will deliver superior value to our customers seeking routine information about our retail products and services”, she added.
Since its launch in October 2016, the Tata Capital Chatbot has already responded to over 55,000 queries from website visitors across India. Currently, the Chatbot services Tata Capital’s retail products, including personal loans, home loans, car loans, business loans and two wheeler loans.
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Srishti currently works as Associate Editor for Analytics India Magazine. When not covering the analytics news, editing and writing articles, she could be found reading or capturing thoughts into pictures.