SBI’s Payjo-powered AI based chat assistant scores a hit

MUMBAI: Payjo has launched an SBI Intelligent Assistant or SIA, an AI-powered chat assistant that is aimed to address customer enquiries instantly and one that helps them with everyday banking tasks just like a bank representative.

With the launch of SIA, SBI expects to reduce significant operational expenditure over time. The statistics quoted in the press release says that since launch, SIA has responded to millions of queries from thousands of customers. SIA is setup to handle nearly 10,000 enquiries per second or 864 million in a day, which is quoted as nearly 25% of the queries processed by Google every day.

Payjo on the other hand is proud of its architecture and says that it was diligently calibrated to seamlessly scale up to a certain magnitude for SBI. Deployment of this size is a first of its kind in India and even across the world, such instances are few and far between, believes Payjo.

SIA continuously learns with each interaction and gets better over time. Currently, it can address enquiries on banking products and services. It is trained with a large set of knowledge and is adept at answering frequently asked questions as well.

Commenting on SIA, Srinivas Njay, Founder and CEO of Payjo said, “India’s banking infrastructure is light years ahead compared to the western world. The largest public sector bank of the country adopting Artificial Intelligence in a matter of few months is not an easy task. The credit goes to the progressive team at SBI and the continued Digital India push from our honourable PM Narendra Modi. SIA is a revolution in the banking industry. It is set to disrupt the way banks and customers interact.”

Shiv Kumar Bhasin, CTO of SBI added, “SIA is a perfect example of ground-breaking banking application in Artificial Intelligence and Conversational Banking. It will enhance customer service several notches above and Payjo’s expertise in the conversational banking domain helped us build SIA as a superior chatbot in the global banking space. We look forward to taking SIA and simplifying customer’s lives on multiple customer interaction platforms in partnership with Payjo.”

Payjo says that the company is working towards making SIA available across multiple customer touchpoints like mobile, IVR, SMS and Social Media platforms. SIA will also be equipped to interact in most regional languages of India.