HDFC Bank’s Virtual Assistant Qorus Banking Innovation Awards 2016

'- HDFC Bank Virtual Assistant engine is an automated customer engagement online chat platform which is based on artificial intelligence technology. - HDFC Bank Virtual Assistant engine with its unique “natural language” capabilities determines the correct taxonomy of the user’s input; pairing this with cognitive learning capabilities that extract, understand, and act upon user queries. - Unlike regular chatbots available with other financial services providers, HDFC Bank Virtual Assistant, dynamically generates personalized responses to customer queries, thus engaging online customers more effectively. - The Bank was incurring a huge cost in servicing routine inquiries which had spiraled out of control. Rule-based chats were explored in hopes of reducing call volume but it couldn’t meet the bank’s goals for reducing costs. A pilot of an intelligent chat product that uses predictive analysis to offer high-value chat and increase conversions and then decided to proceed with it as a solution. - Multiple teams involved in this project included the Digital Innovations team, customer service team, Business Technology Group as well as the IT team. - HDFC Bank Virtual Assistant is LIVE on HDFC Bank Website Portal Customer Care tab since Jan 2016. Since then, 15,000+ total user sessions have been created so far and around 500+ questions are getting answered every day using HDFC Bank Virtual Assistant.