Conversational Banking through AI Virtual Assistant – Feddy Qorus-Infosys Finacle Banking Innovation Awards 2024

The initiative stands out as a beacon of innovation in the banking sector. Feddy introduces a revolutionary blend of AI, Conversational Interfaces such as WhatsApp/ Web/ (Alexa - coming soon), and user-centric design, offering a banking experience unparalleled in the industry, no other bank currently offers the same level of user-friendly and conversational banking experience. This innovation enables Feddy to understand and respond to users in a manner that reflects a human-like interaction. The fusion of AI-driven comprehension with a conversational interface positions Feddy as a trailblazer in reshaping the dynamics of how users engage with banking services.

To feel the Conversational Banking Experience with Feddy, Picture this: A User rather than navigating through complex menus or filling out tedious forms, engages in a conversation with Feddy to execute transactions. For instance, a simple WhatsApp message to Feddy like “Transfer Rs. 1000 to my mom” or “pay my electricity bill” translates into an actual fund transfer or bill payment, mimicking a conversation one might have with a trusted friend.

Feddy intelligently interprets user’s requests, seeking confirmation when needed, and effortlessly guides users through the transaction. Feddy includes various functionalities such as Fund Transfer, Bill Payments, Cheque Book Requests over an easy chat on highly user-friendly platform.

The solution design for Feddy - Conversational Banking represents a breakthrough in mitigating challenges associated with traditional banking interfaces. Focused on providing convenience, Feddy harnesses the power of NLP, Artificial Intelligence (AI) to understand and interpret customer’s requests seamlessly. This innovative approach addresses the challenge of complex and cumbersome banking processes, offering users an intuitive and conversational platform where transactions become natural dialogues. Feddy's design ensures that users, regardless of technical proficiency, can navigate financial activities effortlessly, transcending the barriers of traditional banking while ensuring the top-notch security mechanisms complying with the existing banking regulations.

An important part of Feddy – Conversational Banking’s design is the Feddy Registration Portal. It acts as a backend pass to avail the banking functionalities through Feddy channels. User has to do one time registration with card details and OTP, then a user can manage all the channels, beneficiaries for Fund Transfers and add billers for Bill Payments. This portal gives an additional layer of security for transactions done through Feddy channels.After the registration, a user can go to any of his/her desired channel – WhatsApp/ Website and can ask Feddy to Transfer Money or Pay Bills etc. as simply as dropping a WhatsApp message to friend.

The success of the project can be attributed to a harmonious fusion of innovative development practices, collaborative partnerships, and a commitment to Agile methodologies. This approach not only navigated the complexities inherent in stitching different technologies together but also ensured that Feddy emerged as a pioneering force in the realm of Conversational-Banking.