Virtual assistance steps us to the plate for a leading Indi…

Using chatbots to optimize customer service by leveraging the power of the AWS platform Virtual assistance steps up to the plate for a leading Indian bank

CASE STUDY

Across all industries, businesses continue to spend money on unnecessary labor costs, particularly on the heels of the COVID-19 pandemic. Significant staffing shortages over the last couple of years have raised the cost of labor. According to some estimates, private-sector labor costs in the United States increased by 4.4 percent in 2021. In the leisure and hospitality sector, that figure is double – at about 8 percent. The big picture The industry has found that it can deploy artificial intelligence and advanced analytics to manage costs, including with the use of bots to replace expensive human labor. We are seeing a new wave of advanced automation that is capable of performing 10 to 25 percent of work across bank functions, allowing employees to focus on higher-value tasks. The challenge for banks is finding the best way to get started, as some have seen significant downsides to scaling automated services – lacking the manpower and capabilities to monitor the technology and ensure it is performing effectively. But others have seen tremendous success stories.

The right virtual approach can be a game changer.

The challenge Trouncing the queries HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. Given the explosive growth of the organization, they were having trouble finding the time and resources needed to scale the contact center and meet customer expectations. So like many other major banks around the world experiencing exponential growth, they were looking for a self-service solution, which could address customers’ questions instantly.

The solution leverages AWS and the multi-experience conversational AI platform by Senseforth.ai

The transformative solution Senseforth has been working with HDFC Bank since 2017, when they collaborated to launch a chatbot, known as ‘EVA’ (Electronic Virtual Assistant), which went on to address over 2.7 million customer queries in just 6 months, and became India’s largest banking chatbot. The progress has been gradual with the addition of various features, as well as the extension of this virtual assistant on popular user issues. Initially, Senseforth built a strategy based on 5 components.

Knowledge gathering: The company shortlisted frequently asked questions and had responses prepared.

Scenarios: EVA is prepared to handle numerous scenarios involving requests customers commonly have for their banking needs.

User feedback: The application gathers data on its performance based on user feedback to learn and get better.

Analytics: EVA’s responses improve through the analysis of conversational data.

Additions: EVA was able to become better prepared to handle common consumer scenarios, and also learned responses to those over time.

The transformative solution What we provided A chatbot that hits home runs with customer support

EVA was built with an accuracy level of over 85 percent by using Senseforth’s comprehensive conversational artificial intelligence platform, which is deeply integrated with its patented natural language processing engine – a technology that helps computers understand human language. With this technology, the bot is able to understand both English and Hindi, is trained to understand and respond to around 8,000 customer scenarios, can address frequently asked questions, and can execute transactional requests related to accounts, credit cards, loans, and other products.

The results

The immediate impact In the first few months after its launch, EVA was able to deflect millions of conversations and reduce overall support costs. Every month, the application continues to address millions of questions. Senseforth’s statistics show that, broadly, these types of automated technologies reduce implementation and training time by over 70%, while ensuring high levels of accuracy.

About Senseforth

Corporate Headquarters Suite 76J, One World Trade Center, New York, NY 10007

Senseforth – a Fractal company – is a leader in conversational AI technology, and has launched an AI-powered virtual assistant that leverages AWS to create a seamless experience for users. Amazon EKS creates applications that automatically scale up and down and run in a highly available configuration across multiple Availability Zones (AZs), with out-of-the-box networking and security integrations. The RDS service provides a cost-effective database, and AWS Lambda serverless, event-driven compute services lets code run for any application or backend service without provisioning or managing servers.

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