April 18, 2017

Tata Capital launches artificial intelligence-based online chatbot

Mumbai: Tata Capital, the financial services arm of the Tata group, unveiled its Artificial Intelligence (AI) based online Chatbot which, through its unique natural language and cognitive learning capabilities, understands and provides a response to individual online queries around its financial services products.

Powered by a virtual agent (VA) engine, the online Chatbot represents a huge step forward by Tata Capital towards digitising the customer journey, both qualitatively and quantitatively. The Chatbot is equipped to handle over 70% of the routine customer queries, including product information, application tracking and sales & after-sales service. This will not only reduce 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 24x7 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”.

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.