Case study: Learn how a "millennial-focused" bank uses AI to drive customer engagement Payjo
April 11, 2018

Payjo featured in Lafferty Group’s AI and Robotics in Banking report.

Last month, Lafferty Group released our AI and Robotics in Banking report, including original interviews and case studies with several industry leaders – and with another updated and exclusive version planned for the summer again, we thought we would share snippets of our interview with Payjo CEO Srinivas Njay (an extended version of which will also feature in the upcoming edition).

Payjo is a universal artificial intelligence (AI) banking platform whichallows for direct contact with one’s banks remotely – customers can carry out all the regular actions that are available through most modern online banking platforms by interacting with a chatbot through the website, app, Messenger or virtual assistant.

“For me, the fundamental concept is just because someone is a banker, they shouldn’t have a better financial future. Just because someone is a doctor, they shouldn’t have a better, healthier future, right? How do we give access to this knowledge? How do we democratize this system?”Mr Njay, Payjo CEOpondered, during a conversation with Lafferty Group.

“For us, the best way to do that is to provide basic, widespread knowledge of finance.”

If Payjo is about anything, it is about philanthropy – creating something that benefits everyone and looks to improve the way people gain their financial information. While not necessarily educating users on how the world of finance works, it does help them negotiate a way to find an easier path, a shortcut, towards ways that improve how they manage their finances.

Importantly, of course, it is powered by AI which examines the pattern of how you pay for things and can suggest tips on how best to maximise your finances accordingly.

MrNjay says thatPayjo is “sort of a middle ground in that it is not completely automated…not completely manual” adding that it is “probably the most advanced [banking] AI in the world.”

Many big banks seem to agree because Payjo is already live with the likes of State Bank of India, Yes Bank and RBS. Although Mr Njay concedes that Europe is a market that they have not yet tapped, he adds that some major US banks are lining up to get on board, with as many as eight being added to the list at present.

Payjo possesses sophisticated Interactive Voice Response (IVR) technology which means that customers can feel like they are chatting with a human banking representative. The positive by-product of this for the bank is that they don’t need to pay the wages of a human employee to help customers carry out the transaction/process which they need to, while the customer is still attended to.

In all, Payjo can be interacted with in 14 different languages, including Spanish, several regional
Indian dialects and even a form of Pidgin, which is pretty niche.

For Mr Njay, though, cutting costs is not why Payjo opted for AI.

“Machines will liberate us,” he says.

With operating financial services, Mr Njay says that getting the right information for customers
when it comes to completing activities is of utmost importance, and he says that on a more universal
scale AI has the potential to positively impact our everyday lives.

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