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May 10, 2018

How the most powerful financial institutions in the APAC region are implementing Artificial Intelligence(AI)

AI could produce economic value – created from the introduction of new product services and categories, cost savings arising from better products, lower overall prices, and improvements in lifestyles – between $1.8 – $3 trillion a year by 2030 in Asia…

While some institutions use own resources to develop assistants, others find tech partners to power the function. YES BANK & PayJo… for example.

The State Bank of India is another interesting case: The Silicon Valley-based startup Payjo has launched an Intelligent Assistant for SBI, one of the world’s largest banks with 420 million customers. SBI’s Intelligent Assistant or SIA, an AI-powered chat & voice assistant, answers customer inquiries instantly and helps customers with everyday banking tasks. SIA is set up to handle nearly 10,000 inquiries per second or 864 million per day – close to 20% of Google’s worldwide traffic. SIA continuously learns with each interaction and gets better over time. Currently, it can answer inquiries on banking products and services and will soon be able to process financial transactions in many Indian regional languages across multiple customer channels in both voice and text format.

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