Yes Bank introduces AI chatbot for instant loan offering

India’s fifth largest private sector lender Yes Bank has partnered with Gupshup, a leading bot platform, to launch ‘YES mPower’ - a banking chatbot for its loan products. The chatbot will help customers get information about loan products offered by bank.

The chat platform will give customers information on loan eligibility, thereby enabling customers to get the information they need quickly and easily and at the same time ensuring that the loan detail communicated to the customers are first-time-right.

A chatbot is a computer programme which conducts a conversation via auditory or textual methods.

This utility is a first of its kind in the retail lending industry backed by the innovative technology to offer this feature in the market place for loan products. The YES mPower BOT is available through Facebook Messenger and can perform all tasks of loan origination across multiple products without the user requiring to download any additional financial application.

This is part of the digital marketing push from the lender to reach all its existing customers as well as the new ones to push forwards its retail facing products changing its focus from corporate banking to a lender to all categories.

Yes Bank was trading at Rs 1212.65, up 4.30 per cent on the NSE.