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YES BANK Partners with Gupshup to Introduce AI Powered Chatbots for Instant Loan Offering

Makes it quick and easy with a conversational Banking experience

Mumbai, January 05, 2017:  YES BANK, India’s 5th largest private sector Bank has partnered with Gupshup, a leading bot platform, to launch ‘YES mPower’ - a banking chat bot for its loan products. Currently active on Facebook Messenger, YES mPOWER helps customers get information about Loan Products offered by YES BANK and instantly gives a loan eligibility, enabling customers to get the information they need quickly and easily. YES BANK plans to incrementally release more services through the chat bot, making YES mPOWER the one stop shop for all loan requirements.  On
 YES mPOWER, a customer can get information on loan products like Personal Loans, Auto Loans, Gold Loans, Loan Against Securities and products like Used Car Loans, Loan Against Properties, Home Loans will be added shortly.

This utility is a first of its kind in the Retail Lending Industry backed by the cutting-edge technology of BOTs and YES BANK is presently the only Bank 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 APP.

YES mPower, through its chat based interface and presence on Facebook Messenger, completely transforms the way customers can find information about YES BANK’s loan products. The chat bot offers an easy-to-use conversational interface that requires no knowledge of technology or banking. The mPower BOT also facilitates instant communication with all stakeholders so that the customer’s requirement can be addressed immediately.

Presently the Bank has launched this Chat BOT for its customer facing staff for addressing the loan requirements of their customers anytime, anywhere and to ensure that loan detail communicated to the customers are first-time-right. Given the exhaustive capabilities of YES mPower, it allows any customer facing staff of the Bank to cross-sell any Retail Loans product without the need to memorize product features, pricing, eligibility calculation and drastically reduces the time taken to train the Bank’s sales teams on multiple products, thus significantly increasing efficiencies.

“YES BANK’s goal is to make banking simple and seamless for our clients, so that their financial requirements are met in the quickest and easiest way possible. We have always believed in leveraging technology and innovation to offer a superior Banking experience, and the YES mPower will help us digitize our very first interaction with customers looking for YES BANK’s loan products.”, said Pralay Mondal, Senior Group President & Head, Retail & Business Banking, YES BANK. He added, “We’re excited to partner with Gupshup to introduce this chat bot that transforms banking as we know it by offering a conversational interface to users”.

“AI driven conversations between brands and their consumers deliver better customer experiences while lowering costs through automation” said Beerud Sheth, CEO, Gupshup. He added, “We are thrilled to partner with a customer-centric organization such as YES BANK, that is driving disruptive innovation in financial services industry.”

YES BANK was the 1st Bank in India to introduce Chatbot based banking with the launch of YES TAG in April 2016 which allows customers to perform banking transactions on various social messengers.

About Gupshup

Headquartered in Silicon Valley, Gupshup is the leading bot platform that is the easiest and fastest way to build advanced bots. It offers tools supporting the end-to-end bot lifecycle that frees the bot developer to focus on their business workflow. It offers different tools for developers, designers and business users so any one can develop bots irrespective of their coding skills. Gupshup is used by over 30,000 developers, handles over 4 billion messages per month and over 150 billion cumulative.

About YES BANK

YES BANK, India’s fourth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.

YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.

YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “BUILDING INDIA’s FINEST QUALITY LARGE BANK”.

For further information, please contact:

YES BANK
Jitesh Patel
Ph.: +91 22 3347 9753, +91 9820813570
Email: jitesh.patel@yesbank.in

Delna Irani
Adfactors
Ph.: +91 9820660467
Email: delna@adfactorspr.com

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