India's YES Bank has partnered with Silicon valley-based Gupshup to develop a banking chat bot for its loan product. Currently active on Facebook Messenger, YES mPOWER helps customers get information about loan products and approval of eligibility criteria. The bot offers advice across the full spectrum of personal loans, with mortgage quotes to be added in a next phase. YES Bank claims to be the first 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.The bank is further driving its innovation agenda with the launch of a new 15-week startup accelerator programme, concluding with a pitch clinic and demo day for shortlisted firms to senior bank execs and VCs.
India's YES Bank has launched a banking chatbot for its loan services in partnership with Silicon Valley-based Gupshup, a bot builder platform. The tool, called Yes mPOWER, is currently active on Facebook Messenger, offering advice and information on personal loans and eligibility criteria. The next phase will include a facility for obtaining a mortgage quote. In the meantime, Gupta says he sees no reason why banks should not be able to offer similar services.