3i Infotech Services – Altiray unveils AI-powered latest offering

3i Infotech Limited has unveiled its latest service offering, “Conversational Banking”, at the recently concluded American Banker event in Colorado Springs, US. Voice & chat which are central to conversational banking and advanced analytics such as channel interaction analytics and voice mining are integrated in this solution to increase cross-selling and minimize channel attrition leading to a friction-less omnichannel experience. Conversational Banking is a part of Altiray’s “Omnichannel Solution – Conversational Services” and is powered by Artificial Intelligence. The solution provides a 360-degree and holistic approach to converse with customers and enhance their experience.

The voice-led omnichannel solution finds easy application across various industries like banking, insurance and healthcare. It demonstrates how a customer initiates simple or complex transactions, like applying for a loan, applying for insurance, checking account balance or renewing policies, etc, using voice interaction and if necessary continue through other digital channels like bot, mobile and portal. It converses with customers, understands requirements, captures requisite data and pre populates forms where possible, and uses social media like LinkedIn or bank aggregators as source.

Speaking on their Next-gen offering, Mohua Sengupta, EVP and Global Head of Services, 3i Infotech, said, “Following the recent rebranding of our services business unit to Altiray, we are pleased to announce one more innovative offering from our stable, which is poised to be a game-changer in the industry. This further reinforces our commitment to help enterprises in their digital transformation journey. What this service provides, essentially, is to allow banks to have seamless interactions with their customers. We have also forayed into Conversational Insurance and Healthcare to extend these benefits to insurers and healthcare providers.”

“In an environment where Voice is the next UI of choice, we want to be the leaders driving the change. There are reports that by 2022 almost 40% of consumers will use voice assistants, compared to 24% today and another 31% will use a voice device instead of visiting a branch or store, compared to 20% today. Hence, this is a market that’s burgeoning and waiting to be tapped,” she further added.

The key features of Omnichannel Conversational Services include Security, Dialoguing, Persistence and Open API. Here, there is no device dependency. The approach to the conversational services is to use Q&A to answer generic queries; use cognitive services to answer intelligently; interface with the right backend system through APIs to get responses; create NLP-based responses and present to chat client; and handoff to human interactions at appropriate time during conversations.