Top banks that provide Intelligent Personal Assistant (IPA) for their customers and employees

Top banks that provide Intelligent Personal Assistant (IPA) for their customers and employees

Top banks that provide Intelligent Personal Assistants (IPA) for their customers and employees

Financial institutions around the world are deploying Artificial Intelligence for process automation, compliance, and advisory functions. Intelligent Personal Assistants (IPAs) – AI voice and AI chatbots – are the most common form of deployments seen at financial institutions. While some FIs have invested in developing AI initiatives in-house, many others have partnered with fintech companies that are leading through innovations in this space. Here are some of the top banks in the world that have deployed client-facing or employee-facing chat and voice bots:

Oversea-Chinese Banking Corp

Oversea-Chinese Banking Corp (OCBC), launched its AI-powered voice banking services in partnership with Google, in April this year. Customers can speak to the Google Assistant on a smartphone or a Google Home device to initiate a conversation about the bank’s service offerings.

Customers can pose general banking questions to the Google Assistant at any time of the day and get instant responses. This AI assistant complements other self-service digital channels such as the AI-powered chatbot ‘Emma’ on the OCBC bank website.

OCBC is the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognized for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance.


YES BANK, the recipient of the Golden Peacock award for innovation and excellence and India’s fourth largest private sector bank, has partnered with Payjo forimplementing AI assisted banking solutions.

The YES Pay Bot is the first AI-driven Bot for a wallet and complements the already trusted and popular YES Pay wallet service with over half-a-million users. YES BANK launched its wallet services through a chat-based personal financial assistant, in partnership with Payjo, on Facebook Messenger.

The widespread use of instant messaging makes YES Pay an effortless way to recharge your mobile and DTH, send-request money and pay utility bills. The AI-powered YES Pay Bot is capable of carrying out financial transactions over a friendly chat and answers banking inquiries and requests in a conversant manner. Payjo’ technology enables the bot to give quick, personalized responses and real-time insights on transactions. Further, it works seamlessly across multiple channels like web, mobile, and IVR.

JPMorgan Chase

JPMorgan Chase’ Contract Intelligence (COiN) platform can analyze legal documents and extract important data points and clauses. COiN can review over 12,000 commercial credit agreements in seconds compared to 360K hours for manual review.

The firm is expected to roll out its intelligent assistant platform to respond to employee technology service desk requests. At its full capacity, the AI platform is expected to handle a significant portion of the 1.7 million employee service requests the firm receives per year.

JP Morgan Asset Management is working on a new machine learning software model that the firm hopes will make more efficient and profitable trades than its human counterparts are capable of. JP Morgan has an ambitious goal for the bot to be executing about 50% of regional trades for the Asia Pacific Division by the end of this year.

Wells Fargo

In early 2017, Wells Fargo started testing its AI chatbot through the Facebook Messenger platform with about 5000 employees and customers. It allows customers to ask for their account balance, most recent transactions, spending patterns, the location of the nearest ATM, etc. For Wells Fargo, developing chatbots and other AI systems is one of their top priorities. It is especially critical for reaching and serving banking customers who are tech-savvy millennials.

Wells Fargo has its own Innovation Lab and is also engaging with fintech innovators through its Startup Accelerator program which has received over 1,100 applications from over 50 countries since its inception in 2014.

Bank of America

Erica, Bank of America’s intelligent virtual assistant, was unveiled at the 2016 Money 20/20 conference in Las Vegas. More than customer support, Erica is a chatbot designed to provide financial guidance to BoA’s over 45 million customers by leveraging predictive analytics and cognitive messaging.

Erica is designed to be accessible to clients 24/7, on mobile, and perform “day-to-day transactions” in addition to anticipating the unique financial needs of each customer and helping them reach their financial goals by providing smart recommendations.

The company’s Annual Technology Innovation Summit held in Silicon Valley provides it an opportunity for a closer look at the latest innovations in fintech and to explore potential partnerships.

State Bank of India

State Bank of India (#244 Forbes Global, #217 Fortune 500) – India’s largest bank with over 600 million customers – has partnered with Payjo to launch an Intelligent Personal Assistant for its customers and prospects. SBI’s Intelligent Assistant or SIA, an AI-powered chat & voice assistant, answers inquiries instantly and helps customers with everyday banking tasks, in natural language, just like a bank representative. SIA is available on website and mobile and will soon be made available on social messaging platforms and IVR channels.

In addition to enhancing customer experience, SIA has enabled SBI to significantly reduce operational costs too. Since launch, SIA has responded to millions of queries from thousands of customers. SIA is set up to handle nearly 15,000 inquiries per second or 1.3 billion conversations per day – close to 30% of Google’s worldwide traffic.  SIA continuously learns with each interaction and gets better over time to deliver a seamless customer experience.


The impact of AI in financial services – both economic and from the customer experience perspective – is already proven, with potential for a disproportionately high impact in coming years. Intelligent Personal Assistants – AI-powered chatbots and voice bots – will not only transform but redefine all aspects of banking. As noted in our previous blog post “Top 3 2018 Predictions for Artificial Intelligence in Banking,” 2018 is going to be an exciting year for the financial services industry, especially for banks. Implementing artificial intelligence (AI) to improve existing operational processes is going to be a top priority for many banks.


Copyright © 2019. Payjo, Inc.