A Study on Chatbots in the Indian Banking Sector

Abstract

Purpose: This chapter discusses the role and use of chatbots adopted by the different categories of banks (private and public sector banks) in India. The chapter presents brief essential services offered by Indian chatbots regarding accuracy, technology providers and virtual assistance, ways to connect, etc. This chapter concluded that most of the questions answered by the Indian chatbots are already available on the banks’ websites, and there is a need for enhancement in the capabilities of Indian chatbots.

Need for the Study: The need for the study is based on the working of banking chatbots, customer query handling, and the efficiency of the chatbots in India. The chapter helps to analyze the services offered by various banks.

Methodology: This chapter is based on secondary data collected from banks’ websites and articles from various journals. The study is based on nine banks (both private and public sectors) those are having working chatbots (SBI, HDFC Bank, ICICI Bank, Yes Bank, IndusInd Bank, Kotak Mahindra Bank, Axis Bank, Andhra Bank, Bank of Baroda). The present study is focused on chatbots, their services, and software applications for various customer-handling capacities.

Findings: The research concluded that Indian banks are investing a small amount in using chatbots, yet Indian chatbots are deficient regarding far too provincial administrations as they are adequate just for standard and basic inquiries. Also, Indian customers are not properly aware of chatbots and virtual assistance.

Practical Implications: This study provides an overview of the working chatbots in India (for both public and private sector banks) and their functions, as well as the capacities of these chatbots. The previous conducted studies are based on the uses, importance, and working of chatbots/artificial intelligence (AI) in banking. In this study, after discussing the different services, it is found that Indian banks need to update their AI/Virtual assistance with more features.

Citation

Rani, R., Kanda, J., Chanchal, C. and Vij, T.S. (2023), "A Study on Chatbots in the Indian Banking Sector", Grima, S., Sood, K. and Özen, E. (Ed.) Contemporary Studies of Risks in Emerging Technology, Part A (Emerald Studies in Finance, Insurance, and Risk Management), Emerald Publishing Limited, Leeds, pp. 35-47. https://doi.org/10.1108/978-1-80455-562-020231003