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Revolutionizing NBFC Services: The Impact of Generative AI-Powered Chatbots on Agent Efficiency

Hi I’m virtual bot! How can I help you today?

I want to calculate EMI for 1000000 rupees for 24 months.

Please provide me with the interest rate for the loan.

Sure, rate of interest is 10%.

Your EMI for a loan amount of 1000000 rupees, for a tenure of 24 months at an interest rate of 10% would be approximately 47,189 rupees.

Thank you!

In the ever-evolving landscape of financial services, innovation is key to staying ahead. Enter Generative AI-powered chatbots, a game-changing solution tailored for Non-Banking Financial Companies (NBFCs). These sophisticated bots are transforming how agents interact with clients, revolutionizing processes, and elevating customer satisfaction levels. This blog uncovers the immense potential of AI-powered chatbots in NBFCs, presenting seamless solutions across diverse communication channels.

Channels of Convenience: Anytime, Anywhere

Web Application

Agents can access the chatbot via a user-friendly web interface, providing quick access to information and tools necessary for client interactions.

Mobile Application (Android and iOS)

With the mobile app, agents can manage tasks, interact with clients, and track applications on-the-go, ensuring efficiency and flexibility in their work.

WhatsApp

Leveraging the widespread usage of WhatsApp, agents can communicate with clients, process inquiries, and facilitate transactions conveniently through the messaging platform.

Facebook Messenger

Agents can engage with clients directly through Facebook Messenger, providing assistance, answering queries, and guiding them through various financial processes.

SMS

For clients without internet access or in low-connectivity areas, SMS integration allows agents to communicate efficiently, providing updates, and addressing inquiries.

Voice Support

For agents who prefer hands-free assistance or are in situations where typing is not feasible, voice support adds an extra layer of convenience. By leveraging voice-enabled devices like Alexa, agents can access information, manage tasks, and assist clients through natural language commands, ensuring a seamless and efficient experience.

Email

Email remains a cornerstone of communication in the financial industry. Agents can use email integration to send updates, documents, and notifications to clients, ensuring timely communication and documentation of important interactions.

Key Features and Modules of AI-Powered Chatbots for NBFCs

Omni-channel Solution

The chatbot operates seamlessly across multiple channels, ensuring a consistent and cohesive experience for both agents and clients.

User-based Login Authorization

Secure access to personalized features and information enhances data security and customer confidentiality.

Email Integration

Agents receive timely updates and notifications via email, keeping them informed about client interactions and pending tasks.

Multilingual Support

The chatbot caters to diverse linguistic preferences, enabling agents to communicate effectively with clients in their preferred language.

Speech to Text/Text to Speech

Enhanced accessibility features allow agents to interact with the chatbot using voice commands, improving efficiency and user experience.

Digression Handling

The chatbot seamlessly handles digressions, redirecting conversations back to the original context to ensure smooth interactions.

Dynamic PDF Generation

On-the-fly document generation simplifies the process of generating loan summaries, agreements, and other documents required for client transactions.

OTP Service Integration

Enhanced security features ensure secure transactions through one-time passwords sent via SMS or email, safeguarding sensitive information.

Entity Recognition

The chatbot identifies and extracts relevant information from client inputs, streamlining transactional processes and reducing manual effort.

Real Life Impact: Aron’s Journey as an NBFC Agent

Meet Aron, a dedicated agent at a leading NBFC, committed to delivering exceptional service to clients while embracing the transformative power of AI-powered chatbots. Let’s explore various scenarios from Aron’s daily life and witness how the chatbot revolutionizes his workflow.

Scenario 1: Client Inquiry via Facebook Messenger

Aron receives a message from a potential client, Emma, who is interested in applying for a personal loan to fund her home renovation project.

Hi, I’m interested in applying for a personal loan. Can you provide me with more information?

Hello Emma! Sure, I’d be happy to assist you. Could you please provide me with some details such as the loan amount you’re looking for and the purpose of the loan?

I need a loan of ₹500,000 for home renovation.

The estimated EMI for a ₹500,000 loan with a tenure of 24 months at an interest rate of 10% is ₹23,255 per month. Does that fit within your budget?

That sounds good. How can I apply for the loan?

You can start the application process by filling out our online application form.

Hi, I need to update Mr. Tim’s phone number in the system. Can you help me with that?

Of course, Aron. Please provide me with Mr. Tim’s customer ID and the new phone number.

Customer ID is 123456 and the new phone number is 9876543210.

Thank you, Aron. I’ve updated Mr. Tim’s phone number to 9876543210 in our records. Is there anything else I can assist you with?

That’s all for now, thank you!

Scenario 2 : Updating Client Information via SMS

Aron needs to update a client’s contact information in the system but realizes he’s on the go without internet access.

Scenario 3: Assisting with Loan Application on Web Portal

Aron is reviewing loan applications on the web portal and comes across a client, Roy, who needs assistance with his application.

Hello, I’m filling out the loan application but I’m stuck. Can you help me?

Of course, Roy. What seems to be the issue?

I’m not sure which documents I need to upload.

No problem, I can provide you with a list of required documents. Please hold on for a moment. Open the link- List

Thank you, that’s helpful. I’ll upload the documents now.

Scenario 4: Handling Customer Complaints via WhatsApp

Aron receives a complaint from a client, David, regarding an incorrect charge on her account.

Hi, I noticed an extra charge on my account statement. Can you please look into it?

Hello David, I apologize for the inconvenience. Could you provide me with your account details so I can investigate further?

Account no. – 8787653456899007

Thank you, David I will look into this matter and get back to you with a resolution as soon as possible.

Hi, I need to check my account balance. Can you help me with that?

Of course, Sam. Please log in to your mobile app and navigate to the ‘Account Balance’ section.

Got it, thank you for your help!

Scenario 5 : Providing Account Balance Inquiry on Mobile App

Aron’s client, Sam, wants to check his account balance using the mobile app.

How Can AI-Powered Bots Transform Your NBFC’s Financial Services?

Learn more

Scenario 6 : Client Inquiry via iMessage

Aron receives a message from a client, John, who prefers using iMessage for communication.

Hi Aron, I’m interested in applying for a car loan. Can you help me?

Hello John! Absolutely, I’m here to assist you. Could you please provide me with some details about the loan amount and purpose?

I’m looking to borrow ₹300,000 for a car purchase.

Got it. Let me calculate the estimated EMI for you.

The estimated EMI for a ₹300,000 loan with a tenure of 36 months at an interest rate of 12% is ₹9,927 per month. How does that sound?

Sounds reasonable. How do I proceed with the application?

You can start the application process by clicking on the link I’ll send you. I’ll guide you through the steps.

Scenario 7 : Loan Prepayment via Voice Support

Aron’s client, Lisa, prefers using voice commands for assistance and reaches out through Alexa to make a prepayment on her loan.

Alexa, I need to make a prepayment on my loan. voice

Hello Lisa! I can assist you with that. Please provide me with your loan account number.

Sure, it’s 987654321. voice

Thank you. How much would you like to prepay?

I’d like to prepay ₹30,000. voice

Got it. Let me process the prepayment for you.

Your prepayment of ₹30,000 has been successfully processed. Your new outstanding balance is now ₹420,000. Is there anything else I can assist you with?

No, that’s all. Thank you, Alexa. voice

You’re welcome, Lisa. If you have any further questions, feel free to ask

Through these scenarios, we witness how the AI-powered chatbot enhances Aron’s efficiency, assists clients seamlessly across various channels, and streamlines processes in his role as an NBFC agent. The chatbot proves to be a valuable asset, enabling Aron to provide exceptional service while meeting the diverse needs of clients.

Key Business Benefits

Increased Efficiency

Implementing chatbots in NBFC operations can lead to a significant increase in efficiency. A study by Juniper Research forecasts that chatbots will save businesses $11 billion annually by 2025 through improved efficiency.

(Source: Juniper Research)

Cost Reduction

Chatbots offer substantial cost-saving opportunities for NBFCs. A report by Gartner predicts that by 2025, 72% of customer interactions will involve emerging technologies such as chatbots, leading to a 33% reduction in contact center operational costs.

(Source: Gartner)

Improved Customer Engagement

Chatbots enhance customer engagement, leading to increased satisfaction and loyalty. According to a survey by Salesforce, 69% of consumers prefer chatbots for quick communication with brands.

(Source: Salesforce)

Enhanced Lead Generation

Chatbots can effectively qualify leads and guide prospects through the sales funnel. Research by Aberdeen Group indicates that companies using chatbots in sales experience a 48% increase in revenue growth rates.

(Source: Aberdeen Group)

Streamlined Operations

Integrating chatbots into NBFC operations streamlines processes and reduces manual effort. A study by McKinsey & Company suggests that automation technologies like chatbots can increase productivity by up to 60%.

(Source: McKinsey & Company)

Conclusion

As we anticipate the financial landscape of 2025, the role of AI-powered chatbots in NBFC operations becomes increasingly pivotal. These technological marvels promise a revolution in customer service and operational efficiency, shaping a future where convenience and personalization are paramount.

The potential benefits of chatbots are vast and compelling. From optimizing efficiency and cutting costs to fostering deeper customer engagement and delivering tailored experiences, they offer a transformative solution for NBFCs seeking to thrive in an ever-evolving market.

Hello, how can I help you?

Hello, I want to view E-statement.

Please enter your application ID.

My application ID is 932033

Download your E-statement. Please click here

Thank you!

To embark on this journey of innovation, we extend a warm invitation to NBFCs to explore our 30-day free trial. With no credit card required, this trial offers a risk-free opportunity to delve into the capabilities of AI-powered chatbots and witness firsthand their potential to redefine business operations.

Embrace the future of NBFCs with confidence and foresight. Start your 30-day free trial today and unlock the possibilities of chatbots to propel your business into a new era of success.

Want to Know- How This Will Work for Your Business?

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