Axis Bank Partners With Singapore Based Firm to Launch 'Banking Chat Bots'

Axis Bank, India's third largest private bank on Tuesday announced its partnership with a Singapore-based Fintech platform to launch intelligent banking chat bots that will bring mobile banking services to its customers in the form of a conversational interface.

The partnership with Active Intelligence Pte (Active.ai) will enable users to chat through the bank's mobile banking app and messaging platforms like Facebook Messenger, Axis Bank said in a statement.

"We are enabling new digital technologies to make it easy and simpler for customers to engage with us," said Rajiv Anand, Executive Director (Retail Banking), Axis Bank. "Repeat value of transactions, large number of customers and daily usage on these platforms make a compelling reason for the bank to be one of the early adopters of conversational banking in the BFSI (Banking, Financial services and Insurance) space."

The new service utilises artificial intelligence to help financial institutions develop personalised and contextual interaction solutions which can be used by consumers through the web, mobile, social and messaging channels.