HDFC Bank, Artificial Intelligence, Chatbot, Ratan Tata, Niki.ai
In less than a year from its launch, HDFC Bank's OnChat bot witnessed a chat-to-order conversion ratio of a whopping 12%. (Photo: Agency)

An artificial Intelligence based chatbot built for HDFC Bank and supported by industrialist Ratan Tata, Unilazer Ventures and SAP.iO. among other investors has facilitates e-commerce transaction of worth Rs 16.7 million in last twelve months. According to company, over 210,000 consumers have interacted with the chatbot within 12 months of its launch on Facebook. The start-up developed OnChat bot for HDFC Bank to enable eCommerce transactions such as discovering, searching and paying for movies, events, bus booking or cabs. The bot also facilitates bill payments for Utility, Postpaid, Prepaid mobile plans.

In less than a year from its launch, HDFC Bank's OnChat bot witnessed a chat-to-order conversion ratio of a whopping 12%. The bot, developed by , has powered over 24,000 transactions totaling to more than INR 16.7 million as a result of 1.28 million interactions. The bank also observed that about 25% of the customers OnChat were non-HDFC Bank customers.

Leveraging the power of natural conversations, the chatbot facilitated easy and convenient communication between HDFC Bank and its target audience. "HDFC Bank was looking to offer a unique user experience to its younger target audience through conversational banking via a chat bot. With OnChat, we've assisted HDFC bank achieve a 12% chat-to-order conversion ratio. Out of every 100 people who had interacted with the chatbot, 12 people had carried out a financial transaction," said Sachin Jaiswal - CEO, Niki..

With over 55% month-on-month revenue growth, Niki.ai has over 50 partners on board, with many more in the pipeline. On the customer front, the company has more than 2 million customers using Niki. The company plans to integrate more services on its platform including that of a stockbroker and insurance agent. Speech recognition and Multilingual support, which are in the making, will provide users the ability to simply speak to Niki and chat in their regional language, and get tasks done on the go, said company.

"Niki.ai aims to provide a one stop shop for everything eCommerce by leveraging the power of natural conversations, Niki makes the whole journey from discovery to transaction fast, convenient and extremely simple,"said Sachin Jaiswal

The company looks to explore more of relevant messaging platforms like Slack, Telegram etc. Niki is already available on iOS, Android, Facebook and Web platform, with more partnerships inline, the company aims to ubiquitous - present everywhere and for everything transactional.

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Chitransh Naman

Chatbots have been doing great in the banking industry. How the banks have used chatbots is commendable. Although few security concerns are there, that is how chatbots evolve. While all the general queries about Account opening or loan facilities can be answered quickly, the people can do more productive work. That is how a chatbot can come useful to all the businesses.