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YES Bank launches Facebook chatbot for employees to disburse loan info

After HDFC Bank, YES Bank has now launched a chatbot on Facebook. Unlike HDFC’s bot however, rather than payments, YES Banks chatbot lets users chat about loan products. The bank has partnered with Gupshup for providing this solution.

As of now, the bank has launched the product only for its employees that work with customers directly. It mentions that the initiative will allow its employees to provide details on any loan products without having to memorize the features, pricing, eligibility criteria etc., and makes it easier to train the bank’s sales staff. It’s not clear if the bank intends to make the chatbot publicly available, but it seems likely given the information it provides is basically the details and eligibility criteria.

The service currently provides information about if users are eligible for certain loans or not. Loans covered include personal, auto, gold and loan against securities while information on used car loans, loans against properties, and home loans are yet to be added. The Bank mentions that it will add other features related to loans to make the chatbot a ‘one stop solution for loan requirements’.

New banking features:

Note that in September, YES Bank had said that it would be creating an ecosystem of apps with its UPI backing it. Earlier this week, the Bank started using blockchain technology to help consumer electrical goods manufacturer Bajaj Electricals to digitize payments to its vendors. It had also rolled out m-banking on all phones via a SIM card solution, and undertaken initiatives like deployment of mobile ATMs.

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