AI MVP Chatbot for Streamlining Banking Operations

Category

AI, Chatbot

Timeline

6 Weeks

Industry

Banking & Finance

Technology

Open AI, Python, React, Node

The customer is a prominent commercial bank with over 150 branches, 100+ branchless banking units, and more than 200 ATMs.

The bank struggled with slow, manual retrieval of SOPs and regulatory updates, delaying responses and customer support. An AI-powered chatbot streamlined access, cutting response times from 10 minutes to instant, boosting efficiency and service quality.

Challenge

Banks deal with a vast amount of information, including standard operating procedure (SOPs) manuals and frequent regulatory updates. These are traditionally stored in a Document Management System (DMS) and accessed via the intranet, requiring manual effort to locate specific information. This efficiency often leads to delays in resolving staff or customer queries, particularly when policies frequently change.

The bank faced difficulties in quickly retrieving regulatory updates, as staff had to manually sift through evolving policy documents.

AI-powered chatbot

Solution

To address the challenges, we developed an AI-powered Internal Chatbot within 6 weeks. The MVP focused on streamlining document retrieval and providing instant answers to staff queries by leveraging cutting-edge AI and RAG-based systems. Here’s how the solution unfolded:

 Phase 1: AI MVP development in 6 Weeks

Week 1: Requirement analysis and scope definition.
Week 2-3: Designed system architecture, ingested documents into ChromaDB for efficient knowledge retrieval.
Week 4-5: Developed and integrated the chatbot using Botpress for seamless interaction.
Week 6: Tested and deployed the MVP for live usage.

Phase 2: Future Enhancement 

While the MVP proved effective for documents in English and machine-readable formats, challenges arose with regulatory documents in local fonts. Current efforts are focused on developing custom OCR models to process non-UTF-8 encoded text and enhance the chatbot’s ability to handle diverse document types.

Results

The AI chatbot transformed document access and query resolution:

  • Reduced Response Time: Previously, it took up to 10 minutes to manually search SOPs; now, responses are delivered almost instantly.
  • Improved Productivity: Staff now spend less time searching for information and more time on core tasks.
  • Enhanced Customer Support: Frontline employees are equipped with instant access to accurate information, leading to faster and more effective customer interactions.

The implementation of this AI-powered internal chatbot not only optimized operational efficiency but also established a foundation for ongoing improvements in knowledge management and staff productivity.

Let’s streamline your operations using AI and elevate your service today! Contact us today to explore a tailored chatbot solution for your business.