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NEWS Paytm gets final RBI nod
received permission from the Reserve Bank of India (RBI) to launch a payments bank. “Our aim is to build a new business model in the banking industry, focused on bringing financial services to hundreds of millions of un- served or underserved Indians,” says founder and CEO of Paytm, Vijay Shekhar Sharma, who will take a full- time executive role in the venture. “With the power of technology and innovation-at-scale, we aim to become a benchmark in the world of banking.”
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Paytm has been waiting for the final nod for the last five months and has postponed a launch on several occasions. Payments banks can accept deposits
igital wallet venture, Paytm, has formally
restricted to Rs. 1 lakh per customer and are allowed to pay customers interest on the money that is being deposited. They can’t,
however, loan money to people or issue credit cards. Eleven applicants received payments bank licences from the RBI, with Airtel being the first to go live in Andhra Pradesh and Telangana and Rajasthan.
Scott Thompson
POSB rolls out chatbot on Facebook Messenger
first bank in Singapore to leverage an artificial intelligence- driven chatbot to enable conversations with customers via Facebook Messenger. It has been working with Kasisto, a spin-off from SRI International which created the technology behind Apple’s voice assistant Siri, to deliver the service.
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Jeremy Soo, Head of Consumer Banking Group (Singapore), DBS Bank, says: “As a bank serving close to five million customers in Singapore, we are taking the lead in driving innovation in our digital offerings and providing a seamless customer experience across our platforms. We know that our customers are spending time conversing on their favourite mobile messaging apps, and we are immersing ourselves in the customer journey by making it easier and more convenient for them to engage us. With POSB digibank Virtual Assistant, customers can converse with us as easily as they would with their contacts – no more calls and no more waiting in line just to get a response.”
BS Bank subsidiary, POSB, has become the
POSB says that it has spent over 11,000 man hours training the virtual assistant, with questions and responses taken from the bank’s customer centre. It also set up an annotation team to ensure that responses are kept valid and succinct. By 2Q 2017, customers will be able to carry out the likes of balance enquiries, fund transfers and
card payments. The service will also be launched in DBS’ other key markets, with plans to extend it to such mobile messaging apps as WhatsApp and WeChat.
Scott Thompson
www.ibsintelligence.com © IBS Intelligence 2017
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