First Banking Robot 'Lakshmi'


Country’s First Banking Robot ‘Lakshmi’ To Make Its Debut In A Chennai Bank

The Logical Indian

November 11th, 2016


Source: timesofindia | Image Courtesy: financialexpress | thehindubusinessline

 First Banking Robot ‘Lakshmi’

Want to know your account balance? Transaction details? Interest rates on loans? Problems in connecting to the core banking solution? No problem, Lakshmi, the country’s first banking robot will help you.

Lakshmi, the country’s first banking robot, is an artificial intelligence (AI) powered interactive, and super fast robot, which made her debut in Chennai on Thursday. The robot was launched by the Kumbakonam-based City Union Bank. Lakshmi took more than six months to develop and now can intelligently answer on varied subjects.


How will this robot help?

Lakshmi, the banking robot will let people know their account balance, interest rates on home loans, deferred payments, processing and service charges on loans, or possible charges to be incurred on fixed deposit closures. Apart from answering these queries, Lakshmi is also programmed to connect to the core banking solution. She flashes the transaction history and account details on the screen instead of voicing them.

If any question stumps the robot, she will ask you to get in touch with the branch manager, and at the back end people will collect all the questions she is unable to answer and then equip her with better data sets so that she can improve upon the range of queries she can answer.

Lakshmi speaks in English, gestures, and also turns around and engages in a very life-like manner while in conversation. The more interactions she has with customers, the better she gets.

She also gives real time updates of foreign exchange movement, current interest rates at banks for different asset classes like personal, educational, two-wheeler and home loans, possible charges on withdrawals or deposits.

“She will be able to do more than this. She will get better with time.”says Lakshmi’s assembler Vijay V Shah of Coimbatore-based Vishnu Engineering, as reported by The Times of India.

For now, the bank has only one robot but they are planning to incorporate 25-30 robots at key branches by the end of the year if Lakshmi proves to be a hit with customers.

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