Insta
Named After Goddess of Wealth, India’s First Banking Robot Debuts
Swarajya Staff
Nov 14, 2016, 09:22 AM | Updated 09:22 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
India got its first banking robot- Lakshmi- in Chennai, which was launched by Kumbakonam-based City Union Bank. Lakshmi will answer questions on various questions on loans, bounced cheques, account balance, fixed deposit closure, etc, Initially, the robot will answer generic banking related questions posed by customers. However, later it will be integrated with banking systems enabling transactions.
Named after the Hindu Goddess of wealth, the artificial intelligence-powered robot is acting as an on-site bank helper. Lakshmi, who currently speaks in English, gestures, turns around and engages in a very life-like manner in conversations. Unlike most robots her speech is not formal, but more relaxed and casual.
India: City Union Bank's Latest Branch Recruit Is A Humanoid Robot https://t.co/ImMsVUjqys #AI #banking #fintech pic.twitter.com/iTantSXQbh
— Neira Jones (@neirajones) November 11, 2016
N Kamakodi, Managing Director of City Union Bank said that it took more than six months to develop the robot, which can answer intelligently on more than 125 subjects including interest rates on home loans, deferred payments or possible charges to be incurred on fixed deposit closure.
Sensitive financial information like account details are displayed discreetly on the robot's screen and not voiced. "Lakshmi only talks out loud on generic subjects. If you visited our branch with your girlfriend, she won't embarrass you by showing your low account balance," joked its CEO.
The humanoid has been developed at an estimate cost of Rs 7-8 lakhs and can do the work of three to four persons. If the pilot project is successful, the City Union Bank plans to deploy around 25 robots in its branches by the year-end.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.