AI adoption expands in banking through conversational and voice technologies

Financial technology firms are expanding the use of artificial intelligence to automate customer service and operational tasks within the banking sector.

GreyLabs AI has partnered with Federal Bank to deploy Voice AI across several key customer touchpoints. The technology will be utilized for collections, including EMI reminders and post-due calls, as well as card activation and EMI conversion processes. The goal is to provide consistent, timely, and efficient engagement at scale.

Separately, Backbase has announced the general availability of its Conversational Banking platform. This agentic AI offering allows customers and employees to use natural-language voice or text commands to execute banking tasks, such as blocking lost cards or checking payment statuses. The system is designed to operate within institution-defined permissions and can transfer complex issues to human employees with a summary of the AI's progress. Backbase notes that agentic AI could potentially reduce banking operating costs by 15% to 20% by automating routine requests.