Here's a wallet with an embedded chatbot to assist consumers through their digital payments journey with banks

Mahindra Comviva, a company providing mobility solutions, recently released a new version of mobiquity Wallet which comes with an embedded chatbot to assist wallet consumers through their digital payments journey with their banks.

It has an intuitive conversational interface that is helping banks deliver interactive and personalized experience to customers.

As per eDigitalResearch, live chat shows the highest satisfaction levels for any customer service channel with 73% compared to 61% for email and 44% for phone. This provides banks with the incentive to leverage digital services like chatbots to provide fast and seamless services to their customers and thus provide higher levels of customer satisfaction.

Also, with Gartner predicting that by 2020, customers will manage 85% of their relationship with the enterprise without interacting with a human, a chat-based implementation becomes important now.

Srinivas Nidugondi, SVP and Head, Mobile Financial Solutions at Mahindra Comviva said: “Intelligent payments” are the future. Chatbot will make transactions on the digital wallet as simple and seamless as conversing with friends on the social channels, removing complexities in registering for a digital wallet or making payments. Moreover, chatbots will help to improve banking ROIs by automating repeat value transactions as it replaces manned helpdesk.

“The millennials are already attuned to using chats for almost everything, thanks to the advent of the likes of Google Assistant. Bots are already being used by futuristic banks to drive automation for backend processes. Our intention is to help them extend that to the consumer touch points as well” he further added.

Designed to support a large and complex ecosystem, mobiquity Wallet is enabling financial institutions, retailers, telecom operators and other consumer service providers to re-engage and connect directly with their consumers, drive growth, and strengthen their brand by staying abreast of an ever-evolving market and consumer behavior.

Mobiquity Wallet 2.4 will provide chatbot based registration and payments services initially, with further plans to expand the services to include context driven interactions as well as integrate artificial intelligence to drive the consumer journey.