Velocity, India's leading cash flow-based financing platform, has launched a GenAI-powered solution, Vani AI, designed to revolutionize customer service interactions for the financial services sector. The conversational AI solution developed in-house by Bengaluru based fintech Velocity can deliver a human-like, interactive customer experience transforming the way financial institutions interact with their customers. 

Vani AI leverages advanced voice synthesis and speech recognition technology to facilitate natural human-like conversations and understand various languages, dialects and customer responses, unlike traditional robotic IVR calls that offer one-way information flow. 

According to a statement by the company, Vani AI is equipped with industry specific knowledge, intelligence, and awareness, which enables it to answer contextual questions and provide subjective responses.

GenAI for the financial sector

Vani AI is trained on Velocity's proprietary data and publicly available datasets. The developers believe that it is a disruptive solution that can be customized for any BFSI company and significantly reduce operational costs. According to a 2023 report by McKinsey & Co., generative AI has the potential to add between $200 billion and $340 billion in value annually to the banking sector, equating to 9-15% of banks' operating profits. 

"At Velocity, given our deep financial services experience, we started by understanding how we could leverage the powerful technology of generative AI for our internal use cases, such as lead qualification, data collections and collections calling. We realized human calls were expensive and non-standard in content, context, and tonality. By using AI internally, we were able to automate a lot of these processes and achieve great results, which led us to develop Vani AI as a solution for the broader financial services sector. With Vani AI, financial institutions can customize AI agents to make automated, intelligent, and human-like calls across various financial service use cases," said Saurav Swaroop, Co-Founder and CTO of Velocity. 

Meet Vani

According to the company, Vani has several benefits Vani AI leverages advanced voice synthesis and speech recognition technology to facilitate natural human-like conversations and understands various languages, dialects, and customer responses. It rovides accurate and contextually relevant responses, enhancing the overall customer experience. In Velocity's own use cases, Vani AI has achieved over 85% accuracy as a key metric. 

Designed for seamless integration, Vani AI can easily connect with downstream and upstream systems such as whatsapp, calendars, CRMs etc ensuring smooth operation with existing infrastructures and processes. Customer interruptions during conversations are detected and responded to like natural human conversation. The model is ISO27001 certified and implements the highest standards to ensure data privacy. 

Supports Indian languages

Vani AI offers support in multiple Indian languages and dialects to cater to diverse customer bases. It can also be used for voice customization, as the AI will be able to replicate a person's voice if given a 30-second voice recording of the person.

If the AI agent is unable to proceed with the call due to an undefined problem, it can seamlessly loop in human agents when necessary and integrate with customer relationship management (CRM) systems, marketing automation software, and other third-party tools. 

Vani AI offers options for hyper-personalized and customized calls to meet specific business needs, including a repository of ready-to-deploy use cases tailored for fintechs, banks, NBFC's and financial services firms, with plans for expansion into other sectors in the future. 

Disclaimer: INDIAai has not tested the platform. This story is entirely based on the information shared by the company.