Now, ChangAI to assist at co-op bank in Kannur

Kozhikode: After pioneering several firsts in the country, Kerala's cooperative banking sector has now taken a major technological leap with Kadirur Service Co-operative Bank in Kannur deploying an artificial intelligence (AI)-powered front office assistant. ChangAI (meaning ‘close friend' in Malayalam slang) will be formally launched at the bank in Feb first week. This would in effect become a digital banking concierge to customers, a first in the sector in India.Developed by Kannur-based software firm Silicon IT Solutions Pvt Ltd, the AI kiosk uses facial recognition and communicates with customers in Malayalam, making advanced digital banking accessible to people in rural and semi-urban areas."In the age of AI and rapid technological advancement, we felt our customers should also benefit. Silicon IT Solutions then came up with this product. Trial runs showed that the AI-powered front office assistant significantly reduces the time customers spend in the bank. More importantly, it can significantly reduce fraud risks and chances of mistakes due to inadvertent errors," said Suresh Babu P, secretary of Kadirur Service Cooperative Bank."Customers can enter ChangAI cubicle, where they are authenticated through AI-based facial recognition. The system provides a consolidated view of their deposits and loans on the screen. Through intelligent prompts in Malayalam, it guides them to complete multiple transactions —covering 80% of routine banking services, including deposits, withdrawals, loans and gold loans," said Manoj C P, managing director of Silicon IT Solutions.All transactions initiated by customers are listed in the bank staff's document tray for verification. As the customer approaches the official concerned, the transaction automatically becomes ready for approval."ChangAI drastically reduces manual data entry and transaction time. Bank staff are required only to verify and post transactions, resulting in faster service, fewer errors and improved customer satisfaction. ChangAI also provides real-time decision support, enabling customers to instantly evaluate gold loan eligibility or calculate expected returns on fixed deposits—empowering informed financial decisions at the service counter. Also, identity authentication is completed even before the customer reaches the counter, eliminating chances of input errors," said Vinod P V, chief technology officer of Silicon IT solutions.While AI tools in new-generation and nationalised banks are largely limited to chatbots and websites, this is the first instance of a full-fledged AI-powered front office assistant being introduced in the cooperative banking sector, he added.ChangAI provides 360-degree banking services with personalized financial assistance using AI to understand context and provide support to consumers.