Axis Bank builds AI assistant to boost loan completion rates
Axis Bank is building an AI assistant to help more people finish their personal loan applications.
Right now, only 8% of applicants complete the process, but the bank wants to bump that up to 12% to 15%.
Sameer Shetty from Axis Bank shared that many folks drop out because they're unsure about interest rates or worried about hidden fees.
Axis Bank invests 10% in tech
The AI assistant will offer instant answers and support, aiming to clear up confusion so more users stick with it.
In the September quarter, 84% of the bank's personal loans were disbursed digitally, helping grow its loan book by 8% year over year.
To keep this momentum going, Axis Bank is investing a solid 10% of its operating expenses into tech upgrades, including appointing Namrata Dubashi as its new AI officer earlier this year.