Velocity, a top Indian cash flow-based financing platform located in Bengaluru, has launched Vani AI, an in-house developed GenAI conversational tool designed to transform customer service in the financial sector by providing a human-like interactive experience.
Leveraging advanced voice synthesis and speech recognition technology, Vani AI facilitates natural, human-like conversations in multiple languages and dialects, surpassing the one-way communication of traditional robotic IVR systems. It can help financial institutions reduce operational costs by 20-30% while enhancing customer experience.
Vani AI is built with industry-specific intelligence and awareness, enabling it to answer contextual questions and provide subjective responses. The tool enhances its performance continuously by utilising customer data and organisational context, improving with each interaction. Additionally, it can also access and update structured databases.
Currently trained on Velocity’s proprietary data and publicly available datasets, Vani AI can be customised for any BFSI company to significantly reduce operational expenses.
“We started by understanding how we could leverage GenAI 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,” said Saurav Swaroop, Co-Founder and CTO, Velocity.
“With Vani AI, financial institutions can customise AI agents to make automated, intelligent, and human-like calls across various financial service use cases,” he added.
In Velocity’s own use cases, Vani AI achieved over 85% accuracy as a key metric.
Designed for seamless integration, it can easily connect with downstream and upstream systems such as whatsapp, calendars, CRMs, among others ensuring smooth operation with existing infrastructures and processes.
The support for multiple Indian languages and dialects enables Vani AI to serve a diverse customer base. It can also be used for voice customisation by replicating a person’s voice from a 30-second voice recording.
While Vani AI can handle common customer inquiries, if an issue arises that it cannot resolve, it seamlessly transitions the call to human agents and integrates with CRM systems, marketing automation softwares and other third-party tools.
Its CRM integration includes features like sending document upload links during conversations and logging this action in the CRM. It can also schedule callback appointments and check the availability of the assigned human agent.
Vani AI also offers options for hyper-personalised and customised calls to meet specific business needs. It includes a collection of ready-to-use scenarios tailored for fintechs, banks, NBFC’s and financial services firms, with plans for expansion into other sectors in the future.
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