To leverage its over 270 million-subscribers strength, Reliance Jio has now entered the loan segment. In partnership with India's third largest private lender Axis Bank and a loan aggregation platform RupeeBoss, the Mukesh Ambani-owned telecom major has developed an Artificial Intelligence (AI)-driven loan assistance product called 'The Loan Genie', which will be integrated in the MyJio app.
The Loan Genie is a video call based bot that will help customers seek answers to all their loan-related queries through interactions and engagement. Users can also apply for the loan on this platform.
"The technology has come from Reliance Jio, and the product is developed by RupeeBoss, while Axis Bank has sponsored it," Prasannaa Devadigga, Head- Product & Online business, RupeeBoss, told Business Today.
"The Loan Genie video bot possesses a database of nearly 13,000 questions. "The database has questions on different products offered by banks and NBFCs such as retail loans, SME loans, credit cards, credit score, rectify credit, elite services, and mutual funds," Devadigga informed.
"A user asks a question, the bot recognises the relevant answer and plays the exact video from the database," he added.
The Loan Genie will provide a feedback system. If the user is dissatisfied with the answer, she can inform RupeeBoss to help them improvise the product.
The service uses a powerful AI-based platform to listen to user questions and respond to them in the most appropriate way. It has an auto-learning feature that helps improve the answering accuracy.
After the query is resolved, users can apply for the loan that RupeeBoss will facilitate. The fin-tech start-up, founded in March 2016 by P N Shetty, is currently associated with more than 58 banks and NBFCs, and has disbursed loans to the tune of Rs 12.50 billion during FY 17-18.
How to use the loan genie:
1) Download MyJio app
2) Click on JioInteract option in burger menu of MyJio
3) Start your video call and chat with actress Nimika Ratnakar.