Velocity Launches Vani AI for Financial Services

Velocity, India's leading cash flow-based financing platform has rolled out 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.

Similar to how the internet and smartphones transformed our daily lives, now AI is at an inflection point, changing the way we live, work, and do business. Vani AI leverages advanced voice synthesis and speech recognition technology to facilitate natural human-like conversations and understands various languages, dialects and customer responses, unlike traditional robotic IVR calls that offer one-way information flow. 

Vani AI is equipped with industry specific knowledge, intelligence, and awareness, which enables it to answer contextual questions and provide subjective responses. One of Vani AI’s most significant features is its capability to utilize customer data and organizational context to customize its responses, becoming sharper and more efficient with every call.  Additionally, it can read from structured databases and output information into structured databases, making it a more advanced and effective solution to unlock efficiencies in customer interactions.

Currently trained on Velocity's proprietary data and publicly available datasets, Vani AI 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, Velocity.

Key Benefits of Vani AI:

• Natural Human-Like Voice, Speech Recognition, and Multi-Language Support: Vani AI leverages advanced voice synthesis and speech recognition technology to facilitate natural human-like conversations and understands various languages, dialects, and customer responses.

• Accurate Responses: Vani AI provides 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.

• Integration Capability: 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.

• Interruption handling Customer interruptions during conversations are detected and responded to like natural human conversation.

• Data privacy: Velocity’s Vani AI is ISO27001 certified and implements the highest standards to ensure data privacy. 

Vani AI offers support in multiple Indian languages and dialects to cater to diverse customer bases and 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. While Vani AI can resolve consumers’ most common questions and needs, 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 also integrate with Customer relationship management (CRM) systems, marketing automation softwares and other third party tools . The result is frictionless interactions, freeing human agents to focus on helping customers with complex needs boosting productivity. 

Vani AI's 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.

Currently, 40-50% of financial services companies' costs are allocated to operational expenses, including straightforward, low-complexity tasks such as telecalling for collections, lead qualification, and document collection for loans. As per McKinsey Global Survey on AI, 47% financial service organizations are seeking highly customized solutions for their use cases and 88% are likely to invest more than 5 percent of their digital budgets in generative AI and analytical AI.

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.