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Newgen Software Technology Ltd to launch AI-powered content analytics tool to tackle customer complaints in banks. The company is running a pilot in two major Indian banks and will launch in the coming months.
With the advent of social media, platforms to raise complaints for consumers have increased and this is where the company’s analytic solution comes in. The solution aggregates all the complaints using AI and natural language processing and classifies them under the right complaint bucket for the banking official to take necessary action. Additionally, the consumer will get response from the bank in each of the platform they raised complaint in.
Diwakar Nigam, Managing Director, said, “You can raise a complaint in Facebook, Twitter, email, SMS and also through toll free number.” But, banks do not have enough resources at hand to look into each of the medium and respond to them.
Nigam said a company must understand the banking system better to deduce the issues a consumer faces from his tweets or Facebook post. It also requires huge volumes of data to automate the process, which might not be accessible to many.
According to Nigam, given that the company has been working with major banks in India for more than a decade they have the knowledge and access to data to build the analytics platform.
“The result we have got so far is almost precise. We will be launching it soon,” he added. The company has been piloting the platform for the past two years.
Regional versions
Currently the solution can process complaints in English. Nigam said there are plans to include regional languages as well in the future.
Though it is now tested in the banking sector, it could be deployed in other sectors for tackling consumer complaints, he added.
The company, which offers software solutions for Enterprise Content Management, Business Process Management and Customer Communication Management, registered revenue of ₹512 crore for the year ended March 2018.
Banking and Financial Services is the major revenue generator for the company accounting for about 54 per cent, followed by government projects, IT and healthcare and insurance segment.
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