Ujjivan Small Finance Bank launched Hello Ujjivan, India’s first mobile banking application with 3 V’s – voice, visual, and vernacular-enabled features – to provide banking access to individuals who have limited reading and writing skills. The app is designed to instill banking habits in MicroBanking and Rural customers who are digitally challenged.
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More About The Hello Ujjivan Application:
Hello Ujjivan, co-created with Navana.AI, is accessible by voice in eight regional languages, including Hindi, Marathi, Bengali, Tamil, Gujarati, Kannada, Oriya, and Assamese.
Features of The Hello Ujjivan Application:
- Customers can speak to the app in their native language to perform banking transactions and access services such as paying loan EMIs, opening FD and RD accounts, transferring funds, checking account balance, and updating passbooks, among others.
- The app’s intuitive AI and machine learning capabilities enable it to comprehend customers’ unstructured banking requests and provide the desired result.
- The application engine adapts to the various dialects of the user and has the capacity to learn and respond to their particular dialect.
- The app also provides a visual representation, along with a recorded voice guide in the user’s preferred language at every step, allowing them to transact without fear or reliance on others, thereby removing the anxiety associated with online banking transactions.
- As per Ujjivan Small Finance Bank’s research, the app addresses the digital divide on the banking needs, aspirations, and behaviours of MicroBanking and Rural customers.
- Ujjivan SFB is utilising its 600 branches and close to 9000 Microbanking and Rural Banking staff to educate the customers on using the Hello Ujjivan app.
The Targeted Customers of The Hello Ujjivan Application:
In its initial phase, Hello Ujjivan will be available to its existing MicroBanking customers. In the subsequent phase, the company will continue to add more languages and banking features and solutions, such as opening new customer accounts, paying utility bills, availing repeat loans, mobile and DTH recharge.
About The Ujjivan Small Finance Bank Growth:
Ujjivan SFB has developed a comprehensive digital strategy to simplify banking services throughout India. Ujjivan SFB’s digital strategy of the bank is built to bridge the digital divide between metro vs semi urban and rural customers, who are often left out. The bank currently serves over 72 million customers through its 600 branches across 25 states and union territories in India. As of December 31, 2022, the gross loan book is valued at INR 21,895 cr. and the deposit base is valued at INR 23,203 cr.
Important takeaways for all competitive exams:
Ujjivan Small Finance Bank Headquarters: Bengaluru;
Ujjivan Small Finance Bank Founder: Samit Ghosh;
Ujjivan Small Finance Bank Founded: 28 December 2004