HSBC rolls out internal chatbot to help speed inquiries

HSBC last week deployed an internal chatbot powered by Google Cloud that can process any document and answer employee policy queries. [caption id="attachment_184730" align="alignright" width="300"] Photographer: Luke MacGregor/Bloomberg[/caption] Called the Operational Risk and Resilience Application, or ORRA, the bot deployed by the $2.7 trillion HSBC is powered by Google Cloud’s artificial intelligence (AI), technology. ORRA uses conversational AI, via Google’s Dialogflow natural language processing (NLP) platform, to aid and speed employee handling of questions about bank frameworks and policies. The bank’s ORRA project started as a proof-of-concept at the end of 2019, emerged as a product for delivery in May 2020, and was first rolled out in September 2020, said Steve Suarez, HSBC’s global head of innovation, finance and risk. “ORRA was launched with approximately 400 answers and 3,500 questions, and now has approximately 800 answers and 6,500 questions,” Suarez told FinAi News News . The chatbot is available to all HSBC employees on the bank’s intranet, allowing them to obtain direct answers to questions by using NLP to examine large documents of all kinds. Suarez said the bot can process any document, with ingested documents currently consisting of policies, procedures, user guides and briefing papers. The automation also addresses compliance. “While we haven’t done it yet, loading regulation as searchable documents should not be an issue,” he added. While ORRA is an internal application for HSBC, customer-facing chatbots have already been deployed by banks like TD, U.S. Bank, Bank of America and RBC, which employ usage-driven analytics, like accuracy and response times, to improve app performance. A recent report from research firm Gartner noted that while automation techniques, such as chatbots, have become increasingly popular among banks as a way deal with customer queries, training the programs with large datasets and long implementation times can be a hurdle for banks. In its statement announcing ORRA’s release, Google Cloud said the bot can also be trained to support multiple languages and mobile interactions. “To test ORRA, we looked for geographically dispersed volunteers from various risk and business functions. The objective of doing this was to replicate how staff might ask questions from across the potential user base,” said Suarez. HSBC operates in 64 countries and employs approximately 226,000 people, according to data from Statista. Looking ahead, HSBC will be implementing a rolling plan of scheduled releases to expand and improve the chatbot’s content every two months, Suarez said. Bank Automation Ignite, on April 13-14, is the event for inspiring automation initiatives and investment in financial services. At the virtual event, financial services professionals can discover new use cases and technologies that are accelerating automation in banking. Learn more and register at www.BankAutomationIgnite.com .

HSBC rolls out internal chatbot to help speed inquiries

ORRA chatbot uses conversational AI and Google’s  natural language processing platform

MSU Federal Credit Union’s Ben Maxim to speak on intelligent automation at BAN Ignite

GM Financial to add voice integration to Nanci chatbot

Related Posts

AI-driven ‘SaaSpocalypse’ fears overblown, experts say

Is Your Technology Supplier There for You?

Bluevine’s AI chatbot resolves 80% of customer queries

GM Financial to add voice integration to Nanci chatbot

EMERGING FINTECH DIRECTORY

FinAi Podcast

SPONSORED

The Next Generation of Cyberthreats: Powered by AI

Build an Antifragile Strategy to Outperform the Market

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

Connect

Welcome Back!

Retrieve your password

Continue Reading with FinAi News Premium - Less than $2/Day

HSBC rolls out internal chatbot to help speed inquiries

ORRA chatbot uses conversational AI and Google’s natural language processing platform

MSU Federal Credit Union’s Ben Maxim to speak on intelligent automation at BAN Ignite

GM Financial to add voice integration to Nanci chatbot

Related Posts

FinAi Podcast

Connect

Welcome Back!

Retrieve your password

Unlock This Article

Continue Reading with FinAi News Premium - Less than $2/Day

ORRA chatbot uses conversational AI and Google’s  natural language processing platform