Chennai: IIT Madras Research Park and IIT Madras Incubation Cell have joined hands with the Reserve Bank Innovation Hub to work on voice-driven banking solutions.
The objective is to address language barriers, a key challenge in financial inclusion for millions of Indians. The voice-based banking solution aims to perform basic banking transactions through voice commands in Hindi, Tamil and Telugu, to start with, in addition to English.
The innovation will assist people who are illiterate and visually impaired, in their banking services and help the underbanked population in overcoming language barriers during their banking activities.
“There are over 600 million low- and middle-income individuals in India without access to digital banking. We aim to help more than half of such underbanked population to overcome their challenges in banking services with voice banking in the next few years,” said Rajesh Bansal, CEO of Reserve Bank Innovation Hub.
