Phonon Communications, a pioneer in automated customer interaction solutions, announced the acquisition of Artificial Intelligence (AI) chatbot company iDelivr. Gurgaon-based iDelivr was founded in 2015 by IIT/IIM alumni Vijayendra Singh and Kumar Gyanendra with a vision to develop game-changing AI-based bots that can revolutionize customer acquisition and servicing on digital channels by reducing acquisition costs and ensuring scalability.
iDelivr specializes in building AI-based industry specific chatbots aimed at providing human-like interactions for a superior customer experience. Powered by AI and Natural Language Processing (NLP), the chatbot can provide intelligent, seamless and human-like chat experience to users and help banking, financial, insurance and mutual fund companies achieve faster resolution of customer queries.
The company’s flagship product, ‘Loan Bot’ is a revenue-generating service which has achieved 2 lakh+ prospective loan interactions in a short period of time. It has an inbuilt loan eligibility calculator, answers FAQs on loan application processes and facilitates loan application. The service has helped banks increase leads received from static forms by 30% and has boosted application fill rate by more than 50%.
Post the acquisition, Vijayendra would be joining the Phonon team as Chief Operating Officer (COO) while Gyanendra will be the new Chief Technology Officer (CTO).
Speaking about the acquisition, Ujwal Makhija, CEO, Phonon Communications said, “Consumer preferences are shifting from traditional call center support towards newer support platforms which include web chat, Whatsapp, Facebook and Twitter. iDelivr team’s deep expertise on AI and NLP as evidenced by Loan Bot being one of the few commercially successful bots in India will make us a truly multi-modal, speech and text-based, automation enterprise.”
Vijayendra Singh, co-founder, iDelivr added, “We are thrilled to incorporate our AI technologies into Phonon’s innovative products and services. Digital channels will redefine the future of communications and AI bots are a significant part of the change as they can help businesses increase efficiency and reduce costs.”
The banking, financial services, and insurance (BFSI) sector has been the largest adopter of AI chatbot services. High demand by customers and a focus on reducing staffing costs has driven BFSI enterprises to implement AI chatbots. Vadodara-based Phonon has a strong presence in the BFSI sector with the segment accounting for nearly 60% of its topline. With ‘Loan Bot’, the company believes that it has made a strong addition to its suite of cutting-edge automation products for the BFSI sector.