Yahoo Finance
ToneTag has unveiled eKosha, a voice-first AI banking assistant that delivers core banking and credit services through existing merchant payment infrastructure.
It enables app-free, local language access for small- and medium-sized enterprises (SMEs).
However, widespread adoption will depend on merchant trust, data privacy, language accuracy, seamless integration with bank systems, and effective user education.
As per India SME Forum data, the country's SME sector is a major economic driver, comprising more than 72 million registered enterprises, employing over 316 million people, and contributing approximately 31% to the country's GDP.
However, despite its economic significance, many SMEs have historically struggled to access formal banking services, particularly affordable credit.
Challenges such as limited financial awareness, complex loan processes, insufficient documentation, and limited access to traditional banking channels have created a gap between the rapid adoption of digital payments and access to broader financial services.
Indian SMEs frequently use telephone and mobile services to access their accounts—primarily for guidance and routine queries such as understanding working capital limits, checking transaction status, and clarifying compliance documentation.
eKosha aims to address this need by transforming existing merchant payment devices into intelligent banking touchpoints.
The voice-first AI banking assistant enables merchants to access financial services, credit solutions, and transaction information simply by speaking naturally in their preferred language, without requiring a smartphone app or advanced digital literacy.
The platform captures a merchant's voice request, processes it using AI, and connects the merchant with relevant banking services.
Powered by edge AI, eKosha can provide real-time assistance while reducing dependence on physical bank branches.
For example, a merchant seeking working capital can use the assistant to understand available loan options, provide the required information, and receive guidance throughout the application process.
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