ToneTag's eKosha brings AI-powered banking to India's 72 million SMEs
ToneTag's eKosha brings AI-powered banking to India's 72 million SMEs.
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. This could reduce friction in accessing credit by simplifying application processes and improving financial awareness among small businesses.
By leveraging existing retail infrastructure such as merchant payment devices, banks can expand their reach to underserved SMEs without significant investment in new branch networks. This can reduce customer acquisition costs, improve service efficiency, and create opportunities to cross-sell products such as loans, insurance, and savings accounts. It also enables banks to engage directly with merchants rather than relying heavily on third-party aggregators.
However, eKosha may face adoption challenges. Merchant trust in AI-enabled financial services, data privacy concerns, language accuracy across India's diverse linguistic landscape, and integration with different banking systems could all effect scalability. In addition, some merchants may be unfamiliar with voice-led banking interactions, requiring user education and staff training to ensure the solution is used effectively and to its full potential. Such initiatives would ultimately increase rollout and support costs. Banks will also need to ensure AI-driven recommendations remain transparent, explainable, and compliant with regulatory requirements.
Overall, eKosha represents a significant step toward making banking services more accessible for India's SMEs by combining AI, voice technology, and existing digital payment infrastructure. By converting merchant payment devices into interactive banking assistants, the platform has the potential to strengthen financial inclusion while helping banks reach a wider customer base more efficiently.
Bhavya Patel is an Associate Analyst, Banking & Payments, GlobalData
"ToneTag's eKosha brings AI-powered banking to India's 72 million SMEs" was originally created and published by Electronic Payments International , a GlobalData owned brand.
Sinergia Empresarial continuará el seguimiento de esta información sobre toneTag's eKosha brings AI-powered banking to India's 72 million SMEs y ampliará la cobertura conforme se confirmen nuevos elementos relevantes para el ecosistema empresarial.
