How Conversational Banking is Transforming the Customer Experience

2 minute read

As technology evolves, so do the expectations of banking customers. With 1Bank, customers can engage with their financial institutions on their time, through the device of their choice and using the medium most comfortable to them: Conversation.

As technology evolves, so do banking customers’ expectations. Computer-powered automation entered the mainstream in the 1980s, and customers began to expect the ability to handle basic personal finances 24/7 through ATMs. When the Web became an integral part of peoples’ lives in the 1990s, customers wanted to securely access their finances through browsers. In the 2000s, the mobile revolution brought with it expectations of on-the-go banking. And now, as we enter the conversational era enabled by cognitive AI, customer expectations have evolved once again. This is where 1Bank by IPsoft can prove vital.

1Bank is a powerful suite of conversational banking applications powered by Amelia, IPsoft’s industry-leading digital colleague, including everything from personal finance management to mortgage applications. With 1Bank, customers can engage with their financial institutions through a next-generational Natural Language Interface (NLI). Not only can customers access personalized financial information (e.g. checking balances), but 1Bank’s secure backend integrations empower them to execute financial management tasks with limited-to-no human intervention (e.g. transfers, mobile payments and scheduling recurring transactions) — all through the power of conversation.

Amelia can be accessed 24/7 through a mobile app, desktop or kiosk, but she’s far more capable than a mere chatbot. Amelia’s advanced underlying technologies (which you can read more about here) can facilitate startling human-like engagements. In fact, when Electronic Arts (EA) hired Amelia to automate customer interactions over the phone, “45% of our players had no idea Amelia wasn’t human,” according to Matt Tomlinson, EA’s Global Director of Innovation, during his presentation at the recent Digital Workforce Summit.

Rule-based chatbot and static Web interfaces are built around simple keyword recognition, but Amelia is able to discern human intentions from a wide spectrum of conversational inputs — everything from “How much money is in my checking account?” to “How much is in checking?” to “So, how much money do I have?”. Furthermore, her advanced Machine Learning (ML) ability enables her to improve over time. In instances where Amelia is not able to assist a customer, she can escalate the session to a human agent and silently observe the interaction in the background in order to add to her knowledgebase.

Unlike many other AI-based solutions, Amelia offers users the ability to jump around steps and then return from where they left off. For example, if a customer is applying for a new credit card, but before the process is completed, realizes they want to use a different email address for notifications, they can go back and change that step without beginning the whole process over (e.g., “Actually, I want to use my [email protected] as my main contact.”). This ability, known as context switching, is something human agents handle easily, but something that many competing solutions struggle with — but not Amelia.

As conversational interfaces gain mainstream acceptance, customers want to locate information, process transactions and execute tasks using the medium most natural to them: conversation. 1Bank is the future of conversational digital banking.


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The Intelligent Contact Center

Companies have spent decades implementing Interactive Voice Response (IVR) systems in their call and customer care centers, but they've proven unable to keep up with customers' expectations.

In this white paper, we examine the benefits of an Intelligent Contact Center, where companies utilize Conversational AI-powered virtual agents to provide first-line resolution and support for customers, and augment human employees through AI and automation.

Download our paper to learn the benefits of this approach and why current IVR systems simply will not cut it in today’s hyper-paced digital landscape.

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