Artificial intelligence-enhanced virtual assistants that can quickly and easily answer questions via text or voice chat are becoming table-stakes for consumers; partnerships can help big FinServs launch them more efficiently.
Nordic bank DNB has partnered with artificial intelligence firm Boost to help it better handle customer requests through its website.
Building its virtual agent took about two months and the bot now handles more than 50% of DNB’s chat traffic, while increasing customer satisfaction scores. The bot, which has already interacted with over 1 million customers, allows DNB to provide customer service around the clock, while freeing up employees to focus on more impactful work.
Those employees benefit from the Boost partnership in other ways too: DNB also built an internal tool to help its nearly 12,000 workers replace employee handbooks with a bot that can surface information and answer questions. That tool has over 5,000 daily users and accuracy rates of 80%.
“This is just the start of our journey too,” DNB head of emerging technologies Jan Thomas Lerstein said in a press release. The firm is interested in integrating voice APIs and additional personalization, he added: “In improving efficiency, the sky’s the limit.”
There’s a slew of tech firms that financial institutions can partner with: Truist uses Amazon Lex, Wells Fargo leans on Google Cloud, WestPac, JPMorgan Chase, Standard Chartered, and TD have tapped Kasisto, US Bank, Ally, and Santander rely on Personetics, and BNP Paribas and Deutsche Bank use Glia (an Insight Partners’ portfolio company).