REA – Success Story About Banking Chatbot

CASE STUDY
Weaver

REA – Success Story About Banking Chatbot

CASE STUDY
Weaver

Quality customer support is an essential prerequisite for the successful operation of any company providing some kind of service. This is especially true for financial institutions that have a large number of clients’ requests on a daily basis.

Contact Centers are a channel through which clients most often contact the bank to get information. Therefore, this type of communication has the most serious impact on what kind of impressions they will form.

In the past, clients were contacting banks by telephone, so the interaction with operators was a source of information about their satisfaction. In recent years, an increasing number of users prefer to get the desired information on social networks and messaging applications since they are already using them on a daily basis for private conversations and for getting different information.

In order to respond to the more complex demands of the clients, Raiffeisen Bank contacted Saga as a credible name in the field of artificial intelligence guided by desire to respond to this challenge with the latest technological advancement in the area of customer support - chatbot. This solution should change the way the bank will be accessible by clients, as well as to fully modernize communication and respond to the demands of new generations.

What can REA do?

In order to respond to all client requests, we created a banking chatbot, a service powered by artificial intelligence, using the Weaver platform. The applied solution enables users to contact the bank on Facebook and Viber 24 hours, 7 days a week, via a mobile phone or computer. Regardless of whether clients speak in Serbian or English, REA makes conversations with them in a way that is very similar to the conversation between two people.

The aim of this project was to enable clients to get answers to all questions concerning the products or services of the bank, to schedule a meeting or find the nearest office or ATM without contacting the contact center operator.

Within this project, Saga has integrated chatbot with existing banking systems so that REA can provide personalized information, such as a current account balance or, soon, information about the remaining balance of the loan. Of course, as far as the sharing of very sensitive information is concerned, we especially took care of the necessary protection mechanisms, so the solution applied is secured to the highest level.

There are more than hundred stories stored in the memory of the chatbot which has the ability to learn new ones. Nevertheless, due to the specificity of the topics, it cannot provide an answer to all of them or some of them it may not understand. The client is then transferred by the chatbot to talk with the available operator at the bank's contact center. REA transfers also the entire conversation history to the operator, so he can continue the conversation where it stopped.

In order to ensure maximum efficiency, we equipped chatbot with the capability to detect errors in writing and a tone of conversation.

The project was more than successful.

After six months of work, REA conducted more than 350,000 conversations.

Of course this is not the end of the road. As the next step in the development, REA will be able to calculate loan instalments, inform customers about the status of their loans and cards, give clients opportunity to make a payment or withdraw cash using Mobile Cash.