1Bank reinvents banks’ relationships with customers by empowering immediate, efficient and expert service 24/7/365 on any channel
NEW YORK, November 20, 2018 — IPsoft, the global leader in Enterprise AI, today announced the general availability of 1Bank™, the first out-of-the-box conversational banking solution powered by the most advanced AI in the market, Amelia. With Amelia, customers can engage with their financial institutions through a next-generation Natural Language Interface (NLI) either by voice or chat.
Through 1Bank, Amelia helps resolve complex customer questions using comprehensive dialogue. For example: “How much can I afford to pay for a new home?” Instead of providing a simple answer, Amelia will follow up with important questions, such as: “What is your annual salary?” or “How much of a down payment would you like to make?”
“Today’s banking customers expect more than online/digital banking. They expect to be able to have a personal banker with them in their pockets 24×7, who is continually monitoring their finances, and providing better money management outcomes for them. 1Bank takes that leap from typical digital banking to facilitate conversational personal banking for its customers,” said Chetan Dube, CEO at IPsoft.
Forrester, a leading global research and advisory firm, commented in a recent report*: “Customer support and self-service, when done right, can drive higher customer satisfaction. IPsoft’s Amelia supports a variety of customer-facing scenarios with its Natural Language Interface and Artificial Intelligence engine. Amelia can take the entirety of a conversation into account. At a recent event, IPsoft showed the solution it has deployed to a major European bank, which is using Amelia as a mortgage-qualifying engine.”
Unlike other AI-based solutions, Amelia offers customers the ability to switch contexts mid-conversation. For example, if a customer is applying for a new credit card, but realizes midway through the conversation that they want to use a different email address, they can go back and change it without repeating the entire process (e.g., “Actually, I want to use my [email protected] as my main contact.”). This ability is something human agents handle easily, but something with which many competing solutions struggle.
Rule-based chatbots 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 when Amelia is not able to assist customers, she can escalate the conversation to a human agent and silently observe the interaction in the background in order to add to her abilities.
1Bank delivers out-of-the-box conversational banking skills, including:
- Wealth Management
- Credit Card Processing
- Account Management
- Payment Processing
- Account Origination
- Balance Checks
1Bank reinvents the customer experience with immediate, efficient and expert service 24/7/365, and can be easily added to popular banking channels, including:
- Mobile apps
- Kiosk apps
- Consumer chat applications such as Facebook Messenger
- Voice applications such as Amazon Echo and standard phone calls
1Bank’s secure back-end integrations with banks’ existing software and systems empower users to execute financial tasks with limited-to-no human intervention.
*Report reference: J.P. Gownder, Christopher Voce, Lily Varon, Jennifer Wise, Daniel Hong, “Automation Technologies for Customer Engagement,” Forrester Research, Inc., July 2017
- Future of conversational banking
- Watch an on-demand video
- Get practical guidance and clarity with use cases on Wealth Management, Payment Processes and Mortgage Applications.
- Download the whitepaper “Tomorrow´s AI-Enabled Banking” detailing how cognitive technology breathes new life into relationships between retail banks and their customers.
Connect with IPsoft
AI Pioneers is a community of business leaders from across multiple industries that exchanges ideas and thought leadership focused on AI, and the issues that IT and business leaders face today.
Read about our customers’ successes here.
IPsoft is the world leader in Enterprise AI and the home of Amelia, the industry’s most-human digital AI colleague. Amelia’s ability to learn, interact and improve over time makes her the market’s only AI that can fully understand user needs and intentions. Amelia can be trained to recognize words and phrases in several languages. She delivers real-life business benefits including lower operating costs, higher customer satisfaction and increased employee productivity. IPsoft was the first company to launch an end-to-end digital platform, 1Desk™, to deliver shared enterprise services. By connecting front-office conversations to back-end systems, IPsoft automates business processes that serve employees, customers and citizens, resulting in rapid resolutions, satisfied users and substantial organizational savings.
Headquartered in New York City, IPsoft has offices in 18 countries and serves more than 550 of the world’s leading brands, including more than half of the world’s largest IT services providers.
Amelia is the market’s first digital colleague. Since her introduction in 2014, she has gained hundreds of skills across multiple industries. She is modeled on human intelligence, understanding and empathy.
Global Head of Public Relations
Phone: +1 737 247 3101 (US)
Email: [email protected]