As the COVID-19 pandemic has led to a significant increase in customer queries globally, Avaloq’s banking and wealth management clients are to benefit from Enterprise Bot’s intuitive email and conversation solution.
Enterprise Bot, a startup providing conversational artificial intelligence (AI) and automation tools, and Avaloq, a leader in digital banking solutions, have today announced a new partnership which will see Avaloq offering Enterprise Bot’s conversational customer service software to its banking and wealth management clients.
More than 150 financial institutions globally rely on Avaloq’s award-winning core banking software and wealth management technology. They now have the possibility to access Enterprise Bot’s cutting-edge software, which is already connected with Avaloq’s core banking platform through the open banking marketplace Avaloq.one Ecosystem. This allows the end-clients to interact with the conversational AI which helps to respond to questions in an intuitive and efficient manner, leading to increased customer satisfaction over any channel, including email.
The COVID-19 pandemic has caused a significant increase in customer requests across all sectors, with banking hit particularly hard as customers are navigating the confusion of pandemic payments, rising unemployment and volatile markets. A recent report by Deloitte highlights how effective bots are at reducing the pressure on call centers, with data reported from some AI service providers showing a 250% increase in chatbot usage since COVID-19 was declared a global pandemic.
Enterprise Bot uses a pre-integrated system to establish an AI customer service agent for Avaloq’s banking and wealth management clients. Developing an effective conversational AI for a business traditionally takes up to 12 months, but Enterprise Bot’s use of historical data allows it to have the bot up and running within 12 weeks. This cost- and time-efficient system makes innovative AI-based customer services more accessible to all businesses, large and small.
Speaking on the partnership, Co-Founder and CEO of Enterprise Bot, Pranay Jain said: “Our partnership with Avaloq is an opportunity to provide their customers with enhanced service features while reducing the burden on their human customer service representatives. Our AI represents your best agent, fielding often repetitive queries that have previously taken up a significant amount of employees’ time. While similar services take up to a year to fully implement, we use historical data that allows us to have your system up and running smoothly in under three months. We want this type of software to be accessible to companies of all sizes.
With so many companies experiencing significant increases in customer service requests the ability to implement conversational AI quickly is critical. The future of customer service is artificial intelligence, and every business should have the opportunity to be at the forefront of quality customer service and technology.”
Martin Greweldinger, Group Chief Product Officer of Avaloq, said: “We are impressed by Enterprise Bot’s sophisticated AI solutions, and are pleased to offer this intuitive email and chatbot function to our clients in the Avaloq.one Ecosystem. Through our open banking platform, we are connecting financial institutions with up-and-coming fintechs and third-party providers, such as Enterprise Bot. The aim is to create a collaborative environment in which established players benefit from the best-of-breed technologies and startups can accelerate their growth.”
Digital technologies such as cloud-based operating models, artificial intelligence, data analytics and automation will significantly enhance front, middle and back office processes at banks and wealth managers, resulting in a more personalized, smarter and more efficient client experience
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