“Of all the award categories in the Banking Innovation Awards run jointly by Accenture and Efma, the prize for “Best Use of Analytics and Artificial Intelligence” is one of the most coveted.
The winner was CaixaBank of Spain with its chatbot Neo – a personal customer service assistant developed using AI, and now providing support 24×7 across various business processes in Spanish, Catalan and English.
Neo’s cognitive system accepts more than 60,000 inputs
Between its launch in February 2018 and the awards in October 2019, more than 2.5 million customers had conducted 23 million conversations with Neo,
85% of queries settled without further engagement and a 20% reduction in calls to the contact centre.”
“Sam Udotong and Krish Ramineni have created Fireflies.ai, a meeting and recording transcription software-as-a-service (SaaS) company, to provide users with automatically generated transcripts of their conversations.
Various sources estimate the voice and speech recognition market to be anywhere from $25 to $32 billion.”
“The first stage, voice AI, was fully implemented for consumers for retail banking and tech service desk queries in 2018 and thus far has improved customer support efficiency by over 50%
‘When we launched VoiceSafe we started learning more from some of our initial calls,’ he continues. ‘We found there were gaps in our dialog design. So we started making updates almost nightly, in order to make sure we captured some of the low-hanging fruit and addressed other gaps right out of the gate.’
“Business banking conversations are often very consultative in nature, and they tend to be particularly ‘context heavy’,” says Varanasi. At this time Comerica is not using voice AI on the business side.”