How AI chatbot technology can help boost service

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What makes a financial services organization a good bet for a customer? To start, customers look for a successful track record, a commitment to fiduciary duties and low fees.

But they also value responsiveness. When customers have a question, they want a prompt answer. They want a company devoted to providing convenient, personalized customer experience.

The customer experience is an increasingly important differentiator in the financial services industry, as disruptive new business models are challenging the status quo.

Rethinking the customer experience with AI

At DMM FinTech Co. Ltd., we’re helping financial services organizations rise above the competition by designing better ways for them to connect with customers. We recently took a major step forward in this regard when we created an intelligent chatbot using IBM Watson Assistant and IBM Watson Discovery technologies in the IBM Cloud.

The chatbot addresses a business need that has reached critical levels in the digital age—the need to provide personal assistance to every customer, even as contact center volumes rise.

Many financial services organizations have inefficient contact center models, where a large proportion of the inbound interactions are related to routine questions. That means customers must wait to get very simple information.

It can be a frustrating experience, especially when the person is accustomed to all the speed and convenience of the digital world. It’s that experience we hope to change.

A new way to connect with customers

With the advanced AI capabilities of IBM Watson technology, we’ve created a chatbot that can interact with customers in an intuitive, conversational way. Its natural language processing features allow it to interpret the customer’s intent, even when their words and expressions vary. When it encounters a confusing request, it asks clarifying questions until it understands. Then it draws from its knowledge base to suggest an answer.

Imagine deploying this core chatbot technology across multiple channels: web, phone, text, mobile. It could successfully assist customers with simple inquiries—without getting live employees involved. It would be seamless and invisible to customers. This could lead to a big boost in customer satisfaction and reduce costs in the contact center.

AI technology is an unfolding area of innovation that has lots of potential to transform the financial services industry. At DMM FinTech, we’re excited to be at the forefront of this transformation.

Finance Consulting Department Leader, DMM FinTech Co. Ltd.

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