ORLANDO, Fla., September 14, 2021 — Kore.ai, a top conversational AI software company,today announced the launch of the newest version of their product, Kore.ai BankAssist, an omni-channel conversational virtual assistant that automates the most common retail banking customer needs to drive extraordinary experiences.
Today, banks face the unprecedented challenge of effectively catering to a significant rise in customer requests, while also looking for new ways to deepen customer relationships in an increasingly experience-driven world. Wait times are sharply increasing, driving down customer satisfaction, while the rise of social media puts even more pressure on banks to meet customer needs on their preferred conversation channels.
The current industry challenge is the existing call center operating model, which places hundreds of agents in small spaces. Kore.ai has identified the need to reinvent this model, which has been particularly strained due to the unique challenges presented by the pandemic.Prevailing interactive voice response (IVR) technologies, however, aren't able to deliver a natural conversational customer experience. Most rely on identification of keywords or have very limited routing trees based on pressing digits, often leaving customers frustrated and wanting to speak or chat with a live operator. As an AI-first conversational virtual assistant solution, BankAssist is purpose-built for banking customers, and meets these challenges head-on.
BankAssist is an enterprise-class, virtual assistant that is designed to automate highly accurate natural conversations with maximum containment to drive extraordinary customer experiences via voice and other digital channels. It automates and humanizes user interactions through 200+ pre-built retail banking use cases. It is pre-integrated with major core banking, cards, digital banking, bill-pay and P2P providers.
BankAssist is also a highly scalable conversational banking solution that understands context, answers questions and automates personalized banking experiences in a language customers choose. Based on each bank’s specific customer experience or CX objectives, the Solution Workbench, an integral part of the solution, is designed for business users, allows for complex configurability, customization, integrations across channels and comprehensive analytics. In the WorkBench, financial institutions can further extend their customer experiences by adding custom intents that are unique to their organization, as well as train BankAssist when it does not understand a customer request.
BankAssist is available in all of the financial institution’s channels – web, mobile, IVR, SMS, social media and live agents. Banking customers are able to start conversations in one channel and complete them in a different channel without losing context. Having one assistant ensures a seamless, consistent experience across all channels thereby reducing maintenance and increased customer satisfaction.
Built and extendable on Kore.ai’s ‘no-code' Experience Automation platform with superior patent-pending NLP capabilities, BankAssist understands every word the customer says and takes appropriate action with either call routing or automation, within the cost-effective confines of the existing IVR, or combined with other Kore.ai products, to give banks one solution to replace IVR, live-chat software and call center agent desktops.
“BankAssist is the first retail banking CX solution that enables extraordinary experiences on both voice and digital channels,” said Raj Koneru, Founder and CEO of Kore.ai. "BankAssist can be deployed fast into the market alongside our AI-first contact center solution to provide an omnichannel experience for customers, while banks use AI to automate and improve the customer and agent experiences.”
For more information on Kore.ai BankAssist, visit https://kore.ai/bankassist/
Read detailed announcement on Kore.ai BankAssist here.