Earlier this week, Avenir Business Solutions launched the Avenir Banking Bot on the Temenos MarketPlace. A chat bot is a computer program that converses in natural language (human speech) using data and intelligence to perform automated tasks and take actions on those tasks. This BOT can help banks enable digital transformation within their organisations, allowing 24/7 365 customer dialogue.
Suresh Kumar, CEO of Avenir Business Solutions, says:
“Imagine transferring funds, blocking lost cards, checking account balance or finding the nearest ATM– all through the customer’s preferred messaging platform. We all communicate through text with our friends, colleagues and family because it is the easiest and quickest way of communication. Our BOT allows your customers to do the same with your bank. Customers can chat with your BOT through Web, Mobile, Email, SMS, Facebook Messenger, Slack, Cisco Spark, Skype for Business, Twitter and of course we have many more channels in the pipeline. We’re enabling brand new user experiences and enabling banks to engage and transact with their customers through intelligent conversations, anytime, anywhere,”
The Avenir Banking Bot is designed to be a virtual conversational assistant for the banking customer, offering valuable advice and enabling every day banking tasks. This BOT uses Artificial Intelligence and predictive analytics to learn a customer’s personal spending habits and is then empowered to offer advice on your behalf. Temenos is excited to work with Avenir on this project, helping to enable powerful end-user experiences for Temenos Banking customers.
Speaking about the launch of the Avenir Banking Bot, Aaron Phethean, Product Director, Temenos MarketPlace said:
“It gives me great pleasure to see the Avenir Banking Bot by Avenir on MarketPlace as I believe it represents a pivotal opportunity for our Banking customers. Being able to have an integrated chat function across mobile and web that can carry out account queries no matter the time of day, all year long is game changing in my opinion. Mobile penetration is almost at 63% worldwide so the idea of messaging as a channel is second nature. Plugging a Bank into this conversation would normally be prohibitively expensive, but with an online smart BOT, you can service your entire customer base for a fraction of the cost”
Not only can banks use the BOT to serve banking customers but also to improve on-the-job efficiency of the bankers. Employees can use bots to seamlessly report issues, find information, request access or new assets, ensure system or resource functionality, pull reports and much more. The BOT also assists sales reps to meet customer expectations and deliver memorable sales experiences, even supplying pipeline info on demand. Banks can now empower their staff with a better way to use CRM, with a consistent, simplified mobile and cross-channel UX offered by the BOT. Complex data entry is converted into a natural conversational style and allows instant lead and opportunity updates. From improving productivity to enhancing customer service, the BOT is here to revolutionise the way the banking industry functions.
Avenir has built the Banking BOT on Kore’s BOT platform, a leading Bot building platform in the enterprise sector. “By leveraging Kore’s robust BOT building platform along with Artificial Intelligence, conversational interface and natural language; at Avenir we help banks achieve Digital Transformation seamlessly,” asserts Suresh Kumar. With a deep emphasis on offering excellent user experience, the banking virtual assistants are easy to implement, customize and maintain on the bank’s mobile apps and leading messaging platforms.
Banking customers can use the Smart BOT to perform everyday tasks, including:
- Get transaction history
- Bill payment
- Transfer funds between accounts or third parties
- Branch and ATM locator
- FX rate enquiry
- Credit card recommendation
- Report fraud, lost or stolen cards
- Mutual fund and equity transactions
- Rewards redemption
- Request for human agent
The smart BOT frees bankers from spending time on simple frequently asked questions so they can help customers with more intricate issues and queries. The BOT can provide respond to queries in a split second, thus keeping waiting times to a bare minimum. Banks can use this cognitive system to expand its capabilities to more complex areas such as providing increased personalisation and using predictive analytics to detect possible issues before they arise to make a recommended course of action. Converting a prospective customer has also just got easier with Temenos BOT’s inbuilt customer onboarding capabilities which can be achieved through a natural question and answer session.
Avenir will partner with banks right from conception of the BOT to deployment, to streamlining the process. The pre-built banking BOT can be easily customised to the workflows of any bank and can be ready for a launch in less than 8 weeks! As an IT company for the financial industry, Avenir takes into account individual bank needs, optimizes NLP, conducts testing and deploys the Smart Bot; making speed to market unmatched versus other solutions.
The Avenir Banking BOT can answer queries, fulfil requests, solve problems, predict customers’ needs, and enhance overall performance using sophisticated machine learning. The banking BOT can learn from us, interpret what we want and respond in a way that is natural and appealing. This sort of Machine learning will allow banks to cut costs and scale up to offer customers a personalised and always-on service wherever they are. Just as banks adapted to technological shifts by making themselves available over the phone, on the internet and on our smartphones, they must now add chat and messaging to their omni-channel strategies.
The BOTS are ready, is your bank BOT ready?
About Avenir Business Solutions:
Avenir Business Solutions is an Implementation Partner of Kore (Messaging & Bot Building Platform). We are an IT Solutions and Services company headquarted in London with offices in India and Dubai. Avenir uses Kore’s robust Enterprise Messaging and BOT platform to empower businesses to build intelligent assistants, similar to Siri, for their own workforce and customers. Chatbots are computer programs that mimic conversation with people using artificial intelligence. This brings secure, consumer-like messaging experiences to the most regulated industries. Smarter than the average chatbot, Kore BOTS deliver relevant alerts, execute actions, generate reports, and even interact with customers. Avenir excels in developing NLP enabled BOTs to suit the organisation’s requirements and integrates all the existing workflows to enable intuitive, personalized, conversational engagements between people and systems.