Conversational banking in the age of biometrics, bitcoin, and robo-advisors.
The Use of AI in Banking
Product Guidance, Predictive Offers, and Origination
The average consumer has to navigate 100+ financial products that her bank offers including checking and savings accounts, brokerage accounts, loans, credit cards, mortgages, and a whole slew of investment products. Avaamo’s customers are using conversational AI to help their consumers quickly get to the most relevant financial product, entice them with in-the-moment predictive offers that have 30%+ acceptance rate, and remove the friction in the typical loan initiation or mortgage origination process.
From checking your balances, to tracking your trades, and reviewing your monthly mortgage statements, you are able to do much more when your bank uses Avaamo’s conversational AI enabled banking bots to provide seamless access to your financial accounts. Avaamo is also helping Wealth Management customers to provide intelligent and personalized access to their investment portfolio for high-net-worth individuals.
Fraud Detection & AML
Avaamo’s customers are using intelligent markers generated through millions of conversations to track potential fraudulent and money-laundering activities. If a consumer is identified as a potential victim of a fraud, Avaamo’s conversational AI platform helps them navigate through a detailed troubleshooting process to pinpoint the relevant transactions and immediate kickoff remedial actions.
“We’re witnessing the creative destruction of financial services, rearranging itself around the consumer. Who does this in the most relevant, exciting way, using digital and data, wins!”
Payments and Persistent Identity
In today’s age, when a consumer’s digital identity is seamlessly linked to online and offline payments, Avaamo is helping financial institutions enable their customers with biometric identification, digital currencies, and mobile payments through conversational interfaces through AI for Business. This has helped banks increase their engagement with millennials as well as bring the vast unbanked population into the fold of the formal financial products.
Branch office productivity
When the average new bank trainee is flummoxed by legacy green-screen banking terminals, Avaamo’s conversational AI quickly trains him on how to use that legacy app and provide prompt service to his customers. Similarly, Avaamo is helping investment advisors and financial planners sift through tons of regulatory forms and onboard their customers with the right documents.
Conversational AI in action:
Our Personal Banker helps you check your accounts, analyze spending, and apply for new services, just like you would at your local branch.