Smart banks - The new way of banking

The core value proposition behind conversational AI is increased efficiency for businesses and more immediacy and relevance for end-users.

It's easy to focus on the former because it is about profitability.

But new customers aren't attracted to your brand because of your internal efficiencies; they come because they see a differentiated user experience. In short, they can transact with your company quickly and easily in their channel and modality of choice.

The major players in banking are already tackling this — Bank of America's Erica is the most well-known example. As of December 2019, Erica had surpassed ten million users and was on track to complete 100 million client requests. Bank of America has made a significant investment in conversational AI and markets Erica as a differentiator in their customer service.

Despite this success — and the obvious efficiencies realized by automating 100 million client requests — many larger banks have not yet looked closely at conversational interfaces and mid-sized banks still significantly lag in how they communicate with their customers.

But even innovative banks don't yet realize the full benefits of conversational interfaces for enhanced customer engagement and faster, more reliable processing. Why?

Innovation in conversational AI still misses its potential because our mental model is tied to the confines of the chat box.

While buttons, images and even videos can be found in some chat interfaces, we can do so much more to improve the user experience, increase internal efficiencies and stand out against the competition.

In the video below, we show a more effective use of the chat interface, allowing customers to do so much more than a traditional chat box, while still taking advantage of a natural-language dialog.

Have you ever applied for a credit card or opened a bank account like this?

In this example, we break out of the chat box to provide:

• document scanning
• credit checks
• document generation and
• e-signature

…all within a single, continuous and natural user experience.

Instead of being stuck with text and buttons, we provide all the tools a user needs to complete an end-to-end transaction that would typically be accomplished through web forms, emails and even a visit to their local bank branch.

By staying in a single interface (a smart interface that provides tools and information while it gathers customer data) users are more likely to complete self-service processes and make their way to the end of your conversion funnel.

In addition to a better user experience and increased conversions, we're showing how a conversational interface tied to automation technologies (such as OCR, RPA and BPA) can significantly bring efficiencies to transaction processing.

Curious as to what Cognigy.AI can do for your company? Schedule a demo session so we can discuss your case.

Thank you to our Tech Consultant Alexander Teusz for developing this demo.

About Kofax

Kofax software enables organizations to Work Like Tomorrow™ – today. Kofax’s Intelligent Automation software platform helps organizations transform information-intensive business processes, reduce manual work and errors, minimize costs, and improve customer engagement. We combine RPA, cognitive capture, process orchestration, mobility and engagement, and analytics to ease implementations and deliver dramatic results that mitigate compliance risk and increase competitiveness, growth and profitability. Kofax provides a rapid return on investment for over 20,000 customers in financial services, insurance, government, healthcare, supply chain, business process outsourcing and other markets. Kofax delivers its software and solutions through its direct sales and services organization and more than 650 indirect channel partners and integrators in more than 60 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.

About Cognigy

Cognigy is a leader in the Conversational AI marketplace. The Cognigy solution delivers an Enterprise Conversational platform enabling organizations to build complex, integrated cognitive bots on a single platform. Their solution helps companies rein in “bot sprawl” and delivers the most advanced level of Natural Language Understanding and enterprise application integration in the industry. Leading companies in the USA and EMEA have standardized on the Cognigy platform to accelerate their adoption of Conversational AI.