Fidor, a FinTech pioneer, recently rolled out its newest banking chatbot in the market.
The Fidor chatbot utilizes both natural language understanding and conversational AI in delivering efficient and personalized real-time interactions with users.
Chatbots can deliver considerable improvement to the customer experience.
In banking institutions, for instance, the technology has largely been deployed to assist in serving the ever-mobile customer.
The digital banking group developed the technology in partnership with artificial intelligence (AI)-driven conversational banking tech provider Finn AI.
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The chief executive officer of Finn AI Jake Tyler claimed: “Our conversational AI platform is designed exclusively for banks.
By working closely with financial institutions around the world, Finn AI has been able to build an impressive and proprietary platform. Our partnership with Fidor reflects our mutual commitment to continually innovate within the financial sector.”
This recent development helps in distinguishing Fidor as one of the first-ever digital banking service providers to integrate a virtual assistant within its stack of technology.
The announcement revealed that ‘bank customers will benefit from a market-ready digital bank platform with pre-integrated conversational AI, including deep machine learning capabilities and natural language understanding.’
The chatbot makes up a section of Fidor’s plan to expedite the adoption of various modern-day technologies including robotization, machine learning, and artificial intelligence (AI) in the banking field.
The bot designed by Fidor and Finn AI is expected to provide customers with instant access to easy-to-action financial support, specifically for their entire banking requirements, enabling them to carry out tasks as well as interact with the bank via a simple to understand human conversations.
Currently, the chatbot is readily available on both mobile and web banking applications.
The announcement by the digital banking group also revealed that ‘It addresses general customer queries and the fast routing of complex conversations to the appropriate human for a response, increasing customer satisfaction by reducing the time users spend looking for information. Next, the chatbot will assist with transactional services.’
At the moment, chatbot technology can detect complicated language nuances with an in-depth understanding of a majority of user requests.
Fidor’s chatbot boasts natural language processing (NLP) and machine learning functions, allowing it to ‘optimize and refine its performance every time it interacts with a customer, providing a very personalized experience.’
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The Chief Executive Officer and Founder of Fidor Matthias Kröner, stated: “The expansion of our platform today reinforces our strong belief in chatbots as a new way to interact with customers.
AI and machine learning are opening up a whole new world, creating real bot/customer discussion that continuously improves. As customer expectations are constantly evolving, it’s crucial for banks to stay ahead of the digital curve and adopt technology processes that respond to customer needs.”
Aside from delivering innovative digital support for Fidor Bank, Fidor Solutions builds digital banks by collaborating with forward-thinking entities in a bid to come up with customer-driven digital banking institutions from the ground up.
From its inception, technology was at the center of Fidor’s strategy.
Some of Fidor Solutions’ main offerings include the Banking Accelerator, Bank as a Service offering, Fidor Market, and Fidor Payments Avenue.
