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Home Finance IPsoft Unveils AI Powered Conversational Banking with 1Bank

IPsoft Unveils AI Powered Conversational Banking with 1Bank

Recently, IPsoft disclosed the availability of the first-ever conversational banking solution dubbed 1Bank.

The banking solution is powered by Amelia, a sophisticated artificial intelligence (AI) chatbot.

With Amelia, clients can interact with their banking institutions via an innovative Natural Language Interface either through chat or voice.

Through Ipsoft’s first conversational banking solution, Amelia assists in resolving sophisticated client questions through comprehensive dialogue. For instance: “How much can I afford to pay for a new home?”

Instead of providing a simple answer, Amelia will follow up with important questions, such as: “What is your annual salary?” or “How much of a down-payment would you like to make?”

READ MORE: 10 Applications of Machine Learning in Finance

READ MORE: Top 25 AI Software for the Banking Industry

“Customers no longer have to navigate a site, wait in long queues or scroll through endless account statements. With 1Bank, customers can get what they want in a natural way, a conversation.

We are enabling any financial institution to provide their customers with their own personal banker around the clock, every day and minute,” asserted Chetan Dube, the chief executive officer IPsoft.

“Customer support and self-service, when done right, can drive higher customer satisfaction. IPsoft’s Amelia supports a variety of customer-facing scenarios with its natural language interface and artificial intelligence engine. Amelia can take the entirety of a conversation into account.

At a recent event, IPsoft showed the solution it has deployed to a major European bank, which is using Amelia as a mortgage-qualifying engine,” commented Forrester, a global research and advisory company.

J.P. Gownder, Daniel Hong, Jennifer Wise, Christopher Voce, Lily Varon are behind Forrester Research’s Automation Technologies for Customer Engagement report published in July 2017.

MORE: Use of Chatbots in Banking

MORE: Natwest Bank Pushes Boundaries with AI Digital Human Chatbot Cora

Amelia is also skilled at allowing clients to switch their contexts in the middle of the conversation.

For instance, when a client is applying for a credit card, but in the middle of the conversation realizes that they want to use a different email, they cannot only go back but also switch email addresses without having to start the process all over.

Although the creation of static Web interfaces and rule-based chatbot revolves around basic keyword recognition, Amelia can differentiate human intentions from a broad range of conversational inputs — from “How much money is in my checking account?” to “How much is in checking?” “So, how much money do I have?”

What’s more, Amelia’s sophisticated machine learning capabilities allow her to become better over time.

At times, conversations may be relayed to human agents, mainly when Amelia is not in a good position to help clients.

In such cases, Amelia observes the conversation silently in the background in a bid to boost her abilities.

The secure backend integrations of 1Bank with other bank’s available systems and software enable users to carry out their financial tasks with limited or no human intervention.

The artificial intelligence solution (1Bank) provides innovative conversational banking skills such as balance checks, account origination, payment processing, wealth management, account management, and credit card processing.

1Bank can easily be integrated into numerous popular banking channels like websites, kiosk applications, mobile applications, voice applications like Amazon Echo, consumer chat apps including Facebook Messenger, and standard telephone calls.

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KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
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