There’s a lot of conversation around the potential of Generative AI in banking. While it mostly began with uncertainty, talk has now firmly shifted. Organizations are not wondering ifit will have a transformative effect, but rather where, when, and how they can capitalize on it.
Customer service and support is one of the most promising Generative AI use cases in banking, particularly through voice assistants and chatbots. GenAI voice assistants can now automate a high portion of incoming queries and tasks with exceptional intelligence, accuracy and fluidity. This evolution has not only improved the quality of customer interactions, but also expanded the range of services that can be automated.
A prime example is Great Lakes Credit Union (GLCU). It saw its call containment rate soar from 25% when using a non-AI-powered IVR solution, to 75% with interface.ai’s GenAI Voice Assistant. This blog delves into the most impactful Generative AI use cases in banking, showing GLCU’s success and why Generative AI in banking is becoming indispensable.
Exemplary Generative AI use cases in banking
Like many other credit unions, GLCU is committed to innovating their member offering to provide them with enhanced financial services, greater convenience, and a personalized banking experience. To stay true to this mission, GLCU recognized that its phone banking offering needed to improve. While they offered 24/7 assistance with an IVR system, it lacked functionality and contextual-understanding that restricted the volume of calls it could handle, and the quality in which it managed them. This was causing member frustration and disengagement.
To solve this challenge, in August 2023, GLCU partnered with interface.ai to launch its industry-first Generative AI voice assistant. GLCU also integrated interface.ai’s Chat AI solution on the website. The assistant is named Olive and has had several significant impacts for the credit union.
The impact of interface.ai’s domain-specific Generative AI
In the U.S. Congressional hearing on AI Innovation in Financial Services, Elizabeth Osborne, COO of Great Lakes Credit Union, shared insights on the impact of interface.ai’s Voice AI assistant. According to her, interface.ai has had “remarkable results in terms of member satisfaction, call center performance, and employee engagement.”
Call center performance: Boost containment rate
Before interface.ai, GLCU used a non-AI-powered IVR system that averaged a 25% call containment rate (the % of calls successfully handled without the need for human intervention). With interface.a’s Voice AI, the call containment rate now averages 60% during business hours, and up to 75% after hours.
This high containment rate is driven by interface.ai’s combination of graph-grounded and Generative AI technologies. Built on 8+ years of domain-specific collective intelligence across every channel, the Voice Assistant has exceptional understanding, allowing it to accurately interpret and respond to a wide range of industry queries.
The voice assistant can also handle task-oriented, member-specific queries, powered by integration with Jack Henry Symitar. As Elizabeth Osborne explained in the hearing: “Olive is able to handle a wide range of member inquiries and requests, such as account balance, transaction history, transfers between accounts, and much more.” This dramatically increases containment rate and enhances the member experience.
Member satisfaction: Improve engagement quality
On concluding her speech at the U.S. Congressional hearing on AI Innovation in Financial Services, Elizabeth explained the pivotal impact interface.ai was having on GLCU’s members: “Our use of Olive [interface.ai] is a prime example of how the credit union industry can effectively deploy the use of AI to improve the lives of the members we serve.”
Unlike traditional IVR systems, and even many basic AI voice solutions, which often frustrate members with inaccurate information and repetition loops, Olive offers a more personalized and intuitive experience. With a hyper-intelligent understanding of the context and specifics of each inquiry, interface.ai’s Voice AI ensures that members receive accurate and relevant responses quickly. The ability to handle tasks has further boosted member satisfaction, as members can now manage their finances at any time of the day, instantly.
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Employee engagement: Increase job satisfaction
An unintended but key benefit of adopting Voice AI at GLCU has been the transformation of call center job satisfaction. With the voice assistant handling all the repetitive and straightforward queries, agents can focus on more complex tasks that are more engaging, rewarding, and career-progressive. As Elizabeth puts it:
“The role moved from providing transactional support for members, to providing more consultative, advisory support. This shift has resulted in a higher pay grade for staff and a better career path for our call center employees. Call center agents are more empowered and motivated to deliver exceptional service and value to members.”
While this is not the most widely recognized example of GenAI in banking, it goes to show the many Generative AI use cases in banking that have unintended, but impactful, consequences.
Wrap-up
The success of interface.ai’s Voice Assistant at Great Lakes Credit Union is just one of many Generative AI use cases in banking that showcase the transformative impact of this technology. By significantly improving call containment rates, enhancing member satisfaction, and elevating employee roles, Voice AI has become a cornerstone of GLCU’s strategy to deliver exceptional member support.
And the journey doesn’t stop here. GLCU will shortly integrate interface.ai’s industry-first Spanish language voice banking assistant powered by GenAI. This will allow GLCU to better serve their Spanish-speaking members and, as Elizabeth put it, “further increase the accessibility, support, and inclusivity of services and create a more diverse and welcoming environment for members.”
Want to learn more about interface.ai’s AI Voice Assistant and how Generative AI in banking can benefit your organization? Then try it out for yourself! Dial 888-320-3889 to speak with our virtual voice assistant, or click here.
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