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Meet Royce, University Credit Union’s Intelligent Virtual Assistant helping them grow, & enhance efficiencies

Interact with Royce

About University Credit Union

University Credit Union, headquartered in LA, California, is a purpose-driven financial cooperative dedicated to giving the University Community a financial edge. It is one of the fastest growing Credit Unions in the United States and serves over 41,000 members and has assets over $800M

The Problem

UCO CEO

Dr. David Tuyo

President & CEO, University Credit Union

“We are trying to solve bottlenecks at the call center level but while evaluating the Intelligent Virtual Assistant technology, we saw various other applications of it. For instance, it will enable us to improve service levels for our members & assist members to complete online applications that were started but were never completed.”

Goals of implementing an Intelligent Virtual Assistant

  • A significant portion of the applications that were started online, were never completed
  • There were several bottlenecks in the contact center operations, which, if rectified, could greatly improve service levels to members
  • There were several upsell and cross-sell opportunities to be explored
  • Reduce training time of support staff
  • Improve operational efficiency across the organization
  • Improve member response accuracy rates by up to 95% and greatly improve first call resolution rates
  • Offer personalized interaction experience for members
  • Continuously learn from member interactions and improve
UCO CEO

Dr. David Tuyo

President & CEO, University Credit Union

“This project is part of our long term strategy and it made sense to advance considering the accelerated shift of members towards digital channels. The decision to invest has come after extensive evaluation and the technology is proven to deliver value. We believe that institutions that take action during tough times by adding significant value to their members & by serving them in creative ways will be poised for success in the long term.”

Solution

In a phased manner, Royce will be helping UCU achieve its long term vision of

  • Call center automation through AI enabling better member experience and instant service
  • Provide proactive experience to members and help them save more and make better use of University Credit Union’s products and services
  • Members will be able to get information about UCU products and services instantly
  • AI will assist members to identify and select the best offerings
  • Guidance over voice and text to help members & prospects successfully apply for new products
  • Enabling applications in a conversational manner
  • Automated follow ups in case of drop-offs or errors in application forms
  • Enable members to perform any transactions by conversing with the AI agent

Royce’s Impact

  • Call center automation through AI enabling better member experience and instant service
  • Provide proactive experience to members and help them save more and make better use of University Credit Union’s products and services

Key Impact Metrics

saved in the 1st month

$50k

Saved in the 1st month

Accuracy

90%

Accuracy

 hours of member wait times averted

216Hours

hours of member wait times averted

Improve member satisfaction

Improved

Improve member satisfaction

UCO CFO

Serge Rizk

CFO, University Credit Union

“We were not sure of our ability to afford technology like AI and ML due to the narratives in the outside world. When it came to our knowledge that other Credit Unions with similar asset size ranges, like Gesa, were investing in AI, we were convinced to take a granular look. On going deeper, we understand that all financial institutions with more than $100M in assets can leverage different aspects AI with Intelligent Virtual Assistants.”

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

What does the near future hold?

In this year, through ‘Royce’, UCU is expected to achieve

of operational cost savings

$2M

of operational cost savings

Average lifetime value increase by 10%

10%

Average lifetime value increase by 10%

New earnings over $2M

$2M

New earnings over $2M

Prevent

Prevent

Member churn

Next Steps

  • Support all browsers and devices
  • Omni-channel capabilities - Website, Mobile App, SMS, IVR
  • Assist members with information, transactions and proactive experiences
  • Successfully support the differently abled according to ADA guidelines
  • Integrate with CBS/CRM applications

Meet Uni, Gesa Credit Union’s Intelligent Virtual Assistant offering Amazon-like search for their members

Interact with Uni

About Gesa

Gesa Credit Union, the largest financial cooperative in Southeastern Washington, serving over 250,000 members

The Problem

UNI CEO

Raj Bandaru

CIO, COO, Gesa Credit Union

“After a recent merger, our portfolio of products and services more than doubled and members tripled. This made finding products and services on the website challenging for both members and prospects. This had a direct impact on top line, bottom line, and member experience.”

Pain Points

  • Loss in new revenue through lack of new product adoption & new member signups
  • Increased costs from contact center operations
  • Drop in member satisfaction rates due to a lack of awareness of best fit offerings

Solution

Uni, the digital assistant powering Gesa Credit Union, is currently on the website assisting members and prospects

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Uni’s Impact

  • With Uni, Gesa has been able to deflect a large portion of the call center inquiries, greatly reducing call volumes leading to cost savings
  • Uni is enabling new revenues by helping members and prospects find the information they are looking for in an instant
  • Great member experience is ensured as Uni responds to the majority of customer queries instantly
  • Gesa is ensuring 24x7 member support, without investing in contact center operations
  • As a whole, Gesa is aiming to leapfrog the current member experience from digital to AI-first

Key Impact Metrics

Metrics yellow

25K

Queries answered every month

Metrics blue

95%

Accuracy in responding to queries

Metrics green

$200K

Saved from support operations monthly

Metrics red

350Hrs

of member time averted

UCO CEO

Raj Bandaru

CIO, COO, Gesa Credit Union

“Uni’ has saved us over $200,000 every month since launch. Wherein people are able to get their information and make some intelligent decisions on their own as opposed to calling Gesa.”

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

What does the near future hold?

UCO CEO

Raj Bandaru

CIO, COO, Gesa Credit Union

“The next step is to integrate ‘Uni’ inside our Call center phone system to automate a large portion of the calls. 60% of the calls that we get are related to basic information like, "Hey, what's my balance?" And then the other 15% or 20% questions are "Hey, did my Social Security check clear?”
In this year, through ‘Uni’, Gesa is expected to achieve
Metrics yellow

$3M

Savings in operational costs

Metrics blue

$1.5M

In new earnings

Metrics green

Prevent

Member churn

Overall, Uni is expected to bring significant ROI for Gesa.

Next Steps

  • Support all browsers and devices
  • Omni-channel capabilities - Website, Mobile App, SMS, IVR
  • Assist members with information, transactions and proactive experiences
  • Successfully support the differently abled according to ADA guidelines
  • Integrate with CBS/CRM applications

Meet Ava, Security Service Credit Union’s Intelligent Virtual Assistant offering 24x7 member service

Interact with Ava

About SSFCU

Security Service Federal Credit Union(SSFCU), with over $9.8B in assets and serving over 800,000 members, is one of the largest credit unions in Texas.

The Problem

SSFCU offers a comprehensive portfolio of products to its members. Due to a large set of offerings to choose from, members found it challenging to find the right-fit products and services. This was adversely impacting their top line, bottom line, and member experience.
SSFCU is also an early adopter of digital solutions and always strives to offer the best new technologies to their members at the earliest.

Pain Points

  • Loss in new revenue through lack of new product adoption & new member signups
  • Drop in member satisfaction rates due to a lack of awareness of best fit offerings
  • Increased costs from contact center operations
  • Depleted member experience due to a lack of 24x7 support and high query resolution times

Solution

Ava, the digital assistant powering SSFCU, is currently on the website assisting members and prospects in their search for right-fit offerings

Ava’s Impact

  • Ava enables members and prospects to find best fit offerings by understanding their needs and thus enabling higher revenues, member satisfaction and increased lifetime value
  • Ava helps members with information they are looking for instantaneously leading to better member experience
  • With Ava, SSFCU has been able to deflect a large portion of the call center inquiries, greatly reducing the call center call volume leading to cost savings
  • Ensure 24x7 member support, without investing in 24x7 Contact Center Operations

Key Impact Metrics

Metrics yellow

56K

Queries answered

Metrics blue

94%

Accuracy in responding to queries

Metrics green

$500K

Saved from support operations

Metrics red

400Hrs

of member time averted

CEO AVA

Jay Tkachuk

Senior VP, Digital Services at SSFCU

“Interface is one of the very few platforms that can achieve 90%+ accuracy within just a few weeks”

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

What does the near future hold?

In this year, through ‘Ava’, SSFCU is expected to
Metrics yellow

$5M

Savings in operational costs

Increase in member lifetime value

10%

Increase in member lifetime value

Metrics blue

$3M

In new earnings

Metrics red

Prevent

Member churn

Overall, Ava is expected to bring significant ROI for SSFCU.

Next Steps

  • Support all browsers and devices
  • Omni-channel capabilities - Website, Mobile App, SMS, IVR
  • Assist members with information, transactions and proactive experiences
  • Successfully support the differently abled according to ADA guidelines
  • Integrate with CBS/CRM applications

Meet Emma, the Intelligent Virtual Assistant that is streamlining customer support of one of the world's best digital banks, Mashreq Bank

About Mashreq Bank

Mashreq Bank, is one of the largest privately owned banks in the UAE with over $40B in assets. It is widely regarded as the best consumer digital bank and the most progressive bank in UAE

The Problem

Mashreq offers a comprehensive portfolio of products to its customers. Due to a large set of offerings to choose from, customers found it challenging to find the right-fit products and services easily. Also, due to non availability of instant support during the application process, the bank was losing out on new customer sign-ups. This was adversely impacting the Bank’s top line, bottom line, and customer experience. Masheq is also an early adopter of digital solutions and always strives to offer the most innovative technologies to their customers at the earliest.

Pain Points

  • Loss in new revenue through lack of new product adoption & new member signups
  • Drop in member satisfaction rates due to a lack of awareness of best fit offerings
  • Increased costs from contact center operations
  • Depleted member experience due to a lack of 24x7 support and high query resolution times

Solution

Emma, the digital assistant powering Mashreq Bank, is currently on the Neo Biz website assisting customers and prospects in their search for right-fit offerings.

Emma’s Impact

  • Emma enables customers and prospects to find best fit offerings by understanding their needs and thus enabling higher revenues, customer satisfaction and increased lifetime value.
  • Emma aids customers to easily complete application forms and thus enabling new revenues for Mashreq.
  • Emma helps customers with information they are looking for instantaneously and enables customers to talk to a human agent as needed leading to better customer experience.
  • With Emma, Mashreq Bank has been able to deflect a large portion of the call center inquiries, greatly reducing the call center call volume leading to cost savings.
  • Mashreq is ensuring 24x7 member support, without investing in contact center operations

Key Impact Metrics

Metrics yellow

110K

Queries answered

Metrics blue

98%

Accuracy in responding to queries

Metrics green

$880k

Saved from support operations

Metrics red

700Hrs

of member time averted

EMMA

Srinivas Njay

Founder & CEO, interface

“The collective knowledge Interface has derived from processing millions of conversations has been made available to all our clients from day one. This has enabled them to provide exceptional customer experience from the get-go.”

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

What does the near future hold?

In this year, through ‘Emma’, Mashreq Bank is expected to achieve
Metrics yellow

$4M

Savings in operational costs

Increase in member lifetime value

20%

Increase in member lifetime value

Metrics green

$2M

In new earnings

Metrics red

Prevent

Member churn

Overall, Emma is expected to bring significant ROI for Mashreq Bank.

Next Steps

  • Support all browsers and devices
  • Omni-channel capabilities - Website, Mobile App, SMS, IVR
  • Assist members with information, transactions and proactive experiences
  • Successfully support the differently abled according to ADA guidelines
  • Integrate with CBS/CRM applications

Meet Max, TDECU’s Intelligent Virtual Assistant that is helping them increase new product signups

About TDECU

TDECU, founded in 1954, is a Texas based credit union which serves over 263,000 members.

The Problem

Currently, the team observes that 49.6% & 51% ofdrop-offs occur at the first 2 pages of the online non-member application form. These drop-offs impact the conversion rate & bottom line of the credit union.

Pain Points

  • Length of the form and lack of intuitiveness is causing a higher number of drop-offs
  • Credit Union non-member application form is lengthy has 8 pages
  • Noise and ambiguity; offers subscription for various products/services
  • Lack of information and support on form resulted in spike of dropout
  • Up to 92.4% drop out rate, resulting in a conversion of 7.6%

Solution

Bruce Kim

Bruce Kim

Co Founder & CTO, Interface

“Interface’s state-of-the-art federated learning makes Max intelligent from day one and continues to learn through millions of similar workflows; both within TDECU and across other enterprises. Such collective intelligence empowers enterprises to build and provide the best customer experiences quickly.”

Max’s Impact

  • By offering a fully integrated conversational banking experience, smart AI assistants help TDECU drive higher conversions with first-time bankers
  • Max helps creating an impact with existing customers and new leads; reducing drop-offs significantly
  • Enabling interface’s digital assistants on several pages of the non-member application form provides non-members
    • • Useful predictions
    • • Recommendations with form filling
    • • Selection of products and services

Driving digital impact with 'Max’

Coaching and guiding end-users throughout the application process, Max (TDECU's Digital Assistant) is tailored to proactively assist all non-members to fill out their application forms.
Max assisted them by answering queries, providing useful suggestions and helpful links resulting in a significantly higher conversion rate; driving greater revenue for the Texas-based Credit Union.

Positive Impact we achieved for TDECU

Improvement In Conversion

5X

Improvement In Conversion

Average conversation length

31Min

Average conversation length

Average conversation length

100%

Responses handled by assistant

Accuracy in responding to queries

99%

Accuracy in responding to queries

  • Identified the most searched products –
    • • Savings
    • • Checking and
    • • Money Market Account
  • Identiefied the most FAQs
    • • Member care – Additional Services
    • • Help me – Application status
    • • Forward Checking Debit Card, Credit Card
  • Having strengthened a detailed understanding into the adoption of AI agent with regard to first time users
  • Observed a behaviour change in customers who were actively using Max’s assistance for filling and completing application forms
Overall, TDECU can use the intelligent assistant to its full potential to drive more revenue and help customers
MAX

Claudio Garcia

Director of Growth & Digital Transformation, Baker Tilly

“Leveraging the pre-built models on interface’s platform, we were able to set up an advanced intelligent virtual assistant for TDECU in no time at all”

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

What does the near future hold?

In this year, through ‘Max’, TDECU is expected to achieve
Operational Cost Saving

$2M

Operational Cost Saving

New Earnings

$4M

New Earnings

Increased Average Lifetime Value by 20%

20%

Increased Average Lifetime Value by 20%

Next Steps

  • Support all browsers and devices
  • Omni-channel capabilities - Website, Mobile App, SMS, IVR
  • Assist members with information, transactions and proactive experiences
  • Successfully support the differently abled according to ADA guidelines
  • Integrate with CBS/CRM applications

Meet SIA, State Bank of India’s Intelligent Virtual Assistant helping them offer industry leading customer experience

About State Bank of India(SBI)

With over $630 Billion in assets and 500 Million customers, State Bank of India (SBI) is one of the Top 50 global banks and well on course to break into the Top 30 in a few years.

SBI operates out of 26 countries with over 25,000 branches and 60,000 ATMs generating revenues close to $61 Billion. Over 70 Million customers actively use their Internet and Mobile Banking channels. About 45% of all transactions in India go through SBI’s payment gateways which is setup to handle 50,000 concurrent transactions.

The Problem

  • High support costs

    SBI spends billions of dollars serving over half a billion customers every year in spite of a matured digital banking platform

  • Low digital banking adoption

    SBI serves customers of diverse backgrounds from farmers to C-level executives with different levels of technology comfort and a one-size- fits-all approach for Internet and Mobile Banking channels has led to low digital adoption

  • Low level of personalization

    A huge volume of customers, from diverse background with diverse needs makes it hard to provide personalized services

Goals of implementing an Intelligent Virtual Assistant

  • Reduce Opex Cost - Significantly reduce customer support cost through automation
  • Increase Conversion - Enable seamless customer onboarding through AI Assistance
  • Maximize Revenue Opportunities - Upsell/cross sell through AI-led product recommendations
  • Improve Customer Life-cycle Experience - Enable personalized, channel-agnostic customer journey

Solution

SIA(SBI Intelligent Assistant) fluently answers inquiries on all banking products and services such as how to open an account or apply for loans, etc. She will soon be able to process financial transactions in many Indian regional languages across multiple customer channels in both text and voice.
Shiv Kumar Bhasin

Shiv Kumar Bhasin

Chief Technology Officer at SBI

“SIA is a perfect example of ground-breaking banking application in Artificial Intelligence and Conversational Banking. It will enhance customer service several notches above and interface’s expertise in the conversational banking domain helped us build SIA as a superior chatbot in the global banking space.”

SIA’s Impact

  • 52% savings in support costs over the last 6 months
  • 28.8% of queries answered by SIA are related to product enquiries. This has helped SBI acquire new customers for the various banking products it has on offer.

Key Impact Metrics

Queries answered

19M

Queries answered

Interactions per second

10K

Interactions per second

Saved from support operations

$11.16M

Saved from support operations

of member time averted

1321.5Hours

of member time averted

MAX

Srinivas Njay

Founder & CEO, interface

“Companies like Google are launching global products in India first to leverage the millions of users coming online for the first time on smartphones. interface makes 'Banking Accessible to the Billions' by allowing these users to easily access banking services in their native language through our multilingual conversational AI.”

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

What does the near future hold?

In this year, through ‘SIA’, SBI is expected to achieve
Saved from Support Operations

$20M

Saved from Support Operations

Increase average lifetime value of customers by 10%

10%

Increase average lifetime value of customers by 10%

Expected new earnings over $5M

$5M

Expected new earnings over $5M

Customer Churn

Prevent

Customer Churn

Next Steps

  • Support all browsers and devices
  • Omni-channel capabilities - Website, Mobile App, SMS, IVR
  • Assist members with information, transactions and proactive experiences
  • Successfully support the differently abled according to ADA guidelines
  • Integrate with CBS/CRM applications

Meet Iris, CFCU’s Intelligent Virtual Assistant that is enhancing their call center operations

About Connect First Credit Union

Connect First Credit Union(CFCU), with over $5.5B in assets and serving over 125,000 members, is the 10th largest credit union in Canada

The Problem

CFCU receives over 7000 calls to its call center every month from members. CFCU’s member engagement through the call center has been inefficient due to the following issues -

  • Legacy processes and no proper documentation or knowledge management
  • Improper and Inconsistent application of policies & procedures by agents
  • Unsatisfactory & Inconsistent responses to standard questions by agents
  • High dependency on supervisors to enforce processes and ensure resolutions
Joe Shenfield

Joe Shenfield

Manager, IT Development & Quality Control, Connect First Credit Union

“The problem we are trying to solve is at the call center level. Bringing together thousands of pages of operational documentation, complex processes, tools and diverse systems just through training the agents has led to several challenges”

Pain Points

  • Drop in member satisfaction rates due to
    • High resolution time
    • High wait times
    • Poor first time resolution rate
  • High operational expenditure due to
    • Increased agent onboarding & training time
    • High agent attrition rate
    • High Supervisor to Agent ratio
  • Drop in revenues due to member churn
  • Loss in new revenue through upsell, lack of new product adoption & new member signups
Joe Shenfield

Joe Shenfield

Manager, IT Development & Quality Control, Connect First Credit Union

“We want to ensure we are following processes accurately but also ensure we are offering a smooth member experience. With interface, agents are able to have a natural conversation while the virtual assistant is helping them get answers and follow the process”

Solution

Iris, the digital assistant powering CFCU, is currently helping the call center agents in efficiently and effectively assisting members
  • Iris enables call center agents to respond to member questions instantly - thus reducing the wait times and average handling times of calls
  • Human error is eliminated and the instances of first call resolution is dramatically increased
  • Iris is updated on all organisational policies and procedures and ensures they are followed during all interactions with members
  • Agent training time reduces drastically with agents having to focus majorly on honing their soft skills only
  • Iris reduces the need for supervisors
Joe Shenfield

Joe Shenfield

Manager, IT Development & Quality Control, Connect First Credit Union

“We experience better member satisfaction through shorter call times and better call efficiency. Also, as agents are able to have natural conversations with member, we end up selling more of our products to them through referrals”

Key Impact Metrics

Reduction in average wait time

50%

Reduction in average wait time

Reduction in average handling time

20%

Reduction in average handling time

Reduction of operational costs

$300K

Reduction of operational costs

Increase in Frontline productivity

22%

Increase in Frontline productivity

Drop in new hire training costs

$72K+

Drop in new hire training costs

Improvement in Member satisfaction

15%

Improvement in Member satisfaction

Increase in referrals

5%

Increase in referrals

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

Joe Shenfield

Joe Shenfield

Manager, IT Development & Quality Control, Connect First Credit Union

“We plan to expand this to other aspects of the business. Starting with the employee IT helpdesk first. It will then expand to support all employee processes and then further expand to be member facing”

What does the near future hold?

  • In the next phase, Iris is expanding to be the IT helpdesk assistant and the employee process assistant
  • In the following phase, Iris will be interacting with members, handling member queries and transactions directly
  • In the coming year, through ‘Iris’, CFCU is expected to -
Savings in operational costs

$2M+

Savings in operational costs

Improvement in Member satisfaction

20%

Improvement in Member satisfaction

Increase in average lifetime value of members

10%

Increase in average lifetime value of members

Earnings in new revenues

$1M+

Earnings in new revenues

Member churn

Prevent

Member churn

Next Steps

  • Support all browsers and devices
  • Omni-channel capabilities - Website, Mobile App, SMS, IVR
  • Assist members with information, transactions and proactive experiences
  • Successfully support the differently abled according to ADA guidelines
  • Integrate with CBS/CRM applications
Srinivas Njay

Srinivas Njay

Founder & CEO, interface

“Interface has accumulated a lot of knowledge by processing millions of conversations for financial institutions. This rich knowledge was made available to CFCU through Iris, which enabled it to drive value from day one”

Other Case Studies

Gesa Credit Union’s Intelligent Virtual Assistant Uni

“Uni’ has saved us over $200,000 just in the last month. Wherein people are able to get their information and make some intelligent decisions on their own as opposed to calling Gesa”.
UCO CEO

Raj Bandaru

CIO, COO, Gesa Credit Union

Security Service Credit Union’s Ava

“Interface is one of the very few platforms that can achieve 90%+ accuracy within just a few weeks”.
UCO CEO

Jay Tkachuk

Senior VP, Digital Services at SSFCU

Mashreq Bank’s Emma

“The collective knowledge Interface has derived from processing millions of conversations has been made available to all our clients from day one. This has enabled them to provide exceptional customer experience from the get-go”.
Interface CEO

Srinivas Njay

Founder & CEO, interface