Meet Royce, University Credit Union’s Intelligent Virtual Assistant helping them achieve their dream to be a leader in the digital space.
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How UCU selected interface.ai as a partner
Read about UCU’s journey on picking interface.ai as their Intelligent Virtual Assistant(IVA) vendor.
Learn how Royce was up in two weeks
Read about how interface.ai’s Managed Services helped UCU reap benefits from Royce in just a few short weeks.
Impact and evolution of Royce
Read about how Royce is helping UCU enhance operational efficiency and member experience.
In the news
22 April 2020
AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding
03 April 2020
Fintech firms providing Free Techchnology during the Corona Virus Crisis
7 February 2020
Credit Unions begin new decade with Upgraded, Converted Systems
Meet Uni, Gesa Credit Union’s Intelligent Virtual Assistant offering Amazon-like search for their members
About Gesa
Gesa Credit Union, the largest financial cooperative in Southeastern Washington, serving over 250,000 members
The Problem
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
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
$1.17M
Saved from support
operations
98%
Accuracy
1526Hours
member await
times averted
Improved
member satisfaction
In the news
22 April 2020
AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding
03 April 2020
Fintech firms providing Free Techchnology during the Corona Virus Crisis
7 February 2020
Credit Unions begin new decade with Upgraded, Converted Systems
What does the near future hold?
In this year, through ‘Uni’, Gesa is expected to achieve
$3M
Savings in operational costs
$1.5M
In new earnings
Prevent
Member churn
Overall, Uni is expected to bring significant ROI for Gesa.
Meet Ava, Security Service Credit Union’s Intelligent Virtual Assistant offering 24x7 member service
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
$1.29M
Saved from support
operations
95%
Accuracy
1580Hours
1580Hrs
member wait
times averted
Improved
member satisfaction
In the news
22 April 2020
AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding
03 April 2020
Fintech firms providing Free Techchnology during the Corona Virus Crisis
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
$5M
Savings in operational costs
10%
Increase in member lifetime value
$3M
In new earnings
Prevent
Member churn
Overall, Ava is expected to bring significant ROI for SSFCU.
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
110K
Queries answered
98%
Accuracy in responding to queries
$880k
Saved from support operations
700Hrs
of member time averted
In the news
22 April 2020
AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding
03 April 2020
Fintech firms providing Free Techchnology during the Corona Virus Crisis
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
$4M
Savings in operational costs
20%
Increase in member lifetime value
$2M
In new earnings
Prevent
Member churn
Overall, Emma is expected to bring significant ROI for Mashreq Bank.
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
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.ai’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
5X
Improvement In Conversion
31Min
Average conversation length
100%
Responses handled by assistant
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
In the news
22 April 2020
AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding
03 April 2020
Fintech firms providing Free Techchnology during the Corona Virus Crisis
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
$2M
Operational Cost Saving
$4M
New Earnings
20%
Increase in member lifetime value
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’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
19M
Queries answered
10K
Interactions per second
$11.16M
Saved from support operations
1321.5Hours
of member time averted
In the news
22 April 2020
AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding
03 April 2020
Fintech firms providing Free Techchnology during the Corona Virus Crisis
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
$20M
Saved from Support Operations
10%
Increase in member lifetime value
$5M
In new earnings
Prevent
Customer Churn
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
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
Solution
- 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
Key Impact Metrics
50%
Reduction in average wait time
20%
Reduction in average handling time
$300K
Reduction of operational costs
22%
Increase in Frontline productivity
$72K+
Drop in new hire training costs
15%
Improvement in Member satisfaction
5%
Increase in referrals
In the news
22 April 2020
AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding
03 April 2020
Fintech firms providing Free Techchnology during the Corona Virus Crisis
7 February 2020
Credit Unions begin new decade with Upgraded, Converted Systems
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 -
$2M+
Savings in operational costs
20%
Improvement in Member satisfaction
10%
Increase in average lifetime value of members