IPsoft’s 1Bank is one for conversational banking
IPsoft has launched its first conversational banking solution as it seeks to meet humans’ great expectations.
Called 1Bank, it’s in English for now and is powered by its virtual agent Amelia. IPsoft says 1Bank’s intelligence is the result of 20 years of research.
“With 1Bank we provide the most humanlike digital experience in the marketplace, built from the knowledge we’ve gained serving six of the world’s leading banks with conversational AI [artificial intelligence]. We are giving banks the possibility of providing customers with their own personal banker around the clock,” says Chetan Dube, CEO at IPsoft.
1Bank is designed to answer FAQs and independently resolve customer needs. The firm says 1Bank understands customer intent and can switch context, mid-conversation.
For example, it can offer advice on unpaid bills, proactively informing customers of an incoming bill and communicating any insufficient funds, making a money transfer and asking if the customer wants to set up payment for the bills when they are due.
In addition, it could recommend and set up recurring payments, and help with potentially fraudulent charges on credit cards and disputing them.
1Bank communicates by web, mobile app or voice. It can integrate with various tools and interfaces – such as within consumer chat applications Facebook Messenger and Amazon Echo.
The new solution has pre-built features for credit card processing and account management. It understands the different account types, payee types, currencies and banking language, such as paperless statements or electronic transfers.
On top of all that, it also knows how to look up account information or make a transfer or which process to carry out if a customer has lost their credit card. IPsoft adds that the bank needs to do work to integrate with existing back-end systems, but the processes are already built in.
Headquartered in New York City, IPsoft has offices in 15 countries and works with 550 brands, including more than half of the world’s largest IT services providers. Some of its bank customers include BBVA, SEB and Credit Suisse.