Kore.ai Case Studies Premier global bank enhances customer experience and reduces cost through Kore.ai Bots Platform

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	Premier global bank enhances customer experience and reduces cost through Kore.ai Bots Platform Kore.ai

Premier global bank enhances customer experience and reduces cost through Kore.ai Bots Platform

Kore.ai

Technology Category	Analytics & Modeling - Real Time Analytics Application Infrastructure & Middleware - API Integration & Management
Applicable Industries	Finance & Insurance
Services	Software Design & Engineering Services System Integration
Challenge	The bank was facing an imminent challenge of losing out on customer expectations, as millions of transactions emerging from the huge customer base were creating pressure on the technology and support infrastructure. Moreover, these challenges got aggravated with the constant flow of incoming IT incidents from the huge employee base across the organization. The technology and innovation group was finding it difficult to arrest the spiraling cost of resolution per ticket, increase in resolution time and multiple incidents of human errors. The bank was looking for a common solution that can address concerns on both the fronts - customers as well as employees, in an efficient and cost-effective manner. Read More
About Customer	The customer is one of the big four global banks in the U.S. with presence in more than 160 countries. The bank’s more than 200,000 employees serve over 200 million customer accounts through 4,600+ branches. The bank offers a broad range of financial products and services for retail consumers, corporations, governments, and institutions. It also offers consumer banking, credit banking, corporate banking, and investment banking, securities brokerage, transaction services, and wealth management services. The Technology and Innovation group within the bank is responsible for ensuring a strong IT infrastructure and delivering a smooth customer experience. Read More
Solution	In pursuit of a solution, the bank’s innovation team zeroed in on Conversational AI as an integrated approach that can help them address multiple internal and external issues. They started evaluating multiple vendors and connected with Kore.ai based on recommendations from multiple analyst firms. Our offerings were then evaluated against competitors. The bank’s IT team was highly impressed by certain unique features like IDE (bot builder), Integration (various channels as front end and APIs methods on the back-end), Hosting Options (on-premise and cloud) and Total Cost of Ownership (TCO). After a series of evaluation and discussion, the bank decided to go with us given our background as an enterprise chatbot provider. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Real Time Analytics

Application Infrastructure & Middleware - API Integration & Management

Applicable Industries

Finance & Insurance

Services

Software Design & Engineering Services

System Integration

Challenge

The bank was facing an imminent challenge of losing out on customer expectations, as millions of transactions emerging from the huge customer base were creating pressure on the technology and support infrastructure. Moreover, these challenges got aggravated with the constant flow of incoming IT incidents from the huge employee base across the organization. The technology and innovation group was finding it difficult to arrest the spiraling cost of resolution per ticket, increase in resolution time and multiple incidents of human errors. The bank was looking for a common solution that can address concerns on both the fronts - customers as well as employees, in an efficient and cost-effective manner.

About Customer

The customer is one of the big four global banks in the U.S. with presence in more than 160 countries. The bank’s more than 200,000 employees serve over 200 million customer accounts through 4,600+ branches. The bank offers a broad range of financial products and services for retail consumers, corporations, governments, and institutions. It also offers consumer banking, credit banking, corporate banking, and investment banking, securities brokerage, transaction services, and wealth management services. The Technology and Innovation group within the bank is responsible for ensuring a strong IT infrastructure and delivering a smooth customer experience.

Solution

In pursuit of a solution, the bank’s innovation team zeroed in on Conversational AI as an integrated approach that can help them address multiple internal and external issues. They started evaluating multiple vendors and connected with Kore.ai based on recommendations from multiple analyst firms. Our offerings were then evaluated against competitors. The bank’s IT team was highly impressed by certain unique features like IDE (bot builder), Integration (various channels as front end and APIs methods on the back-end), Hosting Options (on-premise and cloud) and Total Cost of Ownership (TCO). After a series of evaluation and discussion, the bank decided to go with us given our background as an enterprise chatbot provider.

Impact #1	NPS scores improved by 10 points to +35 from +25 in 6 months
Impact #2	There was a 27% increase in the number of users using chatbots for FAQ-related queries for their account inquiries and reward balance
Impact #3	The number of intents recognized, or queries successfully answered, increased to 73% from 67% within 6 months of deployment

Impact #1

NPS scores improved by 10 points to +35 from +25 in 6 months

Impact #2

There was a 27% increase in the number of users using chatbots for FAQ-related queries for their account inquiries and reward balance

Impact #3

The number of intents recognized, or queries successfully answered, increased to 73% from 67% within 6 months of deployment

Benefit #1	Savings is expected to touch $5M annually because of call deflection from the support center to the Bot

Benefit #1

Savings is expected to touch $5M annually because of call deflection from the support center to the Bot

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Overview

Premier global bank enhances customer experience and reduces cost through Kore.ai Bots Platform

Operational Impact

Quantitative Benefit