DNB, a financial service group has partnered with conversational AI solution provider, Boost.ai to manage the massive client queries on its website by deploying virtual agents powered by Boost.ai.
Regarding market capitalization, DNB is one of the major financial services groups in the Nordic region and the biggest in Norway. For both retail and business customers, the Group provides a wide range of financial solutions, including loans, savings, insurance, advisory services, and pension products. The group assures their presence to the customers via DNB’s bank branches in Norway, Post office counters, in-store postal and banking outlets, Internet banking, mobile services, and overseas offices. They are a significant player in a variety of industries, each of which has a Nordic or global strategy. One of the top shipping banks in the world, DNB also holds a dominant position in the energy, fisheries, and seafood industries.
Consumers may now communicate in new ways thanks to the underlying Artificial Intelligence and natural language processing (NLP) capabilities, a logical evolution from their social and mobile engagements. Through the chat interface, customers can engage with a variety of conversational AI banking operations, including reporting possible malpractice on their banking cards, requesting an increase in their credit card limit, and obtaining a breakdown of recent transactions. Task automation and frictionless customer service are both possible with bots. Costs are decreased, efficiency levels raise, and productivity increases as a result of less physical labor being used to complete activities. In addition, conversational AI solutions have advanced past the straightforward question-and-answer exchanges to guide clients through great journeys with automated end-to-end processes. We have now entered the era of better user experiences meeting greater levels of automation, allowing unique self-service models as natural language processing and machine learning technology evolve.
DNB was able to embrace intelligent virtual agents as the first line of customer assistance by installing a conversational artificial intelligence (AI) system powered by Boost.ai. DNB has been able to manage the massive influx of website visitor requests by doing this. Even though a large portion of these chat exchanges was human-aided, they consumed a lot of internal time and resources. More than 50% of all the incoming chat traffic was automated by DNB’s virtual agent, Aino, within the initial six months, and it today automates more than 20% of all customer care inquiries. Over a million consumers have connected with Aino to date, and customer response rates are becoming better.
Head of IT emerging technologies DNB, Jan Thomas Lerstein commented: “In leveraging AI, our aim is to revitalize our value chains, creating better service for our customers and, of course, value for the bank.”
“This is just the start of our journey too. We are already looking at voice APIs and how we can achieve higher levels of personalization with this technology, and we will continue to push the boundaries of what can be achieved with conversational AI. In improving efficiency, the sky’s the limit.”
DNB has given its staff members, new opportunities by integrating conversational AI. DNB has 15 full-time AI Trainers on staff who are trained to teach its virtual agents how to interact with clients and staff members and when to refer questions to human agents. Consumers are first sent to Aino by the new inquiry platform; if Aino is unable to answer their questions, customers are then given to a human agent. This allows the worker to concentrate on the jobs for which they were specifically trained rather than on more routine administrative chores. According to Boost.ai, the technology is enabling employees to concentrate on the challenging tasks for which they were hired rather than less important administrative duties. DNB was able to automate more than half of its chat traffic by using Boost.ai.