Artificial intelligence is rapidly spreading across industries that rely heavily on data — which these days includes almost all of them — and the financial services sector is no exception. With banks and credit unions seeking out new ways to leverage this technology, Coconut is proud to now be able to provide the ability to use AI to interact with customers through our new partnership with the world’s leading AI-powered conversational banking technology provider, Finn AI.
This partnership will provide bank customers with the ability to engage and schedule a meeting with their financial service provider using a multi-turn conversational model that is API-integrated with the Coconut Software platform. For example, a customer could chat with a virtual advisor to gain personalized mortgage advice, receive pre-approval, and book a meeting to complete the process, all while following a simple, natural conversation.
In the hunt to reduce costs while servicing increasingly tech-savvy customers, AI-based chatbot solutions provide an excellent opportunity to bring new opportunities for engagement. Most often, these chatbots are developed with two-way communication in mind, supplementing channels such as phone, email or text for customers looking for quick service and transactional support. However, while most basic tasks such as balance inquiry, bank account details or loan queries can be handled by a bot efficiently, issues can arise when a bot encounters a request that requires a face-to-face meeting.
“At Coconut, our goal is to provide banks and credit unions with methods to engage and manage customers on a personal level, no matter their channel of preference,” said Katherine Regnier, CEO of Coconut Software. “With this partnership, financial institutions are able to deliver additional convenience and tailored advice that seamlessly bridges the physical-digital divide, providing huge benefits to customer acquisition and retention.”
Despite growing demand for personalized digital experiences, of all financial customers who head to their institution’s website or app for service, 35% of them will wind up visiting a branch to complete their journey. Whether they do so because the service they requested requires human support, or they simply prefer conducting their banking in person, providing them with a method to move from advice and service to appointment scheduling through a natural online conversation, banks can eliminate friction that often occurs for those thirty five percent.
Another issue for today’s digital customers is that few of them are conducting their banking activity during business hours. And while most banks do offer a 24/7 contact center number, the fact is that the majority of customers are not making phone calls much anymore. These days, chat is king, and a round-the-clock instant chat feature is expected by the increasingly digital ‘always-on’ consumer. This means that banks with chatbots built into their websites have a competitive advantage, and are likelier to attract and retain customers. And a chatbot that saves customers from having to switch to a phone call to book an appointment when needed is an incredible bonus.
“A fall off point for banks — that do not have a fully digital journey — is getting the consumer to interact with a banker, either in person or on the phone, after they have demonstrated an interest in a product online,” said Jake Tyler, CEO of Finn AI. “By integrating with Coconut Software, we’re bridging that gap and making it easier for banks to interact with and convert online prospects.”
Studies have already shown that people find phone calls tedious and slow as compared to instant chat. Customers are looking for speed and personalization when interacting with their financial institution. At the same time, they don’t want the impersonal experience of email or online forms. Intelligent customer support chatbots offer a mix of both live conversation and speed. By providing a way for banks and credit unions to establish personal interactions online — and importantly, to maintain them even when it’s necessary to move the conversation offline — organizations are able to exceed customer expectations.
About Finn AI
Founded in 2014, Finn AI is the world’s leading AI-powered conversational banking technology provider, working with top financial institutions including: ATB Financial, Bank of Montreal (BMO), Banpro Grupo Promerica, Fidor Bank, and TymeBank, as well as partnerships with Auth0, Fidor Solutions, MX, Temenos, and Visa Canada. Banks use the award-winning Finn AI platform to transform and deepen customer engagement –providing a truly personalized digital-first experience– while delivering the operational efficiencies and cost savings of conversational AI. For more information visit finn.ai.
About Coconut Software
Coconut Software is a leading provider of customer engagement solutions, empowering modern banks and credit unions including: Vancity, United Federal Credit Union, Servus Credit Union, and Royal Bank of Canada. By delivering seamless experiences for both financial institutions and their customers, Coconut Software helps to bridge the gap between digital and physical channels and improve operational efficiencies. Through technology that supports enhanced customer experiences across all touchpoints, Coconut’s solutions consistently increase satisfaction scores, decrease churn, and strengthen acquisition.
Looking to get started on delivering a premium experience to your clients? Schedule a consultation with Coconut Software to learn more about how our appointment and lobby management scheduling solutions can get you there.