Digital-only Australian bank UBank has teamed up with IBM to create a "hyper-personalised" AI-powered cognitive assistant for customer service employees.
Called RoboBrain, the assistant relies on IBM's Watson to create a one stop, one screen tool for searching information at UBank. Staffers talking to customers on the phone or via LiveChat can type one of thousands of questions, in natural language, and get answers in a couple of seconds.
Since going live earlier this month, RoboBrain has sped up processes for more than 40% of UBank’s 200 employees, and improved response time for over 400,000 customers, cutting down search time by 33%, claims the bank.
Lee Hatton, CEO, UBank, says: "In today’s world, we’re seeing more and more businesses move to offshore models, with customer service teams fragmented as a result. At UBank, all our staff are based in Australia, which we know is important to our customers.
"With RoboBrain, we wanted to create technology that not only empowers our local team, but also benefits our customers through innovation. We’ve already seen some great results from RoboBrain, through faster response times and more efficient information searches, allowing us to help more customers every day."
This is the second bot UBank has partnered IBM on. Last year, the bank rolled out a virtual assistant to help potential home buyers and refinancers complete their online home loan applications. Want to learn more about how AI is upending traditional financial services? Register for Finextra's NextGen Banking London: the AI Revolution conference and hear how some of Europe's top banks are using the technology to radically improve efficiency, risk management and regulatory compliance, and customer service.