Enhancing customer interaction with financial institution through chatbot

The implementation of the chatbot reduced the company’s service costs and significantly enhanced customer service.

Client

Our client is a leading credit management company operating across multiple European countries. Having a strong commitment to ethical debt management, they provide guidance to customers on timely repayment.

Norway’s complex debt collection framework overwhelmed local credit counselors, hindering their ability to provide prompt credit management assistance.

Client
Credit management company
Country
Norway
Solution
Chatbot
Domain
FinTech
Outsourcing model
Staff augmentation
Technology
C#, Microsoft Bot Framework

Challenge

The client realized the need to automate responses to customer queries and opted to create a chatbot. The chatbot aimed to achieve the following objectives:

Cost reduction
Workload redistribution
Regulatory compliance
Payment facilitation
Expert assistance

Recognizing EffectiveSoft’s expertise in developing such solutions, our engineers were invited to join the core project team and contribute their knowledge.

Solution

We were tasked with developing a software that would effectively understand customer inquiries, provides necessary information, and seamlessly transfers conversations to human agents while preserving the chat log.

To complete the assignment, the engineers at EffectiveSoft developed a custom chatbot equipped with NLP capabilities using Microsoft Bot Framework. By leveraging Azure Cognitive Services, specifically LUIS, the chatbot gained powerful AI-based features.

Integration with Microsoft Azure Bot Service enabled the client to deploy the chatbot across various devices and communication channels, including voice and text formats on websites, line platforms, and fintech apps. Ultimately, this advanced solution we created provided the client with an automated call center system.

How does it work?

The chatbot identifies and extracts relevant data from customers’ natural language messages.
After AI-powered analysis of the user’s question, enabled through Azure Cognitive Services, the algorithm defines the customer intent.
Based on the information extracted from the credit institution’s database, the chatbot provides appropriate responses.
The integration of external services within the code enables the chatbot to fetch dynamic information seamlessly, ensuring a meaningful conversation with customers.

Highlights

Instant query handling: The bot promptly addresses customer questions, retrieves payment records, and fulfills routine requests, leading to improved customer satisfaction.
Clarity and guidance: By asking follow-up questions, the bot eliminates confusion, ensuring a smooth and seamless customer experience.

AI Development Services

From AI strategy building and data analysis to AI integration and deployment, our comprehensive artificial intelligence development services are tailored to address challenges across domains.

Result

The implementation of the chatbot has enabled the client to efficiently maintain customer relationships while also boosting job satisfaction among office staff. Customers now have the ability to request and receive consultations, establish payment plans, and manage their credits consultations without the need for human agent intervention.

As a result, the company has experienced a significant improvement in first call resolution rates, with an increase of 20 percent, from 50 to 70 percent, which demonstrates the chatbot’s effectiveness in enhancing customer service.