Chatbots can provide a much needed boost to customer experience. In banks, for example, the technology has been increasingly deployed to help serve the ever-mobile consumer.

The latest banking chatbot to enter the market has been created by FinTech pioneer Fidor, the digital banking group. It has been designed in collaboration with Finn AI, the the AI-powered conversational banking technology provider.

Jake Tyler, CEO of Finn AI, said: “Our conversational AI platform is designed exclusively for banks. By working closely with financial institutions around the world, Finn AI has been able to build an impressive and proprietary platform. Our partnership with Fidor reflects our mutual commitment to continually innovate within the financial sector.”

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‘One of the first’

This development distinguishes Fidor as one of the first digital banking service providers to embed a virtual assistant within its technology stack.

According to the announcement, ‘bank customers will benefit from a market-ready digital bank platform with pre-integrated conversational AI, including deep machine learning capabilities and natural language understanding.’

The bot is part of Fidor’s strategy to accelerate the adoption of AI, machine learning and robotisation in the banking sector.

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A chatbot for the consumer

The Fidor chatbot will give consumers access to instant, easy-to-action financial support for all of their banking needs, allowing them to perform tasks and interact with their bank using simple human conversations.

Similar bots such as Cleo, for example, are helping people manage their money and providing personal financial advice

The chatbot is available on web and mobile banking platforms.

According to the announcement, ‘It addresses general customer queries and the fast routing of complex conversations to the appropriate human for response, increasing customer satisfaction by reducing the time users spend looking for information. Next, the chatbot will assist with transactional services.’

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Chatbot technology is now able to detect sophisticated language nuances with a comprehensive understanding of most user requests. Fidor’s chatbot has deep machine learning and natural language processing capabilities, so it can ‘optimise and refine its performance every time it interacts with a customer, providing a very personalised experience’.

Matthias Kröner, founder and CEO of Fidor, commented: “The expansion of our platform today reinforces our strong belief in chatbots as a new way to interact with customers. AI and machine learning are opening up a whole new world, creating real bot/customer discussion that continuously improves. As customer expectations are constantly evolving, it’s crucial for banks to stay ahead of the digital curve and adopt technology processes that respond to customer needs.”