Who is City Bank?
City Bank is a $4 billion asset retail bank headquartered in Lubbock, Texas, with over 40 physical locations across Texas and New Mexico. Founded in 1941, City Bank prides itself on meeting the needs of its community and has committed to ensuring that the banking experience is friendly, easy, and builds lasting relationships.
City Bank’s Objectives
Their Conversational Banking Roadmap
City Bank’s main priority was to give their customers support on their preferred channels, which was increasingly becoming on-screen digital service. City Bank believed that a digital-first approach to customer service could provide benefits such as increasing call efficiency and easy scalability for the future, as well as providing potential customers with an easy way to learn about new products.
The number of financial institutions adopting digitally-focused customer service is rapidly growing, according to Glia. “We’re all on a screen or near a screen 85% of our lives” says Heidi Carpenter, Manager of Technology Alliances at Glia, “…people want to get in, get out, concise chat with a bot or with a human, video, audio, all on one platform”. City Bank wanted to serve their customers on the platforms they really wanted to be using, and on-screen service is consistently becoming a greater priority for a large majority of retail banking customers. Adopting a digital-first approach to customer service was their way of shifting their priorities to be more in line with the needs of their users.
Why They Chose Finn
City Bank went through many different vendors to look for a solution that would help them achieve these goals. Different solutions offered different experiences and levels of involvement, ranging from largely do-it-yourself kits to out-of-the-box managed services. What appealed to City Bank about Finn AI was the relative ease of getting a chatbot up and running on their digital channels: not having the resources on their end to set up an AI-powered virtual assistant themselves, City Bank saw Finn AI’s solution as the easiest way to have a complex, AI-powered bot available that was customized to their products and services.
City Bank also needed an AI chatbot provider that could integrate into their pre-existing contact center and digital banking partners. Finn AI has pre-existing integrations into both Glia’s digital customer service platform, and Q2 digital banking, meaning that Finn AI was already able to implement itself with City Bank’s existing partners with no extra development effort required. City Bank felt that Finn AI would not just be another vendor to add to their customer service experience, but a way to enhance and upgrade their existing partnerships as well.
How We Accomplished It
City Bank wanted to give both their customers and employees a chance to get used to what the new digital banking experience would be like, so the launch came gradually and in steps: First Glia, then Q2, with their virtual banking assistant coming shortly after, and finally followed by their customer facing website.
Part of the launch process for City Bank involved them preparing content for their new chatbot: Finn AI’s virtual banking assistant is pre-trained on over 800 different common retail banking workflows, and City Bank had to ensure that the responses that their chatbot could give for these questions were accurate to their brand, their products and offerings, and the personality they wanted to give their new chatbot. Finn AI’s Content Management System (CMS) made it easy for City Bank to freely edit all of their new virtual banking assistant’s responses to ensure that their bot could be as helpful as it can.
Penny’s Noteworthy Results
City Bank’s new AI-powered virtual assistant, who they named “Penny”, has been greatly received by City Bank’s customers and staff alike. Penny’s ability to allow customers to self-serve allowed City Bank’s live agents to focus on higher value conversations, letting customers enjoy shorter overall wait times as well as decreasing agent workloads and lowering operational costs. “One of our goals was to work on efficiency within our customer experience center, and for those folks we saw absolutely amazing results” says Justin Knowles, Strategic Innovation Officer at City Bank. Penny allows City Bank’s customer support agents to focus on the kinds of conversations that form relationships and improve satisfaction.
Penny has achieved impressive success metrics since her initial launch: She is able to understand 90% of user questions and has completed over 90% of service requests. 60% of conversations with Penny are able to be independently answered by the chatbot, with no human assistance required. The average time a user spends waiting for assistance has gone from 47 seconds all the way down to 3 seconds, and Penny has saved City Bank approximately 365 staff hours per month.
Not only is Penny already achieving these great results, but both City Bank and the Finn AI team anticipate that she will continue to improve as time goes on. As their virtual assistant is used more, it will continue to improve its ability to accurately assist users without needing agent help, saving City Bank’s support staff even more time and giving users access to even faster assistance when they need it most.
Want to learn more about City Bank’s experience working with Finn AI and Glia? Check out this on-demand recording of a live webinar discussing their experience, lessons learned, results achieved, and including a live demo of Penny in action.