A top-three US credit card issuer achieved success in increasing new card applications by 25% using an AI-based virtual assistant. 

How did they do it? 

The key was getting customers to the right product and right application fast—without waiting in call center queues. By rerouting sales calls from customer support to sales teams, and by instantly recommending the best product based on customer questions, this top brand was able to gain a significant boost on their customer acquisition rate. 

They decided to explore the option of an AI-powered virtual assistant to support the customer journey. The objective of the project was twofold: 

  • Reroute service calls from customer support teams to sales agents
  • Help customers research and apply for new products
In business for over 100 years and with 100 million+ customers worldwide, this financial institution is one of the largest in the US and ranked within the top 30 brands in the world. 

With a focus on delivering exceptional service to its customers, the bank wanted to reduce friction and shorten the time it was taking for customers to access information about new card products.

Success Highlights

18% Calls rerouted to sales versus support  
40% Verified sales chats passed to sales agents
>5,000 Acquisition Chat Sessions Per Month
<2 Minutes To Receive Product Recommendation & Application

 

Why Finn AI?

The bank’s reputation is based on its commitment to deliver exceptional products, services, and experiences to its customers. Known as an early adopter of technologies that support this mandate, they wanted to work with a partner that clearly understood banking and how to deliver a positive and seamless customer journey.

After assessing vendors, the bank selected Finn AI. Their decision was based on Finn AI’s banking domain expertise and its smart routing technology that directs customers to their desired activity as quickly as possible.

Banking Domain Expertise

Finn AI is built for banking with over 500 pre-built banking workflows. Our AI machine language training is complete so it’s ready to go.

Smart Routing Technology

Finn AI has pre-built workflows to distinguish service and sales inquiries, and to route them into existing call center queues with the appropriate group.

Since Launch, the Bank’s Virtual Assistant has Consistently Exceeded Expectations

✔ Redirecting Service Calls to Service Agents

Some customers with sales-related queries would end up making contact with customer service agents. Not only was this a negative experience for the customer, but it also meant call center agents were spending less time on real customer service issues. After implementing the Finn AI virtual assistant and smart routing technology, the chatbot is successfully redirecting 18% of calls from the support team to the sales team—with no human intervention. Customers are getting the answers they need more quickly and support agents are spending more with real customer service issues.

 

 

✔ Increasing Customer Satisfaction & New Product Sales

To deliver a modern shopping experience to its customers, the bank wanted to provide a self-service option. This would be facilitated by the virtual assistant, allowing customers to do early-stage product research. The workflow included a hand-off to a human agent when the customer was prepared to move forward.  Since implementing Finn AI’s conversational AI technology, the bank has seen an increase of 25% in completed new product applications, when the customer starts with the chatbot and transitions to a live agent. 

✔ Improving Agent Efficiency

With the chatbot directing customers to the appropriate resource, sales and support agents are spending less time qualifying callers, then rerouting them manually if they are in the wrong department. Today customers can receive an informed product recommendation and a seamless transition to a sales agent for the application process, in under two minutes. 

To learn how Finn AI can help you build amazing conversational AI for banks, visit www.finn.ai