Truist Momentum all started when Truist Financial (then called Sunlife Financial) made a rather shocking discovery about their own employees: 60% of them did not feel confident in their financial wellness. This unfortunately matched with several other statistics that the financial service has uncovered: 58% of Americans feel as though they are living ‘paycheck-to-paycheck’, and according to Bankrate 60% of them would not be able to handle an unexpected $1,000 expense. It was clear to them that they needed to provide better education on the subject of financial health to their employees: so, they began to offer a financial literacy program for their employees, which quickly turned into Truist Momentum, a turn-key service offered to other companies to help empower their own employees with financial confidence. 

Consensus on the program was positive, but they began to notice a problem: only a small team ran the service, so they didn’t have a lot of resources to dedicate to customer service. If someone came to them with a question, or even an emergency, during their off-hours they would be unable to help them. Susanna Chesney, the Head of Program Development for Truist Momentum, wanted to turn to technology to help them solve this issue: “How do we leverage technology to solve for this inability of our users to connect with an actual person? And that’s where Finn AI came in” she says. 

Truist Momentum launched their own AI-Powered Chatbot, ‘Mo’, in July 2021 with the goal of guiding users through their site, finding information, leading users through their 8 pillar curriculum, and providing an overall more personalized experience for their users. It was important to Truist that their chatbot solution was able to be customized to their program, able to answer the kinds of specific questions that those enrolled would be asking: Finn AI worked alongside Truist Momentum to develop content for their bot that would make sure Mo was a perfect fit for their users. 

While Mo has only been helping users for a handful of months, Chesney is already very impressed with his results: “So far, the bot has understood and responded correctly to over 80% of the questions our users have asked”, and as the teams continue to receive user questions and adjust Mo’s data, the chatbot will only get better at assisting users. Mo will go on to allow those in the Truist Momentum program to achieve their financial goals with 24/7 guided service and personalized, customizable help. 


Want to hear more from Susanna and other industry experts on how AI is evolving in Banks and Credit Unions? Check out this session from the Conversational Banking Summit 2021.