Last decade’s digital revolution impacted all industries, including the banking sector.
As bankers were used to rigid and bureaucratic processes, keeping up with changes has been a true challenge.
However, Banco Bolivariano has come across an innovative and efficient path: Artificial intelligence.
A customer-centered bank is born
It all started on March 13th, 1980, in Quito, Ecuador. Banco Bolivariano was born with the mission of providing high quality, efficient financial services.
Since the beginning, their customers were at the forefront of their strategy, with personalized and professional services.
Today, with 700,000 customers in Ecuador, their mission remains intact. Leading the banking innovation in the country and providing amazing experiences is what guides their Customer Service team nowadays.
In an ever-evolving digital ecosystem, innovation and Artificial intelligence are the best options in order to keep up with the modern consumer.
“Innovation is utterly important to Banco Bolivariano. It has a direct influence on our goal of leading the way towards digital transformation. We work with synergy and speed for a simultaneous value addition among customers and the organization.”
Kyra Arcia | Innovation and Marketing Manager
Clear goals for an ambitious strategy
With a clear mission and the motivation to provide an innovative and efficient customer service, Banco Bolivariano set ambitious goals in 2017:
- Be leaders in Ecuador banking sector
- Provide an innovative experience that gives fast and simple answers to customers at any time and through any channel.
- Keep the effectiveness of their service above 80% in high traffic without using additional resources.
- Grow the implementation of products for new customers and the diversification of the product portfolio for existing customers.
We felt both honored and challenged to open our doors to one of the largest banks in Latin America. But it was an excellent chance to upgrade our solutions. Regarding both security and technology, Banco Bolivariano’s requirements involved a series of hardships we could face quickly.
Apart from a great experience, Bolivariano’s onboarding taught us a lot, and that’s why today we can offer one of the best conversational solutions to the banking industry.
Avi24, the 24/7 banking assistant
With these goals in mind, the almost 80 Customer Service agents and executives at Banco Bolivariano welcomed a new coworker: Avi24.
This new AI-powered agent has the only and special task of providing automatic service 24/7/365. The conversational bot answers queries about balances and movements, and it even makes banking transactions such as card blocking and activation or deactivation of international card use.
And most importantly, it does so in the same way through multiple channels. Currently, Avi24 operates in the webchat, Facebook Messenger and WhatsApp
, users’ preferred channel to interact with friends, families and companies.
This lets customers resolve their queries at any time, anywhere and on their own without human assistance.
Plus, for security matters, they added a user validation system via OTP. Thus, when the user enters a new query, their ID is requested and an authentication code is sent to their phone or email, which expires after 5 minutes. When the code is correctly entered and the validation is successful, the user can continue with the operation.
All in all, with the rest of the team, Avi24 is in charge of both providing a great service and strengthening the bank-customer bond. As explained by Kyra Arcia:
"A company's health, success and strength are the result of a positive customer-company relationship, and this is accomplished when they get a high quality service when and how they request it."
Agents’ predilect copilot
Avi24 not only works on its own. It is also a great partner for human agents.
Thanks to the integration between the bot and Genesys
, conversations with Avi24 can be quickly referred to a human agent without changing the chat window or the channel. Agents have the customer’s full conversation history, which lets them be aware of the case without asking the same questions that were already answered to the chatbot.
Avi24 and the agents work as a team. The conversational bot handles FAQs, so that the agents have time to focus on more complex issues that require their attention, empathy and human skill.
Today, Avi24 has a human transfer rate of only 3%. That means the virtual assistant can handle 97% of the queries.
A true champion
By launching Avi24, Banco Bolivariano reached their initial goals.
First, customer experience was improved thanks to a new innovative, fast, safe and consistent channel.
Secondly, human agents were free from FAQs, specifically regarding balances and movements.
But don’t worry, we know you love figures. Let’s translate these achievements:
- Since its launch, the bot has been quickly adopted and welcomed by customers, who are increasingly relying on it. Between November 2018 and April 2020, daily queries increased 271%, going from 3,346 to 12,430.
- 100% customer increase: from 1,000 to 2,000 daily customers in the same time period.
- 83% of customer queries can be effectively answered by the chatbot.
- Avi24 has been in charge of 41% of the balance and movement queries.
- 20% of customers who contacted the bank by phone due to banking emergencies now handle their blockings by themselves via Avi24.
Banco Bolivariano takes it to the next level...
So far, Banco Bolivariano has successfully completed the first two phases of the process, mainly based on the implementation of simple questions.
The team is currently on Phase 3, with high expectations for the addition of monetary transactions to the chatbot. Their customers will soon be able to make banking transactions or payments with the aid of Avi24.
To conclude, Avi24 is on the way of becoming a true banking assistant and consultant for the modern consumer.
“Today's customer behavior not only wants to purchase goods and services, but also pleasant experiences that fit their avant-garde lifestyle.”
Kyra Arcia | Innovation and Marketing Manager