EBO’s AI Redefines Superior Customer Engagement at APS Bank
APS Bank partnered with EBO to implement an AI solution that would provide automation to enhance customer engagement, reduce wait times and increase operational efficiency. Today the Virtual Agent (aptly named AVA, short for ‘APS Virtual Assistant’) autonomously handles 80% of all chat interactions end-to-end, whilst upholding exemplary customer interaction standards and without requiring any human intervention. This has saved staff time, reduced load on customer care and provided customers with a 24/7 digital touch point that addresses their needs.
About APS Bank
APS Bank is a leading provider of financial services, with a legacy of over a century. Offering personal, business and investments solutions, the Bank’s distribution channels consist of a network of branches and ATMs complemented by a versatile electronic banking platform which serves both a retail and commercial customer base.
What Goals Did APS Have?
Increase customer retention, deliver 24/7 uninterrupted customer service and reduce loss of leads during out-of-office hours.
Mitigate reliance on manual processes and reduce load on customer care service agents which was leading to backlog and business inefficiency.
Signpost and direct customers to the bank’s rich digital resources seamlessly without overburdening human resources.
The Challenge
Leading banks, such as APS, are facing new economic realities as markets rapidly change and new customer needs emerge. As a result, the bank encountered escalating demands on its customer care centre, resulting in operational inefficiencies and increasing costs. APS approached EBO seeking an efficient solution that enabled the bank to offer human interaction at scale, alleviate the strain while upholding exemplary customer care standards at the same time.
The Solution
EBO introduced its advanced AI technology into APS Bank’s customer journey, to overhaul its customer service system, presenting a scalable solution that would adapt to evolving customer needs and preferences. Recognising the power of EBO’s AI in enhancing customer service, APS Bank’s Voice of the Customer Manager, Scott Lee Holloway, highlighted that:
"In today's world, technology plays a pivotal role in our daily lives. It's essential to approach the matter by prioritising your users' needs and consider AI as a tool to meet and fulfil those needs. Businesses that successfully embrace emerging technologies and utilise them toward customer success, will undoubtedly unlock key competitive advantages in their markets.”
EBO's team of product and AI conversational design experts worked hand-in-hand with the APS team to build a tailor-made AI Virtual Agent, named AVA. Surfaced on the bank’s website, today AVA can instantly address and handle incoming customer enquiries, round-the-clock. Its capabilities include:
Capabilities
24/7 Virtual Agent
AVA functions as an intelligent Virtual Agent, adeptly tackling a diverse range of queries encompassing internet banking, account opening, loan processing, and more. By automating routine tasks and providing instantaneous support, AVA reduces wait times, enhances customer satisfaction, extends service accessibility beyond conventional business hours and gives staff back time to focus on more complex tasks at hand. This also allowed the bank to capture leads that would usually be lost during out-of-office hours.
Streamlined Lead Qualification
AVA has been trained to answer a vast range of customer intents, from booking appointments to opening loans. AVA efficiently captures necessary data from customers, vets leads and channels them to the appropriate service channels, optimising resource allocation and enhancing operational efficacy. Should a conversation require human takeover, the Bank's staff can easily access the backend interface to handle the chat and continue the conversation seamlessly.
Insightful Customer Analytics
The solution comes with a user-friendly backend interface which provides staff with a vast range of data, captured from the customer dialogues. Not only does this do away with the need for complex Business Intelligence software but it also provides the bank with a deeper understanding of its customers, enabling staff to make informed strategic decisions based on analysis and predictions.
Continuous Improvement
Leveraging its NLP and machine learning capablities, the VA applies self-learning techniques to keep its language library updated. This allows it to continoiusly learn and gain more capacity to adapt and handle a wider range of tasks and enquiries. At the same time, EBO's NLP engineers carry out performance reviews on an ongoing basis to optimise the VA and ensure that its NLP recognises the user's intents effectively.
The Results
In the second half of 2023 (H2 2023), AVA autonomously handled 80% of all chat interactions end-to-end, without requiring any human intervention. This has saved staff time and increased operational efficiency. Furthermore, AVA achieved 93% of its predefined goals, facilitating account openings, appointment scheduling, loan applications and more. In turn this has relieved staff of repetitive duties, enabling them to concentrate on more intricate business demands.
Thanks for its NLP and machine learning capabilities, AVA is continuously learning, and its language library is constantly updating. As a result, the recognition rate at which AVA understands customer’s requests and queries is 86%. This continues to improve as more conversations occur ensuring that effective communication and resolution takes place.
By implementing AVA, APS Bank has achieved significant improvements in customer experience, operational efficiency, and staff productivity. The AI-powered solution has not only addressed immediate challenges but also provided a foundation for future innovation, scalability, and growth in the rapidly evolving financial services landscape.
Results
93%
of AVA's predefined goals achieved
86%
recognition rate
80%
of all chat interactions handled end-to-end