Enhancing customer interaction with financial institution through chatbot

Our client is a leading credit management company operating across multiple European countries. Having a strong commitment to ethical debt management, they provide guidance to customers on timely repayment.

Norway’s complex debt collection framework overwhelmed local credit counselors, hindering their ability to provide prompt credit management assistance.

The client realized the need to automate responses to customer queries and opted to create a chatbot. The chatbot aimed to achieve the following objectives:

• Cost reduction
• Workload redistribution
• Regulatory compliance
• Payment facilitation
• Expert assistance

Recognizing EffectiveSoft’s expertise in developing such solutions, our engineers were invited to join the core project team and contribute their knowledge.

We were tasked with developing a software that would effectively understand customer inquiries, provides necessary information, and seamlessly transfers conversations to human agents while preserving the chat log.

To complete the assignment, the engineers at EffectiveSoft developed a custom chatbot equipped with NLP capabilities using Microsoft Bot Framework. By leveraging Azure Cognitive Services, specifically LUIS, the chatbot gained powerful AI-based features.

Integration with Microsoft Azure Bot Service enabled the client to deploy the chatbot across various devices and communication channels, including voice and text formats on websites, line platforms, and fintech apps. Ultimately, this advanced solution we created provided the client with an automated call center system.

How does it work?

• The chatbot identifies and extracts relevant data from customers’ natural language messages.
• After AI-powered analysis of the user’s question, enabled through Azure Cognitive Services, the algorithm defines the customer intent.
• Based on the information extracted from the credit institution’s database, the chatbot provides appropriate responses.
• The integration of external services within the code enables the chatbot to fetch dynamic information seamlessly, ensuring a meaningful conversation with customers.

The implementation of the chatbot has enabled the client to efficiently maintain customer relationships while also boosting job satisfaction among office staff. Customers now have the ability to request and receive consultations, establish payment plans, and manage their credits consultations without the need for human agent intervention.

As a result, the company has experienced a significant improvement in first call resolution rates, with an increase of 20 percent, from 50 to 70 percent, which demonstrates the chatbot’s effectiveness in enhancing customer service.