IPsoft Launches 1Bank: The First Out-of-the-Box Conversational Banking Solution with Amelia, the Most-Human AI

IPsoft, the global leader in Enterprise AI announced the general availability of 1Bank™, the first out-of-the-box conversational banking solution powered by the most advanced AI in the market, Amelia. With Amelia, customers can engage with their financial institutions through a next-generation Natural Language Interface (NLI) either by voice or chat.

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Through 1Bank, Amelia helps resolve complex customer questions using comprehensive dialogue. For example: “How much can I afford to pay for a new home?” Instead of providing a simple answer, Amelia will follow up with important questions, such as: “What is your annual salary?” or “How much of a down payment would you like to make?”

“Today’s banking customers expect more than online/digital banking. They expect to be able to have a personal banker with them in their pockets 24×7, who is continually monitoring their finances, and providing better money management outcomes for them. 1Bank takes that leap from typical digital banking to facilitate conversational personal banking for its customers,” said Chetan Dube, CEO at IPsoft.

Forrester, a leading global research and advisory firm, commented in a recent report*: “Customer support and self-service, when done right, can drive higher customer satisfaction. IPsoft’s Amelia supports a variety of customer-facing scenarios with its Natural Language Interface and Artificial Intelligence engine. Amelia can take the entirety of a conversation into account. At a recent event, IPsoft showed the solution it has deployed to a major European bank, which is using Amelia as a mortgage-qualifying engine.”

Unlike other AI-based solutions, Amelia offers customers the ability to switch contexts mid-conversation. For example, if a customer is applying for a new credit card, but realizes midway through the conversation that they want to use a different email address, they can go back and change it without repeating the entire process (e.g., “Actually, I want to use my joe@joesmith.com as my main contact.”). This ability is something human agents handle easily, but something with which many competing solutions struggle.

Rule-based chatbots and static Web interfaces are built around simple keyword recognition, but Amelia is able to discern human intentions from a wide spectrum of conversational inputs — everything from “How much money is in my checking account?” to “How much is in checking?” to “So, how much money do I have?” Furthermore, her advanced Machine Learning (ML) ability enables her to improve over time. In instances when Amelia is not able to assist customers, she can escalate the conversation to a human agent and silently observe the interaction in the background in order to add to her abilities.

1Bank delivers out-of-the-box conversational banking skills, including:

  • Wealth Management
  • Credit Card Processing
  • Account Management
  • Payment Processing
  • Account Origination
  • Balance Checks

1Bank reinvents the customer experience with immediate, efficient and expert service 24/7/365, and can be easily added to popular banking channels, including:

  • Mobile apps
  • Kiosk apps
  • Websites
  • Consumer chat applications such as Facebook Messenger
  • Voice applications such as Amazon Echo and standard phone calls

1Bank’s secure back-end integrations with banks’ existing software and systems empower users to execute financial tasks with limited-to-no human intervention.

*Report reference: J.P. Gownder, Christopher Voce, Lily Varon, Jennifer Wise, Daniel Hong, “Automation Technologies for Customer Engagement,” Forrester Research, Inc., July 2017