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Table of Contents

1. Introduction
2. The Conversation AI Platform
3. Automating Banking Requests
4. Contact Center Platform
5. The Growth of Conversational AI
6. Benefits of Conversational AI for Businesses
7. The Banking Solution
8. Pay-as-You-Go Models
9. Working with Banks During the Pandemic
10. Bridging the Gap in Online Financial Processes
11. Developing Conversational AI Technology
12. What Makes Core AI Different?
13. Conclusion

Introduction

In this article, we will explore the exciting world of conversational AI and its impact on businesses, particularly in the banking sector. Conversational AI has transformed the way organizations Interact with customers, providing automation and assistance in various channels. We will Delve into the benefits of adopting conversational AI, the features of core AI's conversation AI platform, and its banking solution. Additionally, we will discuss the company's pay-as-you-go models and how they have helped banks in providing efficient customer service, especially during the pandemic. As we progress, we will examine the development process and accuracy of core AI's technology, discover their unique offerings in the market, and discuss the Current landscape of conversational AI. So, let's dive into the fascinating world of conversational AI and its role in shaping the future of customer interactions.

The Conversation AI Platform

Core AI provides a robust conversation AI platform to large financial institutions and other companies. This platform enables businesses to automate their conversations with customers, improving customer satisfaction and reducing costs. In addition to automation, the platform also features an agent assist platform that aids customer service representatives in assisting customers effectively. By combining automation and agent support, the platform aims to enhance the overall customer experience and drive success for organizations in the financial sector.

Automating Banking Requests

One of the primary focuses of Core AI's conversation AI platform is automating banking requests. Customers now expect to engage with banks through multiple channels, including messaging platforms, websites, mobile apps, and even voice assistants. Conversational AI enables banks to automate these conversations across various channels, ensuring a seamless and efficient customer experience. This automation reduces the need for customers to wait on hold, be transferred between agents, or repeat themselves. By providing Instant access to information and prompt responses, conversational AI significantly improves the speed of business transactions and enhances customer satisfaction.

Contact Center Platform

Alongside the conversation AI platform, Core AI also offers a contact center platform. This platform empowers organizations to centralize their customer support operations, streamlining interactions across multiple channels. By leveraging conversational AI technology, the contact center platform automates responses, reduces resolution times, and improves customer service. Additionally, the platform provides insights and analytics to help businesses optimize their contact center operations and enhance overall performance.

The Growth of Conversational AI

The field of conversational AI has witnessed significant growth in recent years. Advancements in natural language processing (NLP) and the availability of cloud computing have propelled the adoption of conversational AI in various industries. The conversation AI market is projected to reach a value of $45 billion in the next five years, reflecting the increasing demand for AI-powered customer interactions. Core AI, with its nine years of expertise in the field and its recognition as a leader in the Gartner magic quadrant for Enterprise conversation AI platforms, stands at the forefront of this transformative technology.

Benefits of Conversational AI for Businesses

Businesses, especially banks, can derive numerous benefits from embracing conversational AI. Firstly, automation allows customers to engage with their banks through various channels and receive prompt assistance. This automation reduces costs for organizations while scaling their digital engagement capabilities. Additionally, conversational AI eliminates the need for customers to wait on hold or interact with multiple agents, improving their overall experience. By leveraging the power of AI, businesses can enhance customer satisfaction, reduce operational costs, and stay ahead in the digital transformation Journey.

The Banking Solution

Core AI's banking solution, called "Bank Assist," is designed to cater specifically to the needs of financial institutions. Bank Assist is a pre-built model that understands customer queries and fulfills their banking requests. This solution has been integrated with leading core banking systems, allowing banks to deploy it rapidly with minimal configuration. Bank Assist operates on a consumption-Based model, enabling organizations to pay based on their usage. With Bank Assist, small, mid-size, and large banks alike can benefit from automation while providing seamless customer experiences.

Pay-as-You-Go Models

Core AI's pay-as-you-go models have revolutionized the pricing structure for conversational AI solutions. Instead of hefty upfront license fees, organizations can now pay based on their specific usage. This flexible payment model caters to banks of different sizes, ensuring that they only pay for the resources they require. This approach lowers the barrier to entry for banks, making AI-driven automation accessible to institutions of all scales. With Core AI's pay-as-you-go models, banks can embark on their digital transformation journey without incurring substantial financial commitments upfront.

Working with Banks During the Pandemic

The COVID-19 pandemic brought a surge in customer service requests, especially in the banking sector. Core AI worked closely with numerous banks, assisting them in Coping with increased service demands during the challenging times. By deflecting calls to chatbots and other digital channels, banks were able to handle the sudden influx of requests efficiently. For example, a top US bank experienced a 15% increase in their voice channel requests, which were seamlessly redirected to chatbots and chat agents. Core AI's platform enabled banks to maintain quality customer service and optimize their resources during the pandemic.

Bridging the Gap in Online Financial Processes

As financial processes Continue to shift online, customers often miss out on the human element in their interactions. Conversational AI technology acts as a bridge, replicating human-like conversations and delivering personalized experiences. Unlike traditional self-service methods that rely on screens and user training, conversational AI enables customers to engage with machines naturally, just as they would with a human agent. With advanced language understanding capabilities, conversational AI bots can empathize, Sense sentiment, and guide customers in the right direction. By integrating human-like interactions with chatbots, organizations can provide a Blend of automation and a personal touch, enhancing customer experiences in the digital realm.

Developing Conversational AI Technology

Core AI has made substantial investments in developing cutting-edge conversational AI technology. Their proprietary NLP engines utilize deep neural networks and semantic analysis to understand customer intent accurately. By training their bots with multiple engines, Core AI achieves high levels of accuracy, even with minimal training data. This unique approach, backed by a patent-pending scoring algorithm, ensures that the conversation AI platform can understand user queries with precision. Core AI's commitment to pushing the boundaries of NLP technology results in a powerful platform capable of meeting the complex needs of modern businesses.

What Makes Core AI Different?

Amidst the crowded conversational AI market, Core AI stands out as a leader and differentiates itself in several ways. Their extensive investments in research and development, with a dedicated team of over 500 professionals, have resulted in the broadest and deepest platform in the industry. Core AI's platform is renowned for its ease of use, allowing enterprises to build customized solutions or deploy pre-built offerings like Bank Assist swiftly. Furthermore, Core AI's proven track Record of automating millions of interactions for large banks and other financial institutions positions them as a trusted partner in the conversational AI space.

Conclusion

Conversational AI has revolutionized the way businesses serve their customers, enabling automation and assistance across various channels. Core AI's conversation AI platform, banking solution, and pay-as-you-go models provide organizations in the financial sector with the tools to enhance customer experiences, reduce costs, and Scale their operations. By working closely with banks, Core AI has navigated the challenges of the pandemic, ensuring that customer service remains efficient and effective. Looking ahead, conversational AI will continue to bridge the gap between customers and digital processes, delivering personalized and seamless interactions. With their deep expertise, advanced technology, and market leadership, Core AI remains at the forefront of the conversational AI revolution.