If you have an account at the Royal Bank of Scotland (LON:RBS) or if you are their customer, you might soon have to sort out issues with a virtual chatbot.
The bank recently announced that their trial of “advanced artificial intelligence” is successful. They are going to roll it out soon. The advanced customer support bot will help the present support employees of the bank perform better. Of course, this also means lower overheads for the bank in the long-term.
Luvo Has Incredible Capabilities
Named “Luvo”, this web-based bot will answer queries like how to place an order for a replacement card and unlock pins. It can understand humans and even learn from the interactions. Queries will be passed on to bank employees only if the bot cannot find the right answer. It’s good for the employees too, as it frees their time. They don’t have to do simple tasks anymore.
The bot has been designed by IBM (NYSE:IBM) using Watson technology.
RBS also revealed that Luvo may, in fact, do much more in the future apart from answering simple queries. For instance, it might be able to understand whether a customer of the bank is feeling unhappy or frustrated by detecting his voice tone changes. Luvo will then take the right action based on the situation.
Customers of SEB and NatWest banks will also receive this service soon. It was learned that Royal Bank of Scotland has decided to roll out this service to 10 percent of their customers in Scotland, to begin with in December. Customers in other countries will receive this service later.
The Royal Bank of Scotland (LON:RBS) based out of Edinburgh, operates throughout the world. The pilot project was run among 1200 staff members of the NatWest and RBS banks. The staff members, among whom the test was run, manage the bank’s small businesses and relationships. NatWest is a subsidiary of the Royal Bank of Scotland.
Banks Are Going For Artificial Intelligence
Not just IBM, other companies too are developing artificial intelligence for banking and other businesses. IPsoft, for instance, has already employed chatbot Amelia in many industries, including SEB, the largest bank of Sweden.
This could be a new way for the banks to offer customer service in the coming years. The Chief Executive of IPsoft, Chetan Dube, says that this is a “fundamental shift in the way that banks manage their operations”.
That is because virtual agents will always be accurate, never deviating from regulations.