Risk Management and Technology Services

Conversational Bot for Financial Services

LendAP's AI Conversational Bot for Financial Services

LendAP's AI Conversational Bot for Financial Services

LendAP's AI Conversational Bot for Financial Services

LendAPI AI Conversational Bot for Financial Services

Why are AI and Artificial Implementations important for our economy?

Hundreds of millions of people around the world are relying on artificial intelligence for their day to day lives. There are millions of Artificial Intelligence implements in our phones, computers, cars and infrastructure, we are leveraging A.I. in so many ways to increase our productivity and our lives.

A.I. is already helping us to make better decisions and taking our creativity to new heights that we’ve never seen before. Big techs from Apple to Microsoft are rapidly releasing artificial intelligence based tools and software for us to understand the world in a fundamentally different way.

Banking and financial services industries are also rapidly changing their products and services to accommodate a new generation of consumers that’s rapidly adapting to the new world of a.i.

What are some examples of A.I. implementations in our day to day lives?

We first encountered some level of intelligence from interacting with chatbots. These chatbots were implemented in a variety of websites in the early 2010s. Every website seemed to have a bot popped up on their website to answer sales questions.

These bots are rather simplistic, pre-programmed answers and sometimes hallucinates on the spot and creates a bundle of frustration.

The next generation of intelligence we countered were perhaps Alexa and Siri, the voice activated interactive bot that Amazon and Apply deployed onto our phones, laptops and IoT devices. These bots are limited in their ability to understand many of the contextual nature of our speech and therefore became more or less glorified voice activated search commands.

Some of the next generation of A.I. implementation such as autonomous vehicles, image generators, video generators are just getting started and coming through the experimental phase of these technologies.

As computing power increases and more data is being processed and analyzed, we will see A.I. truly becoming indistinguishable from magic.

At LendAPI, we are implementing some of these A.I. technologies to help our clients to become more efficient and more engaging. But let’s talk about some of the current implementations of artificial intelligence in financial services.

What are some examples of A.I. implementations in financial services?

Most of the implementations that we see today are B2B, meaning that back office agents at banks and financial institutions are using artificial intelligence implements to make their day to day work more efficient. 

Data scientists and computer software engineers at these large financial institutions are using A.I. to better understand customer transactions, analyzing underlying money movements to capture more value for their firms.

There are also implementations of A.I. to analyze texts, emails, phone calls to scan for important phrases for legal and compliance tasks in banking and financial services to avoid regulatory fines and legal actions from their clients.

There are A.I. implementations for customer service agents to summarize issues and resolve problems for commercial or retail clients by mining internal knowledge bases and quickly create a solution to resolve an issue. However, the end clients are not exposed to how these technologies actually work but they do enjoy summarizing problem resolutions.

LendAPI’s AI Conversational Voice Bot for Financial Services

Today, we are unveiling the first implementation of LendAPI’s technology powered by artificial intelligence in the form of a conversational bot. 

This AI voice conversational bot has been in development by us for sometime and it can perform complex conversations and act as a sales and a customer service agent. 

The LendAPI voice bot can answer calls as an inbound customer service or a sales agent as well as dialing for outbound campaigns and engaging customers on sales and outreach activities.

Conversational Voice Bot training 

These bots are trained by a human operator following a few scripts developed by LendAPI to perform all possible scenarios of human interaction in the context of a sales call. This training sequence is specifically designed for banks and financial services organizations to collect the most relevant information as well as staying within the bounds of financial regulations.

These scripts are carefully crafted by our compliance experts and all of the voice interactions are recorded and could be further examined by a human legal and compliance expert.

The training sequence also requires our engineers to interact with the bot with hundreds of calls and variations of speech patterns and colloquialism from our trainers to make the bots stronger and more responsive to various tones and accents.

Conversational Voice Bot transcription and handoff

All conversations are also transcribed into text and can be called upon with APIs and Webhooks. For instance, if the bot is collecting PIIs or personal identifiable information such as social security number, date of birth, addresses and phone numbers, all of this information is transcribed and could be used to automatically pull credit reports (with consent).

For more challenging conversations, the bot can hand off the call to a live human agent for further processing. This greatly simplifies and reduces the amount of staff you have to have on hand to answer calls and questions. 

Only highly qualified call center staff is needed to close the sales opportunity or resolve complex customer issues.

Conversational Voice Bot API integrations

When information from the voice call is transcribed live, the system can call credit bureaus, identity bureaus and use LendAPI’s decision engine to make credit and product offers right away. 

These offers can be text or emailed to the customer and have them review and consent to these offers without interruption.

The bot can also “work” after hours and weekends. It never complains or asks for a day off. The interaction as well as text transcription will be made available whenever a live agent is online and could reach back out to the client.

An enterprise tool can also scan through the transcription in real time and deliver critical information to the clients email and phone number if those are all captured through the voice interaction.

LendAPI’s Voice Bot use cases

Inbound Calls: These conversational bots can take inbound calls and resolve issues or collect information as regular junior agents can. It can also hand off the conversations along with all of the transcriptions to a live agent to close the sales opportunity.

Outbound Campaigns: These bots can also perform high volume outbound calls and interact with potential customers and collect information and gage interest. The bot can hand off the call to a senior agent and close the deal

Enterprise System Integration: API and Webhook is available to transfer the call and make them into a text message or email follow up with critical information to keep the customers engaged.

The possibilities are endless and we can’t wait for you to try it. Please email us at info@lendapi.com. We can provide you with a phone number to make a call to our bot. We would love to hear your thoughts.

LendAPI Conversational Voice Bot live calls:

Here are some examples of calls we recorded during our late stage training session:

About LendAPI

LendAPI is a plug and play digital onboarding platform with a fully featured product designer, rules builder and a workflow orchestration platform that helps banks to launch their products within hours. For demos please visit www.lendapi.com and our youtube channel. Follow us on Linkedin and X.