Solvvy’s CEO on Conversational AI & Support Automation for FinTech

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Solvvy is seeing a tectonic shift in the way consumers interact with these financial services. 

  • Consumers are unbundling to get different services from many providers. (Example: online payments to friends, savings account, and trading account)
  • There is a generation of users who are not visiting physical retail locations and moving all their financial service transactions to mobile or web. 
  • There is a very high expectation for immediacy. Consumers do not want to spend time waiting and do not want to speak to a human if they can help it.

Machine learning understands the intent of the question in order to answer the questions a traditional chatbot would consider the same.

Credit Card Example: 

  • There are three users who are all coming to a brand wanting to replace a credit card.
  • One user might be coming in because their card was hacked. 
    • Second user might be coming in because the card’s expired. 
    • And a third user may be coming in because they simply want to upgrade to a card with a higher credit limit.
  • All three of those requests are for a new card, but in each of those cases, the technology can actually help distinguish the reason, the core reason, behind their intent. All those things are automatable and a chatbot can actually be the user interface to take care of all three of those users.