Private Bank
July 2024

AI-based Chatbot for a Private Bank

We helped a private bank resolve 10,00,000 queries per month by building an automated query resolution management system with AI.

Services

Web app development

Platforms

Mobile and Web

AI-based Chatbot for a Private Bank

Project Overview

Offering continuous high-quality customer service is one of the most important aspect of delivering a better customer experience. In order to cater to a large number of queries, it is impossible to do it manually but AI makes it possible with a hint of personalized touch too. AI can serve the customer’s questions effectively without spending a lot of money, manpower,  and resources.

Objective 1

With the large number of queries coming in daily, we wanted them to be catered to instantly improve customer service.

Objective 2

To automate the repetitive manual tasks such as account balance inquiries, fund transfers, bill payments, and loan application status checks, and could also minimise errors.

Objective 3

Based on the details given by the customer and analysis of their spending habits, the AI chatbot could offer them tailored solutions regarding investing, saving, and banking products.

Execution

The goal behind developing the AI chatbot was to work on the manual and repetitive processes based on the analysis of customer queries and bank processes. In turn, this would also remove the errors made to a minimum.

  • Instant query resolve: With this feature, the customers were able to receive instant and efficient help from the chatbot which increased the customer satisfaction rate.
  • Task automation: The annual workload was brought to zero with the automation feature.
  • Personalized recommendations: Based on the customer's profile and preferences, recommendations were presented for budgeting, saving, and investment.
  • Multi-platform accessibility: This AI chatbot feature was accessible on web and mobile applications.
  • Analytics integration: Customer feedback was analysed and better practices were implemented to enhance the chatbot.
  • Natural language processing: With the use of advanced NLP, complex queries were analysed to provide error-free solutions to the customers.

Project Results

  • Reduction in response time: By implementing the AI chatbot, the bank saw an 80% reduction in response time to customer queries, ensuring swift and efficient customer service.
  • Increase in efficiency: Integrating AI algorithms led to a 50% increase in task automation, reducing manual workload significantly and enhancing operational efficiency.
  • Accuracy in customer interactions: The accuracy rate in customer interactions reached an impressive 99.5% ensuring reliable and precise responses to diverse queries.
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Grorapid Labs played an important role in bringing our mobile app to life. Their team's expertise in app development was readily evident. They not only understood our concept but also provided useful insights to improve the user experience. The result is full of features user-friendly app that received positive feedback from our audience

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John Carter
Head of Product at Twitter
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Our web development partnership with Grorapid Labs was a game changer for our website. They worked on the project with passion. The final outcome was a website that not only looks good but also provides a good user experience. We are delighted with the outcome.

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Will Spark
Engineering VP at Google
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Grorapid Labs took our SAAS product to the next level. They immediately understood our specific requirements and offered a solution that not only met but exceeded our expectations. The new features they developed significantly raised the value of our product, satisfying both our team and our clients.

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Sam Parker
VP of Marketing at Twitter
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“Transformed Our Operations and Delivered Remarkable Insights”

Working with Grorapid Labs on our CRM solution was definitely a good decision for our company. Their customized approach and in-depth knowledge of our procedures resulted in a system that not only streamlined our operations but also gave actionable insights.

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Extremely professional team with varied skills for backend, frontend and devops and would recommend anyone to work with Himanshu and team.


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Engineering VP at Google
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Himanshu has helped us in setting up the whole infrastructure for our ecommerce product and has always been one step ahead in building and delivering great features.


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John Carter - Code Webflow Template
John Carter
Head of Product at Twitter
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“One of the best agencies out there”

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Will Spark - Code Webflow Template
Will Spark
Engineering VP at Google
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“True Experts in Web Development”

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Sam Parker - Code Webflow Template
Sam Parker
VP of Marketing at Twitter
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“Best Development Agency”

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John Carter
CEO at Facebook
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“One of the best agencies out there”

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Will Spark - Code Webflow Template
Will Spark
Engineering VP at Google
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“True Experts in Web Development”

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Sam Parker
VP of Marketing at Twitter
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