- Tonik Bank partners with Gupshup to integrate a Generative AI chatbot into its mobile app.
- The AI chatbot aims to provide instant and accurate responses to customer queries.
- Powered by Gupshup’s advanced NLP and ML technologies, it offers human-like interaction.
- Tonik Bank becomes a pioneer in the Philippines by adopting GenAI for customer service.
- The integration aims to reduce wait times, improve customer satisfaction, and optimize operational efficiency.
Main AI News:
Tonik Bank, the leading digital-only neobank in the Philippines, has teamed up with Gupshup, known as the Conversation Cloud, to introduce a state-of-the-art Generative AI chatbot on its mobile app platform. This collaboration aims to enhance customer interactions by providing instant, precise responses to frequently asked questions, thereby optimizing user engagement with the banking services.
The Generative AI chatbot, powered by Gupshup’s advanced natural language processing (NLP) and machine learning (ML) technologies, promises to interact with customers in a manner that mimics human understanding and empathy. By leveraging AI advancements, the chatbot engages in contextual dialogues, delivering personalized information tailored to individual customer needs.
Tonik Bank is among the pioneering digital banks in the Philippines to adopt Generative AI technology for customer service, aiming to streamline information access, reduce wait times, and elevate overall customer satisfaction directly through their mobile app interface.
Sateesh Reddy, Deputy Chief Technology Officer at Tonik Bank, expressed enthusiasm about the integration of Gupshup’s ACE LLM into their operations, highlighting its transformative impact. This technology not only automates routine tasks but also enhances customer service efficiency significantly, empowering staff to focus more on complex problem-solving and personalized support.
Since the implementation of Gupshup’s technology, the majority of customer queries now pass through Tonik’s AI-driven in-app chat feature, with the AI autonomously resolving a substantial portion of these inquiries without human intervention. This efficiency boost has multiplied Tonik’s in-house customer care team productivity, allowing them to devote more attention to resolving intricate issues and delivering tailored customer experiences.
The introduction of the Generative AI chatbot solution is projected to yield substantial cost savings for Tonik Bank, estimated to exceed USD 20 million over the next three years.
Beerud Sheth, Co-founder and CEO of Gupshup, emphasized the strategic significance of their partnership with Tonik Bank in shaping the future of BFSI (Banking, Financial Services, and Insurance). In an evolving sector, the role of Gen AI becomes pivotal in delivering seamless, personalized, and efficient customer experiences. Gupshup’s chatbot solution, built on advanced models like Meta’s Llama 2, OpenAI GPT-3.5 Turbo, Mosaic MPT, Flan T-5, and others, underscores its commitment to enhancing industry-specific functions with robust safety controls and enterprise-grade capabilities.
Last year, Gupshup launched ACE LLM, a suite of domain-specific Large Language Models tailored for various sectors including banking, retail, utilities, and more. The ACE Banking LLM enhances operational efficiency for banks, providing deeper customer insights and higher response accuracy to bolster overall customer satisfaction.
Gupshup, recognized as the global Conversation Cloud, facilitates businesses worldwide to connect with their customers through AI-driven Conversational Platform as a Service (CPaaS) solutions. Serving over 45,000 brands across diverse regions, including India, Latin America, Europe, Southeast Asia, the Middle East, and the United States, Gupshup empowers enterprises to enhance customer experiences, boost revenue, and optimize costs through conversational engagement solutions.
Conclusion:
This partnership between Tonik Bank and Gupshup marks a significant advancement in the banking sector, particularly in the Philippines. By leveraging Generative AI technology, Tonik aims to redefine customer service standards, enhancing user engagement and operational efficiency. This strategic move not only sets a precedent for digital banks in adopting advanced AI solutions but also underscores the growing importance of personalized, AI-driven customer interactions in the competitive BFSI landscape.
