AI Chatbot for a central bank in Europe

Summary: An AI chatbot provides daily assistance for a central bank in Europe, with 30% of consultations taking place outside the regular hours of the Customer Support Centre.

Client:  The Bank of Latvia

Problem Statement:  

The Bank of Latvia aimed to enhance the accessibility and convenience of their services for the general public and their customers specifically. As communication channels evolve, with an increasing number of customers opting for virtual interactions over phone calls or in-person visits, virtual assistants have become essential for the future of customer service. These trends motivated the bank to implement the latest developments and adapt to the changing needs of their customers.

Results: 

• 30% of consultations occur after regular working hours.
• Over an eight-month period, a total of 2,213 customers were assisted during these extended hours.
• Significantly reduced the workload on employees, as the virtual assistant assumes responsibility for a large share of customer interactions.
• AI Chatbot serves as a documented knowledge base, which has proven particularly valuable in training new employees.
• Increased satisfaction of customers, leading to a decrease in the number of complaints.

AI Solution Overview:

The AI chatbot was developed by Tilde using the Latvian State Administration’s language technology platform, hugo.lv, in collaboration with the Culture Information Systems Center. Neural network technologies were integral to the development of the assistant, enabling it to effectively analyze and understand natural language as used in everyday communication. Mona is capable of interpreting user input, even when the text is inaccurate or contains errors. Furthermore, the chatbot continuously learns from its interactions with customers. The virtual assistant platform also allows Bank of Latvia employees to monitor conversations and intervene when necessary.

References: 

1. Mona: the first virtual assistant in a central bank in Europe. https://tilde.ai/mona-the-first-virtual-assistant-in-a-central-bank-in-europe/ 

Industry: Financial Services

Vendors: Tilde, The Culture Information Systems center

Client: The Bank of Latvia

Publication Date: 2021