Boost.ai: empowering financial brands to scale CS with AI
Many organisations claim to embrace digital transformation, but the hard truth is that the process of digitising legacy systems into the 21st century can often result in a handful of failed projects and missed opportunities.
In our latest issue of , we sat down with Ben Maxim, Assistant Vice President of Digital Strategy and Innovation at Michigan State University Federal Credit Union (MSUFCU) to discuss how the company has avoided traditional innovation pitfalls by creating strategic fintech partnerships via its newly-founded innovation centre.
"The Lab at MSUFCU is a combination of years of organic innovation formalized into a place to experiment with different fintechs and innovative companies," says Maxim. The initiative gives Maxim and his team the flexibility to work on small-scale pilots with varying goals including, to "improve efficiencies through automation or custom AI solutions from the front line all the way to the back office."
One such solution is Boost.ai, a Norwegian scale-up specialising in conversational AI-powered chatbots.
Boost.ai helps organizations like MSUFCU scale customer support and operational efficiency
Founded in 2016, Boost.ai has risen to become a market leader in customer service automation, empowering financial brands like Nordea, Santander and MSUFCU to scale their digital customer service offerings with artificial intelligence.
"When my co-founders and I started the company, we identified a need for a customer service automation platform that was quick to implement, easy to manage and could scale to meet the demands of large enterprises and their customers," says , Chief Commercial Officer at Boost.ai.
It was these same three criteria that drew MSUFCU to begin work on a pilot utilising boost.ai's technology. Maxim's team developed a chatbot that could answer questions on the credit union's most popular knowledge base topics, designed to help increase the operational efficiency of its existing support staff.
“With the virtual assistant, you get more consistent answers across the board,” says Maxim. “We did a pilot with Boost.ai and we asked individuals from our team with no experience to become certified Boost.ai trainers. We were able to build out the content and trained the model in 10 days.”
User satisfaction reached close to 100 per cent by week four of the pilot, with MSUFCU determining that the chatbot could automate approximately 2,000 employee-to-employee interactions per month.
The Boost.ai platform delivers a unique approach in a crowded market:
- Self-learning AI - build and deploy AI-powered chatbots in just 10 days by repurposing data from existing sources like websites and chatlogs
- No-code conversation building - empower customer service staff to design engaging interactions with user-friendly software - no data scientists needed
- Unlimited scalability - answer questions and automate actions on thousands of topics while maintaining accuracy levels of over 90%
Singapore FinTech Association launches new networking club
The Singapore FinTech Association (SFA) has announced the launch of a new SG FinTech Club, which will act as hub that enhances networking among local fintech companies based in Singapore.
The APAC nation, which is a leading regional centre for fintechs, accounting for 13% of Singapore’s GDP in 2020. More than 1,400 fintech companies are based there, employing an estimated 10,000 people.
Technology is a driving factor within the space, and the SG FinTech Club will act as a base through which knowledge, resources and connections can be shared, as a way to increase the level of expertise in the space.
According to reports, the SFA will also develop and curate the engagement programmes for the fintech ecosystem. SG FinTech Club members will benefit from hospitality privileges offered by Supporting Partners , such as co-working spaces, which they can leverage on for social engagements.
The club’s existing membership platform will also enable users to sign up for talent matchmaking sessions, industry expert mentorship programmes, and masterclasses organised by SFA.
SG Fintech Club partnerships
The initiative has attracted the attention of several global fintech leaders, including the Institute of Banking and Finance (IBF). J.P. Morgan has also joined the club as Supporting Partner and Corporate Partner, respectively, to develop skills and career development events.
Speaking about the launch of the new club, Shadab Taiyabi, President of SFA, explained, “We are proud to collaborate with MAS on the launch of SG FinTech Club, and play our part in contributing to Singapore’s thriving FinTech ecosystem.
“We hope that the Club would be the key platform for inspiration and innovation, where professionals in the financial services sector can come to exchange opinions, network, and explore endless ideas with other like-minded individuals.
He continued, “Through the Club, we strive to champion and bolster Singapore’s FinTech entrepreneurship growth, facilitate the sharing of insights, collaborations, discussions and advocate the importance of upskilling amongst professionals across the financial services industry.”
Image credit: Singapore FinTech Association event