This week we will talk to Dr. Venky Krishnaswamy about the type of partners the company works with as well as dive into the Mashreq deployment of Koopid.
This Q&A is taken from the video transcript of Meet Venky Krishnaswamy, CEO of Koopid.
Can you highlight some of your customers and partnerships to put some color on how Koopid offers a significant advantage to businesses?
Let’s start with the partner ecosystem.
Contact center providers. Generally the system of record for the ACD, PBX, agent desktop or routing.
Communications Platform as a Service (CPaaS). Provides the connectivity into the contact center which includes voice and messaging capabilities.
Managed service provider. Integrates several pieces of software for specific functions and manages the implementation on an ongoing basis.
Koopid has partnerships with companies in all of these areas. For example, Avaya is a leading provider of contact center solutions and probably has the most seats of any single vendor in the entire industry, they are one of our valued partners. It is a natural partnership for us considering many of our employees have an Avaya background. This has enabled us to work closely with them as there is a lot of joint value we can add to their digital transformation projects.
On the telecom side of the business, we have partnered with Vonage and Unisys. Jointly, we see a lot of value in being able to offer infrastructure plus software intelligence to their customers.
An example of one of our managed service providers is Voxai, a company focused on improving the customer experience. They are primarily focused on enterprises who use Genesys as the base of their contact center. We have worked with them to integrate Koopid into the Genesys base to deliver capabilities such as proactive notifications, outbound, and IVR call deflection.Generally, Voxai will bring us in if the call center needs a more complete solution that requires application logic.
My favorite digital transformation story is probably Mashreq Bank. It's the largest privately owned bank in the UAE and is known as a standard bearer for new customer options. We've heard that in the region, other banks look at what Mashreq does before they adopt new technologies to transform the customer experience or customer interface.
Part of that involved adopting chatbot technology to answer customer queries, but they wanted to go deeper than just answering rudimentary customer queries. They wanted to be able to automate customer transactions and interactions in real-time.
It’s one thing if the customer interaction is already structured and has a digital process, but most websites or mobile apps are designed for a small set of repeatable actions that a customer can do on their own. What gets challenging is the customer's need is either unique to them or an exception because of the circumstances in which they find themselves. Unfortunately, a business mobile app nor website change very often and therefore cannot accommodate the exceptions. This then forces the user to call customer support, try to get to the right agent, and then hopefully they can parse out that particular situation and come up with a solution. It’s a roll of the dice.
What we've been immensely pleased with is the fact that Koopid can automate many of those unique, bespoke, exception types of processes. This can be achieved by working with the agent pool that typically solves these exceptions by modeling out the scenarios, the steps they use, applications and resolution strategies. Sometimes the resolution for the customer involves a little bit of human judgment, so we model that out as well. At the heart of Koopid is the ability to lay out what we call the customer experience flow. This is where Koopid combines the user interface or embodiment of the customer's experience, as well as the process that took place to solve the problem.
In layman’s terms, we took the descriptions of what an agent did to solve a problem, mapped them out to the Koopid customer experience flow paradigm and we found two things. 1. It was surprisingly easy to do and 2. It had a surprisingly deep level of sophistication. Over a period of four or five months we built over a hundred of flows that all solved very sophisticated problems. They weren’t your standard queries like show me my balance, they were actual resolutions that require some context gathering that was very specific to the customer, such as establishing identity in a strong way, and exercising some amount of judgment to resolve the query.
That just proves the power of our approach, one that combines the ability to lay out flows and attach the flow to the data and AI layer, plus the ability to apply judgment to the various steps in the process flow through AI algorithms.
That's exactly what we did with this customer and the net result is that they have a very unique customer experience solution that they could not have built internally or with any other vendor in the industry. It is possible that they could have defined a smaller project but that would have taken them 3-4 times as long to receive this outcome. This is a great success story we achieved jointly with Avaya.
Avaya of course has a fantastic contact center platform probably the most robust and reliable in the industry and has been a trusted supplier to Mashreq over the years. We were very excited to have Mashreq take a chance on us to do something this far reaching wouldn't have been possible if we hadn’t been introduced to them by Avaya.