Taking good care of your customers and anticipating their needs is a crucial component of business today. Getting this right can be a complex process at the best of times. Now that the global pandemic has transformed the way customers connect with businesses, the CX goalposts have shifted. Leading brands have realized that investing in the digital-first customer journey is not just a nice-to-have, but a must-have.
To support consumers' ever evolving expectations to resolve support issues intelligently and immediately across all digital channels, Mashreq, a leading financial institution in the UAE, the oldest private bank in the Middle East and with a strong presence in the financial capitals of the world across Europe, Asia, and Africa. Mashreq has a long history of innovation as the first UAE bank to install ATM cash dispensers, the first to issue debit and credit cards, and the first to introduce consumer loans. Today, the services provided by Mashreq include commercial and investment banking; retail banking; treasury and capital markets; international banking and Islamic banking.
Mashreq customers appreciate its innovative heritage and they push the bank to use technology to offer better, more seamless service. Customer feedback played a significant role in how Mashreq approached their digital transformation strategy, by aligning it to five key company goals:
- Expand its digital capabilities
- Shorten time-to-market
- Achieve straight-through processing
- Reduce manual intervention
- Enhance processing efficiency & minimize operational costs
To accomplish these goals, the bank introduced the first AI-powered digital engagement banking bot to answer their customers' repeated requests for full banking support with immediate service regardless of time of day, and location of the customer.
Making Banking Smart
To create the new banking experience, Mashreq tapped into its long-time, trusted partner Avaya who brought Koopid in to provide intelligent conversations. The new banking experience represents a giant leap forward for the Bank’s customer experience, including self-service capabilities, with the region’s first digital engagement banking bot.
The new system acts as a visual and conversational virtual assistant, enabling Mashreq customers to access banking services and complete service requests almost entirely through an AI-powered ‘agent’. The chatbot is available to over one million Mashreq customers to manage end-to-end resolution of customer requests. If human agent’s support is needed or asked during the chat, then the system transfers the case with full details of the enquiry up to the point where an agent has been sought.
“The new chatbot will not only play a role in transforming banking self-service, but also will make banking more intuitive, easy to use and enjoyable when it comes to performing tasks such as inquiring about your balance on an account, or requesting a statement, or applying for a product. It will also assist our call center agents in enhancing service delivery. We will continue to provide and develop innovative services as well as deliver a modern and interactive experience to our customers.”
Sumit Bhatia, Head of Direct Business Channel, Mashreq Bank
Bringing Best-in-Breed technology Together
Customers can access the virtual agent in a variety of ways, and one of the most popular is when customers call Mashreq support, the solution enables a seamless transition to a browser-based chat session with a new virtual agent or bot. The system securely authenticates customers, uses native-language processing to correctly interpret their enquiries, interfaces with the bank’s back-end systems, and presents relevant details in a visual format.
The new solution acts as a visual and conversational virtual assistant that enables Mashreq customers to access banking services and complete service requests almost entirely through an AI-powered ‘agent’. The chatbot, rolled out over three months, currently supports 120+ customer service tasks and to-date has enabled 70% of callers to complete their journey in self-service - managed by Koopid.
Mashreq, an early adopter of new technologies, is focused on value-added solutions that will take the digital experience of its customers to new heights. This solution represents a massive step forward in the customer experience, by enabling instant access to finances from any device. By putting customer-centricity at the core of our business, the bank’s Mashreq’s AI-based services will make it easy for our customers to safely and securely have their banking needs met.
This is the latest in a number of solutions being rolled out in a process of accelerated digital transformation, which sees Mashreq keeping pace with its ever-expanding list of customer demands while also maintaining a leadership position in the evolving landscape of digital banking regulation.
“Virtual banking and rich visual automation experiences are the greatest disruptors for organizations and self-service-based industries. With this collaboration, Mashreq is yet again at the forefront of being an early adopter of new technologies to gain access to new markets and take the digital experience of its customers to new heights.”
Venky Krishnaswamy, CEO, Koopid