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Development of a Generative AI-Powered Conversational Chatbot with Voice Assistance for Enhanced Customer Support in Banking
  1. case
  2. Development of a Generative AI-Powered Conversational Chatbot with Voice Assistance for Enhanced Customer Support in Banking

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Development of a Generative AI-Powered Conversational Chatbot with Voice Assistance for Enhanced Customer Support in Banking

instinctools.com
Financial services
Information technology

Challenges in Modernizing Customer Support with AI

Existing chatbot could only handle basic queries, leading to 37% escalation to human support. Customers demanded more human-like, efficient interactions through mobile banking channels. Compliance requirements restricted adoption of open-source LLMs, necessitating secure, private model deployment.

About the Client

A forward-thinking European bank focused on digital innovation and customer-centric financial solutions since 2015

Objectives for AI-Driven Chatbot Enhancement

  • Boost 30-day customer retention rate by 7%
  • Increase Net Promoter Score (NPS) by 34%
  • Improve First Contact Resolution (FCR) by 60%
  • Reduce human support escalation to <2%
  • Implement voice-activated banking capabilities

Core Functionalities for Conversational AI System

  • GPT-4 integration for natural language understanding and generation
  • Voice-activated transaction processing (e.g., fund transfers, balance checks)
  • Personalized financial advisory through user data analysis
  • Automated card management and fraud detection workflows
  • Context-aware proactive assistance based on spending patterns
  • Multi-modal interaction (text + voice) with deep learning engine

Technology Stack Requirements

GPT-4 private instance deployment
Azure cloud infrastructure
Automatic Speech Recognition (ASR) systems
Natural Language Processing (NLP) frameworks
ISO 27001-compliant security protocols

System Integration Requirements

  • Core banking systems API
  • Mobile banking application framework
  • Customer data management platform
  • Fraud detection systems
  • GDPR-compliant data processing pipelines

Critical Non-Functional Requirements

  • Support 12,000+ concurrent transactions during peak hours
  • Response latency <2 seconds for 95% of interactions
  • End-to-end encryption for all voice/text communications
  • 99.99% system uptime SLA
  • Real-time sentiment analysis for customer satisfaction monitoring

Expected Business Impact

Projected 75% increase in query deflection rate, 60% improvement in first-contact resolution, and 34% NPS growth through personalized, AI-driven interactions. Voice-activated features expected to reduce transaction completion time by 4+ minutes per interaction while maintaining strict regulatory compliance.

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