AI Adoption Transforms Financial Customers Experience

Context

A leading bank in South America, reached out to Microsoft to leverage the latest AI trends within its digital strategy. They embarked on a pivotal project to enhance its customer experience through the implementation of a smart customer assistance. This initiative aimed to leverage advanced AI technologies to address significant pain points, ensuring improved customer satisfaction and operational efficiency.

The bank and Microsoft turned to SOUTHWORKS to drive AI adoption and integration on this initiative. ‍

Business Challenge: A prevalent issue in the banking sector is the occurrence of unrecognized transactions on customers’ bank statements. These often lead to increased support calls and a cumbersome verification process for support agents. Customers reaching out for clarification face delays due to the time-consuming nature of cross-referencing multiple data sources. This not only affects the efficiency of support operations but also contributes to customer dissatisfaction and increases the administrative burden on the bank.

Moreover, financial regulations mandate that the number of unresolved claims remain below specific thresholds, adding pressure on the bank to handle these issues promptly. Failure to do so could result in penalties and damage to the bank’s reputation.

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Solution

To tackle this challenge, the SOUTHWORKS team collaborated closely with Microsoft to develop an advanced AI assistant using LangChain and Azure OpenAI. This assistant is designed to streamline the process of identifying and contextualizing unrecognized transactions.

The solution was built to operate seamlessly in a multi-cloud environment, ensuring optimal performance and security across the bank’s isolated systems. This was crucial for managing the complex data landscape typical of large financial institutions.

A key technical aspect involved integrating the AI assistant with several Data Lake sources to enable real-time querying using Retrieval-Augmented Generation (RAG) techniques. This allowed the assistant to ground its responses with precise and relevant information by cross-referencing multiple data sources instantly, thereby reducing the need for filing claims.

The assistant leveraged the latest OpenAI models, including GPT-Turbo and GPT-4, to deliver sophisticated and contextually relevant financial insights. These models enhanced the assistant’s ability to understand and respond to complex queries by quickly analyzing transaction data and providing clear context, ensuring issues were resolved promptly.

To manage increasing complexity, a modular multi-agent system was implemented. This approach allowed for better handling of various inquiry types by routing each to specialized AI agents optimized for specific tasks – this modular approach made interactions with the LLMs faster and more reliable, minimizing the risk of hallucinations, while ensuring precise and relevant responses.

"SOUTHWORKS has been a pioneering partner in developing Gen AI agents for our customer support. Their expertise with LangChain, OpenAI, and other advanced technologies, combined with their transparency, trust, and rapid development, resulted in an AI assistant that exceeded our expectations. Operating globally, SOUTHWORKS offers innovative DevOps, AI, and digital transformation solutions, fostering long-term partnerships and understanding customer needs empathetically.”
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‍ Patrizzio Virgili, Technology Specialist - Dev Squad LATAM

Results

The implementation of this AI-powered assistant has transformed the way the bank handles unrecognized transactions, yielding significant benefits:

AI Innovation: While first introduced by the transactions handling team , this AI assistant can be easily extrapolated, by leveraging its modular approach, to similar scenarios that face internal or external customer support based on accessible data.

Improved Operational Efficiency: Support agents can focus on complex issues, reducing their administrative burden. This AI assistant speeds their response times by more than 2-3x compared with other platforms and correlating data.

Enhanced Customer Satisfaction: Customers receive quicker resolutions by interacting directly with the AI assistant or through a support agent, creating a more seamless banking experience.

Regulatory Compliance: The AI assistant helps keep the number of claims within regulatory limits, avoiding penalties.

Competitive Edge: Our customer enhances its reputation and strengthens its position in the financial services industry through innovation.

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The collaboration between SOUTHWORKS and this leading LatAm bank highlights the transformative impact of AI in the financial sector. By addressing key pain points and enhancing customer satisfaction, the bank is poised to achieve significant gains in reputation, customer loyalty, and market expansion.

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