IcelandFinance and insurance2019 – ongoingÍslandsbanki
Fróði, an AI virtual agent for customer chat
Íslandsbanki's virtual agent Fróði handled half of all online chat within six months, boost.ai says
Problem
Customer service staff answered many routine questions in online chat that did not need an account login. The bank wanted to automate part of this traffic.
Approach
The bank built Fróði on the boost.ai platform, which comes with more than 1,500 banking topics preloaded. A two-day proof-of-concept workshop started the work, and staff were trained on the platform in two days. Fróði handles self-service questions and passes users to a human agent in the same chat window when a request is out of scope.
Results
Takeaway
Starting with questions that need no login gave the bot a clear scope. The bank's first expectation was up to 20% automation, according to the vendor.
Categories
- Industry
- Finance and insurance
- Business function
- Customer service
- Innovation type
- Process innovation
- AI technology
- Conversational and voice AI
- Adoption
- Off-the-shelf tool or platform
- Evidence
- Vendor case study
Sources
Source summaries
Vendor case study on the Fróði virtual agent. It gives 50% of chat automated in six months, 97% of conversations resolved and 85-90% positive feedback. The date is the page's last-updated date, and the project began in 2019.
Full details are in the original sources.
