Fiserv collaborates with Clinc to launch Conversational Banking capability

Fiserv has announced the launch of conversational banking capability enabling financial institutions to engage with consumers in new ways. The solution relies on natural language to speak the way customers want and to enable a range of digital banking experiences.

Offering an AI-based capability that is aligned with evolving consumer expectations plays a vital role in helping financial institutions reduce call center volume and costs, as well as maintain a competitive edge.

Virtual Banking Assistant from Fiserv, which incorporates conversational AI technology from Clinc enables banks and credit unions to have a productive online conversation with their customers as a complementary alternative to face-to-face customer interactions and a key component of holistic customer experience. Clinc recently partnered with Visa for providing digital banking experience to financial institutions.

Virtual Banking Assistant allows people to interact with their financial providers digitally. Consumers can ask for account and financial information, view bills, search for past transactions, and more with real-time, contextual responses and the option to be transferred to live support when needed. These services enable FIs to provide customers with the support they expect easily and without waiting in a queue. The platform can also support customers with actionable, proactive insights to help guide future spending and saving.

Fiserv’s Virtual Banking Assistant is differentiated by a data-driven approach that doesn’t rely on rigid scripts, keyword matching or other traditional rules-based languages. The software which is trained on real examples allows for a fluid and flexible approach that handles the messiness of spoken language and its varying contexts.

“Virtual Banking Assistant combines conversational AI and proactive insights within one dynamic platform, with the ability to scale as demand grows. By bringing this technology to market now, we can enable banks and credit unions to offer more innovative banking experiences at a time when consumers are increasingly engaging through digital channels,” said Ryan Jandris, vice president of product management for Digital Channels at Fiserv.

Fiserv has also announced the immediate availability of Virtual Banking Assistant to its clients. The platform integrates with digital banking solutions from Fiserv including Architect, Corillian Online and Mobiliti so that FIs can create a versatile digital experiences through a single provider.

“Fiserv has the vision, commitment to innovation and industry expertise required to bring this solution to a wider market. Consumers expect to do everything they want digitally—and banking is no different. Every moment in a customer’s journey matters, and a bank’s ability to serve its customers digitally with a meaningful, informative experience has become imperative. By integrating conversational AI into its suite of digital banking services, Fiserv is changing the way millions of account holders think about and experience banking,” said Dr Lingjia Tang, co-CEO and co-founder of Clinc.

Established since 1984, Fiserv is a global provider of payment and financial services technology. The FinTech aspires to move money and information in a way that moves the world. The company recently launched Authorization Lift to address transaction false declines

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