Digital banking group, Fidor solutions, has announced its new chatbot developed in collaboration with Finn AI, an AI-powered conversational banking technology.

This makes Fidor one of the pioneers of digital banking service providers to embed a virtual assistant in its technology stack. The conversational bot is part of Fidor’s strategy to accelerate the adoption of AI, Machine Learning and Robotisation in banking when relevant to the customer.

Matthias Kröner, Founder & CEO of Fidor, commented: “Fidor was first to create deep customer engagement with consumers before they even become customers through our community! AI and machine learning are opening up a whole new world creating real bot/customer discussion that continuously improve. As customer expectations are constantly evolving, it’s crucial for banks to stay ahead of the digital curve and adopt technology processes that respond to customer needs.”

“With today’s integration of AI and machine-learning services on the fidorOS platform, we’re building on our already cutting-edge technology infrastructure and improving user-experiences, for all of our customers.”

Organisations use the Fidor Operating System (fidorOS) to support digital transformation initiatives such as the creation of neobanks (digital-only banks). The fidorOS platform is sold as a solution stack to like-minded organisations such as banks, telecoms and retailers looking to launch neobanks. Fidor additionally provides Banking-as-a-Service capabilities for organisations across Europe – including technology, compliance, risk management, go-to-market strategy and customer service under its comprehensive banking license.

Jake Tyler, CEO of Finn AI, added: “Finn AI is proud to collaborate with Fidor Solutions and all banks that are powered by fidorOS. Our conversational AI platform is designed exclusively for banks. By working closely with financial institutions around the world, Finn AI has been able to build an impressive and proprietary platform that will perfectly serve Fidor Solutions customers.”

The chatbot is available on the web and mobile banking platforms. It addresses general customer queries, is designed to detect sophisticated language nuances and incorporates deep machine learning and natural language processing.

In 2018, Fidor was instrumental in the launch of 3 neobanks in North Africa, the Middle East and Europe, as well as the first pan-Asian sandbox and marketplace.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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