ONE ZERO Bank has partnered with AI21 Labs to introduce a cutting-edge chat platform powered by Generative AI
ONE ZERO Bank has initiated a pilot program involving 450 customers who will have the opportunity to experience Language Model-based Chat LLM utilizing the advanced technology of AI21 Labs, providing real-time responses
This service is scheduled to be rolled out to all ONE ZERO Bank customers in Q4 2023. This offering will encompass not only informative and personal inquiries but also extend to consultations on matters related to money management. While customers will have the option to request assistance from a human banker at any point, the advanced chat system is poised to address the majority of customer queries making more time for the bankers to provide comprehensive financial advice
Gal Bar Dea, CEO of ONE ZERO Bank:” Generative AI technology, replaces the traditional ‘bot’ creating an exceptional customer experience that closely resembles one-on-one human interaction, with zero wait time. The integration of this technology into banking is set to redefine service standards. Paired with the bank’s proprietary AI technology, which offers valuable money management insights, it advances our mission to provide inclusive private banking services to all
ONE ZERO Bank has embarked on a pioneering pilot program aiming to implement a chat platform powered by Generative AI, utilizing the LLM technology of AI21 Labs, co-founded by Prof. Amnon Shashua, Prof. Yoav Shoham, and Uri Goshen. The pilot program will initially involve 450 customers of ONE ZERO Bank and will progressively expand until its official launch for all customers in the fourth quarter.
ONE ZERO Bank’s vision of offering private banking services to all customers has propelled its technological team, led by CTO Amichai Levy, to dedicate several months to rigorous testing processes for deep automation in customer-bank chat communication. These efforts have now progressed to the pilot stage, involving hundreds of customers, as the bank continues is advancing the development of its internal AI system, which generates valuable insights on customer accounts and facilitates highly efficient personalized customer care.
During Q4 of 2023, following the pilot phase, ONE ZERO Bank will introduce the new chat platform to the public, empowering the AI machine to analyze customer requests (using free language), comprehend their intentions, and provide responses to both general and specific inquiries regarding their accounts. Additionally, the system is designed to perform a diverse range of actions, enhancing the overall banking experience for all customers. During the process of developing and implementing the new technology, ONE ZERO Bank has incorporated unique advancements that are anticipated to be registered for patents.
The new technology will offer customers immediate responses without waiting times, while enabling the bank to achieve continued growth with a cost-effective framework. This cost efficiency allows for potential savings to be passed on to customers through reduced fees and interest rates, benefiting their overall banking experience. The new chat system will replace the current conversation menus, which rely on decision trees and predefined answers. Instead, it will enable customers to engage in free-flowing conversations, receiving responses that closely simulate human interaction. Considering the learning curve associated with the technology, customers will have the option to seamlessly switch to a conversation with a human banker whenever they desire.
The AI-based chat platform will offer responses to both general informational queries and personalized questions, tailored to the unique characteristics of each customer’s account. The AI-based chat system will provide responses encompassing a wide range of inquiries. This includes addressing simple questions such as available account balance, accrued deposit interest, upcoming credit card payment, and more, as well as more complex inquiries like comparing expenses between specific months of different years. Additionally, the system will utilize predictive capabilities, leveraging the AI technology developed by the bank, to address predictive questions.
The introduction of the new chat platform is anticipated to revolutionize customer service by delivering real-time responses without any waiting period. This technology will make more time for the human bankers, who currently handle such queries, to focus on providing more intricate and specialized financial advisory and support services to the bank’s customers. This aligns with the bank’s vision of extending private banking services, currently available to a select few in the banking system, to a broader customer base.
During the pilot phase, the bank will focus on training the model specifically to address banking-related questions. It will be carefully designed to exclude responses to inquiries outside the realm of banking and finance. Furthermore, the system will be programmed to avoid providing responses that may have legal or ethical implications.
Amichai Levy, CTO, ONE ZERO Bank: “The generative intelligence system developed by the bank’s tech team during the last months includes unique advancements that are anticipated to be registered for patents and is aimed to create a designated solution for the bank to smartly interact with its customers based on their personal data and needs. The chat system which is now in a pilot stage relies on large language models while emphasizing the utmost priority on privacy and information security, in accordance with the standards and regulatory requirements of a regulated entity. To achieve this objective, the bank partnered with AI21 Labs, a leading developer of cutting-edge large language models. AI21 Labs’ language models have been meticulously developed within the bank’s private environment, ensuring a comprehensive solution that meets the stringent requirements of privacy and information security. In contrast, the prevailing trend in the world involves the consumption of language models primarily through public cloud services. However, the collaboration with AI21 Labs offers a distinctive advantage by enabling the secure deployment of language models specifically tailored to organizations handling sensitive information.
Gal Bar Dea, CEO of ONE ZERO: “Our innovative generative artificial intelligence technology replaces traditional ‘bot’ systems, delivering an exceptional customer experience that closely resembles human interaction. This includes providing personalized advice on financial matters, all without any waiting times. The introduction of this groundbreaking technology into the banking industry is poised to revolutionize the very notion of customer service. The role of bankers will undergo a comprehensive transformation, shifting from solely providing technical responses to customer inquiries to a more proactive and personalized service approach. With the integration of advanced technology, bankers will be liberated from routine tasks, enabling them to focus on delivering more comprehensive and tailored assistance to customers. The technology provided by AI21 Labs will enable ONE ZERO Bank to pioneer an unparalleled customer experience that has yet to be witnessed in Israel. Furthermore, as the bank expands into European markets in the future, this innovative technology will continue to play a crucial role in delivering exceptional customer experience across borders.”
Ori Goshen, founder and co-CEO, AI21 Labs: “Generative AI technology is expected to have a profound and far-reaching impact across various industries, with the banking and finance sector being no exception. The partnership between AI21 Labs and ONE ZERO Bank represents a significant milestone not only within the banking industry but also in the realm of customer service. Our advanced language models enable ONE ZERO Bank to deliver rapid and precise responses to its customers. Simultaneously, these models significantly reduce the time burden on employees, freeing them to concentrate on more intricate tasks that necessitate deeper analysis and personalized advice thus bringing more value to the customer.”
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