Banking Efficiency and Satisfaction: Virtual Assistant solves 80,000 Customer Queries at First Interaction

The Challenges and Goals

Seeking Enhanced Digital Service Efficiency

Bancor, a leading financial institution in Cordoba with over 150 years of history, is committed to driving regional development through operational excellence and exceptional customer service.  

However, like many financial institutions, Bancor initially invested in a common chatbot to respond to customer inquiries in digital channels, such as WhatsApp. While this approach aimed to streamline operations, it quickly became clear that the technology lacked the advanced capabilities required to meet growing customer expectations.

Bancor soon recognized that their initial chatbot led to several unresolved customer issues in their WhatsApp service channel. This resulted in low-resolution rates, negatively impacting overall service efficiency and customer satisfaction.

Realizing these limitations, Bancor sought to elevate their digital customer service capabilities, particularly within the WhatsApp channel. Their goals included improving service efficiency, reducing operational costs, and enhancing customer satisfaction through an integrated technological solution that could meet their evolving needs.  

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The Solution

AI-Powered Efficiency for First Interaction Resolution

To address these challenges, Bancor leveraged Aivo's virtual assistant, achieving 90% of customer interactions managed primarily through the WhatsApp channel, optimizing customer service and enhancing operational efficiency.

Bancor’s virtual assistant, EO, serves as the bank's digital face across its website, app, and social media platforms, ensuring a seamless and consistent customer experience at every digital touchpoint.

“The virtual assistant was key to improving our resolution rate. The ability to solve customer issues in one interaction made all the difference in enhancing our service.” – Constanza Drey, Deputy Manager of Customer Relations, Commercial and Business Development Department.  

EO is more than just a chatbot; it’s an advanced AI-powered virtual assistant that provides personalized, efficient, and 24/7 service. Whether answering customer inquiries, facilitating transactions, or guiding users through complex processes, EO's advanced capabilities enable it to deliver real-time, accurate responses, significantly reducing the workload on Bancor’s human agents, allowing them to focus on more complex tasks.  

This makes Aivo's Virtual Assistant a vital component in the bank's strategy to enhance customer service and operational efficiency.

To power these advanced transactional capabilities, Bancor relied on Aivo’s Studio, a low-code platform that enables seamless banking integrations. Studio provided the scalability and flexibility needed to implement secure identity verification and banking operations, all within a streamlined interface.  

This capability allowed Bancor to elevate the customer experience while enhancing operational efficiency, positioning them as one of the leading transactional virtual assistant service solutions in the Córdoba region.

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The Results

WhatsApp, Leading Channel: Virtual Assistant Handles 90% of Customer Interactions

Bancor implemented Aivo’s advanced virtual assistant solution with the clear goal of transforming WhatsApp into a high-functioning, transactional channel.  

EO, Bancor's virtual assistant identity, seamlessly facilitated a range of essential transactional tasks for customers, including secure identity verification through a unique identifier and One Time Password (OTP). This integration allowed users to access account details, download credit card statements, check purchase limits, and view billing and due dates, all within the WhatsApp platform.  

The seamless transition to Aivo’s solution led to a remarkable 72% growth in WhatsApp usage by the end of the year. Today, 80-90% of all customer interactions are handled through the channel, making it Bancor’s most important digital service platform.

“From being one of the least-used channels, WhatsApp has now become our primary digital service platform.” – Drey Constanza, Deputy Manager of Customer Relations

This strategic shift not only improved customer satisfaction, raising their star-based satisfaction score from 2.5 to a peak of 3.7 out of 5, but also provided Bancor with a scalable solution that could potentially replace traditional, less efficient channels, such as telephone support.

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Maximizing Efficiency: Suite Handles 135,000+ Monthly Customer Interactions

To further elevate their customer service Bancor leveraged the entire suite of Aivo’s solutions, achieving a high level of operational efficiency, reducing the workload on human agents, and ensuring a consistent, high-quality experience for their customers across all touchpoints.

Automated Virtual Assistant

Bancor’s virtual assistant handles between 75,000 to 80,000 monthly inquiries on WhatsApp with an 85% resolution rate, significantly improving satisfaction. The virtual assistant's efficiency has reduced response times and increased operational capacity.

Seamless Transition to Human Agents

Bancor ensures seamless transitions from automated responses to human agents, utilizing Aivo Live,  handling 20,000 monthly interactions. With a high virtual assistant resolution rate, only 15% of conversations escalate, allowing agents to focus on complex issues while maintaining service quality and efficiency.

Easy Integration and Transaction Management

Studio, the low-code platform empowers Bancor to effectively deploy and manage banking integrations. The platform supports 40,000 monthly transactional actions, enabling secure actions like identity verification and banking operations.  

Targeted Customer Engagement

Bancor executes personalized, one-time marketing campaigns, reaching a monthly traffic of 30,000 interactions. Through Aivo Engage, Bancor strengthens customer relationships by delivering targeted messages and updates across digital channels, which drives engagement and boosts customer loyalty.

Utilizing Aivo’s end-to-end customer engagement solutions positioned Bancor as an expert in digital banking services, capable of delivering innovative and scalable solutions to meet the evolving needs of its customers.

Aivo: The Strategic Partner for Innovation and Sustainable Scalability

Bancor’s decision to partner with Aivo was not only about enhancing customer service but was also a strategic move for long-term growth. Aivo’s suite of solutions provided a robust, integrated platform that met Bancor’s immediate needs while offering the scalability and flexibility essential for future expansion.

“We wanted to improve the customer experience and have a platform as comprehensive and functional as possible. Previously, our tool was more complex to configure. Now, the virtual assistant understands customer sentences and sequences, making the process much easier.” – Jesica Cardozo, Head of Virtual Assistant, Social Media, and Other Channels.

The choice to partner with Aivo was driven by the platform’s capability to deliver a personalized, efficient, and consistent customer experience across multiple channels, something Bancor’s previous solutions could not achieve. This partnership marked a strategic move towards enhancing Bancor’s digital capabilities, ensuring that the bank could continue to lead in customer service excellence while embracing the latest technological advancements.

Looking Ahead: Scaling with Innovation

As Bancor continues its digital transformation journey, the next step is to further leverage the capabilities of EO, the virtual assistant. Bancor plans to increase traffic on WhatsApp, implementing the IVR2WA strategy, which aims to move phone-based customer service interactions to WhatsApp, further enhancing the customer experience.

The collaboration with Aivo has been crucial to Bancor’s success. Aivo’s team provided dedicated support from the start, ensuring a seamless transition, and helping Bancor to address key challenges, adapt quickly and improve customer service efficiently, supporting their ongoing growth.

“We’ve never felt alone in this journey. The Aivo team has been with us every step of the way, providing quick, personalized support that has made all the difference in our success.” – Constanza Drey, Deputy Manager of Customer Relations.

Constanza Drey, offers valuable advice for businesses seeking digital service solutions: look beyond immediate needs and prioritize scalability for long-term success.

“My advice is to choose a scalable solution, one that can solve issues you haven’t even anticipated. A tool that’s intuitive and easy to manage without technical expertise was key for us, making all the difference. The ability for the service team to manage the platform directly brings us closer to the customer and enables more agile decision-making.”

About Bancor

Founded over 150 years ago, Bancor is a leading financial institution in Córdoba, Argentina, committed to fostering regional development through operational excellence and customer-centric banking services. With a robust network of over 220 locations across Argentina, Bancor offers a comprehensive range of financial products and services tailored to individuals, businesses, and the public sector.