Barcelona-based CogniCor is setting new standards for customer service in the banking sector. Leveraging natural language processing technology, CogniCor's chatbots enable banks to improve the customer experience while creating new opportunities for lead generation. The sophisticated chatbots are trained on company data and unstructured documents to create a conversational interface that can efficiently resolve customer queries.
CogniCor is at the forefront of technological breakthroughs in the banking world, using NLP to improve the interaction between banks and customers. The company, which aims to improve customer service, will ensure that bots can answer all customer questions, from account details to complex financial advice.
CogniCor's chatbots will be implemented through intensive testing of the training process on targeted data sets provided by the banks. These datasets contain structured and unstructured data, including transaction records and customer feedback, which enable the chatbots to understand and accurately answer a range of customer questions. By feeding in such data, CogniCor ensures that the chatbots can provide accurate and contextual answers, much like a human would.
"Our vision is to provide banks with a flawless customer service experience through NLP, which gives our chatbots an understanding of the context of human language and enables them to answer customer queries effectively and efficiently, something a traditional automated system cannot do," says CogniCor's CEO.
Some of the benefits for banks from adopting the technology offered by CogniCor include the following: Increased customer satisfaction due to immediate responses to customer queries, resulting in shorter waiting times. In addition, the chatbots are designed to handle multiple requests simultaneously, allowing banks to handle more customer interactions without incurring additional costs for staff.
CogniCor's chatbots not only make customer service more effective, but are also an important tool for lead generation. By analyzing customer interactions, the chatbots can identify potential leads and provide the bank with important information about the customer's wishes, needs and requirements. The approach is therefore proactive, not only to retain the bank's existing customers, but also to attract new ones.
The response from banks to CogniCor's solutions has been extremely positive. In fact, several of the largest banks in Spain have already deployed their chatbots for customer service and report significant improvements in customer retention and customer service. One of the country's leading banks reported a 30% increase in customer interaction efficiency after just three months of using CogniCor's chatbot system.
Emerj Artificial Intelligence Research, one of the leading authorities in the field of AI development, points to CogniCor's work as one of the pioneering implementers of NLP in the financial sector. NLP technology will be at the forefront of the banking sector in the coming years as the need for quality customer service increases.
Finally, CogniCor plans to expand outside the banking sector as it continues to innovate. Potential application areas include industries such as insurance, healthcare and any other sector where customer service plays an important role. Adapting NLP chatbots to the needs of these industries would allow the company to replicate its success in banking across all sectors.
