The Standard Chartered chatbot Stacy is proving to be an instant hit.
Stacy is handling over 2,000 interactions per day. It is an innovation that is already paying for Standard Chartered, less than a year after its launch.
The launch of Stacy results in a 50% increase in engagement, says Pedro Souse Cardosa, global head of digital commerce, retail banking at Standard Chartered.
Speaking at RBI’s 10th annual Asia Trailblazer Summit, Cardosa says that Stacy acts as a virtual personal assistant. It helps clients manage money, make payments and analyse their spending in a split-second. This is all delivered via natural conversations in English and other languages.
Powered by Kasisto’s conversational artificial intelligence (AI) platform, KAI Banking, the chatbot is launching in phases. This follows on from its successful debut in Hong Kong.
Cardosa says that Stacy takes disruptive technology and uses it to design a client experience that is not just convenient and personal. It is, he says, “a whole new banking experience.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The KAI-powered bot can handle all of the unique ways people communicate. When there is a need to talk to a human, the bot can seamlessly hand off to a Standard Chartered banking professional.
Digital transformation beyond communication
There are few financial solutions that are attracting as much interest as chatbots. Their adaptability to be able to improve customer satisfaction and increase digital capabilities has positioned them as a strong tool with significant benefits for financial services.
For most consumers, the majority of questions that they want to ask their bank can be answered by chats. Subsequently, this saves time for the bank as well as the customer.
Furthermore, being able to ask a question at any time is a massive bonus. Today, the majority of banks still open between 9am and 5pm with limited hours at the weekend. Chatbots are able to bridge the gap between banks and consumers whose schedules don’t fit traditional opening times.
However, the standard chartered chatbot stacy is just one innovative tool across the bank’s digital strategy.
Earlier this year, RBI spoke to Jaydeep Gupta, regional head of retail banking for Africa and the Middle East about how digital-only banks are making their debut across Africa.
Standard Chartered has already successfully launched its first retail digital bank in Côte d’Ivoire. It is now pushing ahead to launch more in Uganda, Tanzania, Ghana and Kenya.
The banks will allow customers to access all the usual banking activities from their mobile device.
Adding digital elements and tools like chatbots while maintaining that human touch provides customers with a balanced combination for a secure, trustworthy and interactive experience.