Turkish bank VakıfBank has introduced ‘ViBi’, a new banking assistant to its mobile banking app.

To develop this banking assistant, the bank teamed up with AI and speech technologies company Sestek.

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The assistant, which was developed and launched in eight months, is capable of answering in around 5,000 questions and carrying out 300 banking transactions.

The assistant uses Sestek’s conversational AI technologies, which allows customers to interact using speech.

Sestek also developed the first Urdu-speaking virtual assistant which was launched in the start of the year.

Sestek CEO Levent Arslan said: “We are always proud of our delivery times and project completion rates. Together with VakıfBank team, we developed this assistant and made it customer-ready in less than eight months. As well as fast delivery, another important issue was the customer experience.

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“We worked under the motto “AI that listens, understands, and delivers.” We wanted to develop an assistant that fulfills these promises. ViBi’s speech recognition and navigation accuracy rates are above 90%. This proves that ViBi makes a difference in customers’ lives, and this makes us proud.”

Last month, Canada’s Bank of Montreal (BMO) introduced an AI-powered personal financial management solution for its customers.

Dubbed BMO Insights, the new solution will be integrated with the bank’s mobile app. It runs on a technology developed by Personetics Engage, an AI solutions provider to financial services.