Galileo Financial Technologies, LLC, a leading financial technology company, announced that its affiliate’s conversational AI engine, Cyberbank Konecta, which was integrated into the existing tech stack of SoFi Technologies, Inc, the digital personal finance company and all-in-one app, is delivering on SoFi’s mission for member engagement and satisfaction. Galileo is a wholly-owned subsidiary of SoFi Technologies, Inc.
Through Galileo’s flexible APIs and AI-driven technology, Cyberbank Konecta has helped SoFi achieve immediate cost-reduction by freeing up valuable agent time to solve more complex and higher-touch problems for SoFi’s members. Customer service performance has improved by 7%, meaning addressing thousands more conversations 24/7 without the need for member service agents.
The technology behind legacy chatbot solutions today fails to emulate a human-like experience, creating friction that diminishes the customer experience and erodes trust. Cyberbank Konecta, a leading intelligent digital assistant (IDA) for banks, credit unions, fintechs and non-financial brands, solves this challenge through its empathic AI engine powered by deep learning models. It learns from and reacts to customer sentiment in real time to create elevated customer experiences.
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“Legacy chatbots lack a deep understanding of human emotions and sentiment, whereas intelligent digital assistants use advanced natural language processing to analyze and interact in a more human-like way,” said David Feuer, Chief Product Officer at Galileo. “Cyberbank Konecta is a conversational AI-powered IDA that improves customer engagement and loyalty by tailoring each customer interaction in real-time and infusing a human touch when needed.”
“Cyberbank Konecta’s ability to efficiently manage conversations is enormously beneficial for increasing member satisfaction and building loyalty,” said Aaron J. Webster, SoFi Chief Risk Officer, Global Head of Operations. “We are proud to embrace AI-powered conversational banking with Galileo at scale, while having the ability to build on and create new, highly personalized experiences.”
By significantly lowering latency, Cyberbank Konecta enabled SoFi to achieve four key performance indicators:
- Increased chat containment by up to 5% — allowing thousands of conversations to be resolved without transferring to a member service agent.
- Increased response time by more than 65% to drive customer satisfaction – also resulting in 50%+ fewer people dropping from chat.
- Enhanced agent efficiency by streamlining inquiries — significantly reducing handle times and handoff friction between the IDA and member service agent.
- Greater member engagement with a 24/7 IDA that addresses more than half of member support needs.
SOURCE: Businesswire