Gupshup, known as the world’s leading Conversation Cloud, and Tonik Bank, the first digital-only neobank in the Philippines, have joined forces to create a pioneering Generative AI chatbot for the Tonik mobile app.
The partnership aims to revolutionize digital banking by providing Tonik’s customers with instant and precise responses to their banking inquiries, enhancing user experience and engagement through advanced AI technology.
Gupshup specialises in advanced natural language processing (NLP) and machine learning (ML) technologies, which enable it to offer solutions that understand and respond to user queries with impressive accuracy and a human touch.
The Generative AI chatbot integrated into Tonik’s app utilizes Gupshup’s ACE LLM technology, aiming to reduce customer wait times and improve service satisfaction. With the chatbot, Tonik Bank has managed to automate 75% of customer queries directly through the app, increasing the efficiency of their customer care team by over four times.
This innovative chatbot is expected to save Tonik Bank an estimated $20m over the next three years, demonstrating significant cost efficiency while enhancing customer service capabilities.
Tonik Bank’s Deputy Chief Technology Officer, Sateesh Reddy, said, “The integration of Gupshup’s ACE LLM into our operations has been truly transformative. We’ve witnessed significant value in its ability to automate routine tasks, elevate customer service, and boost our overall efficiency. This technology has the potential to revolutionize our operations, and we are excited to further explore its capabilities and implement it across our business.”
Beerud Sheth, Co-founder and CEO of Gupshup, said, “Our partnership with Tonik Bank exemplifies the future of BFSI. As the sector evolves, Gen AI will be crucial to deliver seamless, personalized, and efficient customer experiences. Our chatbot solution is designed to do just that, empowering banks like Tonik to focus on what matters most – building strong relationships with their customers.”
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