Nordic challenger bank Lunar, known for its innovative digital banking solutions, has made headlines with the launch of its GenAI Native Voice Assistant.
The Denmark-based FinTech is disrupting the traditional banking model, offering modern, customer-centric solutions that prioritise convenience and technology-driven experiences, according to Finextra.
This latest product launch stems from the need to enhance customer service and improve the overall user experience.
Lunar recognised that many customers face long wait times and struggle with inefficient customer service systems, particularly in traditional banks. The new voice assistant aims to address these challenges by providing instant, personalised support.
The leading digital bank headquartered in Copenhagen, which primarily serves customers in Denmark, Sweden, and Norway, focuses on delivering a seamless, tech-driven banking experience. It offers a wide range of banking services, from everyday transactions and loans to wealth management, all through a mobile-first approach.
The GenAI Native Voice Assistant, powered by the GPT-4o model, sets itself apart by being more conversational and intuitive than traditional support systems. Unlike older methods that convert voice-to-text-to-voice, this AI-driven assistant uses a voice native model, enabling it to handle interruptions, repeat information, and carry out more fluid conversations. The result is a faster, smoother experience that is both simple and capable of handling complex queries.
Although currently in its beta phase, Lunar’s new virtual assistant is expected to handle up to 75% of customer queries once fully operational.
This will significantly reduce wait times and improve customer satisfaction. The AI assistant is available 24/7, offering an always-on solution that is both patient and capable of understanding diverse customer needs, particularly benefiting those with limited digital literacy.
In addition to its innovative conversational abilities, the voice assistant marks an important step for Lunar in making banking services more accessible and user-friendly. As digital banking continues to evolve, the launch of this product positions Lunar as a leader in leveraging AI technology for enhanced customer interactions.
Lunar CTO Kåre Kjelstrom said, “Our GenAI Native Voice Assistant not only enhances the customer experience by addressing common pain points like long wait times, but it also makes banking more accessible by being more patient and understanding in response to queries, especially beneficial for those who may struggle with digital literacy.”
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