Banking

MSUFCU Chatbot Boasts 98% Accuracy

Michigan State University Federal Credit Union moved its client-facing chatbot, Fran, in front of its live chat representatives in May, and the chatbot is now fielding 73% of the bank’s chat questions.

Chatbot image
Image by CanStock

“When we moved Fran in front of our live chat agents, two things happened,” Ami Iceman-Haueter, primary research study and digital experience officer at the $7.45 billion MSUFCU, informed Bank Automation News: The chatbot might address concerns that generally wouldn’t have actually gone through it and questions directed from the chatbot to a representative caused more significant discussions with members handling more complicated problems.

Fran has a 98% precision rate for the concerns it fields, Iceman-Haueter stated.

The bot can address concerns relating to account-specific details, consisting of payment information; unlock charge card; discover account numbers; and supply loan rates and can likewise stroll members through detailed options for analytical, according to the MSUFCU site.

Additionally, the chatbot is doing the work of 34 full-time workers, up from 21 full-time workers in March, Iceman-Haueter stated. The cooperative credit union has actually not downsized its group at all; the innovation is taking control of functions that were challenging to fill amidst labor force difficulties throughout the previous a number of years.

“We have no intention of downsizing in any capacity, if anything we’re really trying to narrow in on what next service things we can provide to members,” she stated.

Building Fran

MSUFCU coordinated with Boost.ai in 2021 to reestablish the client-facing chatbot and introduce its own internal chatbot, Gene, Iceman-Haueter stated.

“Both bots now operate with [Boost.ai] and they’re continuing to help us partner and grow those platforms,” she stated.

For example, the chatbots go through quarterly updates to make sure that they attend to customer and internal requirements, she included. “We’re also continuing to roadmap out what [the chatbot] expectations will be in 2024 and 2025 to make sure that we can continue to meet our member support.”

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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