20,000 enquiries & 10% of chats sessions converted into sales leads; Emma serves as perfect guide for prospective home loan applicants
Kerala, April 27, 2017: – Singapore’s OCBC Bank has successfully utilized ‘Emma’ – the AI-based home loan chatbot created by India’s CogniCor. Over the past 3 months, OCBC Bank’s customers are having a pleasant experience talking with the bank’s Artificial Intelligence based Home and Renovation loan chatbot Emma. Developed by India-based CogniCor, a leading global AI-based platforms developer that offers cognitive virtual assistant solutions, Emma successfully disseminated information regarding home and renovation related queries in the most pleasant, convenient, fast and accurate manner leading to widespread customer satisfaction success for the bank. CogniCor was also amongst the promising start-ups selected in OCBC Bank’s fintech accelerator programme.
Registering more than 20,000 enquiries since January 2017 and converting more than 10% of the chat sessions into mortgage sales prospects, Emma has become extremely popular with customers of OCBC Bank. The AI Based chatbot has the ability to have human-like conversations and mimics the actions of a loans advisor. She also asks leading questions to the applicants, determining their eligibility through a built-in TDSR calculator.
Commenting on the achievements of Emma, Dr. Sindhu Joseph, Co-founder and CEO, CogniCor said, “Emma is one of our most technologically adept chatbots and it gives us immense pleasure to know that it is serving OCBC bank well as her inception lies in the ‘Open Vault at OCBC’ fintech accelerator program of OCBC. Virtual assistance, though still at a nascent stage is bound to find stable ground beneath its feet very soon and Emma is one of the first, completely AI, machine learning and deep learning based chatbots. The efficiency, capacity and cognitive nature of AI-based chatbots ensure that they will be the obvious next step in consumer communications in the future.”
Emma provides a fast, relevant and ‘always-on’ digital responsive medium to ensure that not a single customer’s query is left unanswered. Even if the customer wants to directly speak to OCBC Bank’s mortgage specialists, Emma asks for the contact details and then quickly forwards the information to the available human advisor along with the chat logs of her conversation with the customer.
Emma provides consumers with an alternative to browsing the home loans website for information, and frees Mortgage Specialists to assist consumers with more complex requests and inquiries. She can very easily identify and segregate the complex and exhaustive terminology and abbreviations used in home loan requirements. In the past, the average waiting time for an email reply to a written query is usually one or two working days. Emma is currently available on desktops, laptops and smart mobile devices.
Emma was jointly developed by CogniCor and OCBC’s Home loan team. She was trained for three months post which she became quite adept at handling all kinds of queries. Any update or revision in regulations regarding home or renovation is quickly ‘updated’ to Emma’s database, thus ensuring that information provided by her is always accurate, quick and relevant.
CogniCor is an AI-based platform that offers enterprise grade cognitive virtual assistant solutions. Incepted in 2012 in Barcelona, the research-oriented platform has evolved through extensive IT expeditions seeking AI solutions for a range of CRM concerns and corporate functions. Equipped with cutting-edge innovation and patented algorithms in natural language processing, machine learning, deep learning, and cognitive reasoning, CogniCor provides adaptable SaaS-based Customer Relationship Management (CRM) solutions to corporate organisations and businesses. It has offices in Barcelona, California, and India.