Enhancing Financial Services Operations with IBM watsonx Assistant

We use IBM watsonx Assistant in our organization to resolve customer queries which are common in nature through the AI chatbot feature provided by the IBM watsonx Assistant. It addresses the problem of having more human agents to work on such issues which can be managed by the chatbots. We make use of it to be multilingual in nature as we work with 190+ countries so that it can efficiently chat/voice in different languages. As a scope it provide transactional assistance to the customer for sending and receiving the the money as our core work operations are based on remittance market and money transfer services. It also handles FAQs of the customers about the exchange rates, limits, transfer fee and other things. Refunding of failed transactions is also automated through this tool which helps in initiating the refund requests for failed transactions.

It can understand the queries of customer in human plane language, Because the model is based on NLP and provide excellent features for AI driven chatbots. We can scale the large volume of date when we deal with large number of customers. We can customize the tool as per our business needs. It also provides us enterprise level security and it meets the compliance standards.

There are chances of doing mistakes by human agents and our error rate was high while answering some complex technical questions. IBM watsonx Assistant made the life easier as we have trained it with our data and it starts giving answers perfectly to the customer for their queries and reduced our error rate by almost 90%. Thousands of queries are getting prioritized easily and resolved quickly without manual intervention.