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Aivo > Case Studies > Banco Bolivariano's Digital Transformation: Automating Customer Service with AI

Banco Bolivariano's Digital Transformation: Automating Customer Service with AI

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Technology Category
  • Application Infrastructure & Middleware - Data Exchange & Integration
  • Application Infrastructure & Middleware - Middleware, SDKs & Libraries
Applicable Industries
  • Finance & Insurance
  • National Security & Defense
Applicable Functions
  • Quality Assurance
  • Sales & Marketing
Use Cases
  • Machine to Machine Payments
  • Onsite Human Safety Management
Services
  • System Integration
About The Customer

Banco Bolivariano was established in Ecuador in 1980 with the mission of providing high-quality, efficient financial services. The bank has always prioritized its customers, offering personalized and professional services. Today, Banco Bolivariano serves 700,000 customers in Ecuador and continues to lead banking innovation in the country. The bank's customer service team is guided by the mission to provide amazing experiences to its customers.

The Challenge

Banco Bolivariano, a leading bank in Ecuador, faced the challenge of keeping up with the digital revolution that has swept across all industries, including the banking sector. The bank was used to rigid and bureaucratic processes, and adapting to the rapid changes was a significant challenge. The bank set ambitious goals in 2017 to lead the Ecuador banking sector, provide an innovative customer experience, maintain service effectiveness above 80% in high traffic without using additional resources, and grow the implementation of products for new customers while diversifying the product portfolio for existing customers. The challenge was to meet these goals while providing fast and simple answers to customers at any time and through any channel.

The Solution

To meet these challenges, Banco Bolivariano implemented AgentBot, Aivo's conversational chatbot powered by artificial intelligence. The bank introduced a new AI-powered agent, Avi24, to provide automatic service 24/7. Avi24 was designed to not only respond to customer queries but also resolve transactional procedures in a conversational way. For security, a user validation system via OTP was added. Avi24 operates across multiple channels, including webchat, Facebook Messenger, and WhatsApp. The bank also implemented an automated sales strategy to up-sell and cross-sell other banking products and services through WhatsApp. The integration between the bot and Genesys allows conversations with Avi24 to be quickly referred to a human agent without changing the chat window or the channel.

Operational Impact

  • The implementation of Avi24 has significantly transformed Banco Bolivariano's customer service operations. The AI-powered agent has taken over the task of handling FAQs, freeing up human agents to focus on more complex issues that require their attention, empathy, and human skill. Today, Avi24 has a human transfer rate of only 3%, meaning the virtual assistant can handle 97% of the queries. This has not only improved the efficiency of the customer service operations but also strengthened the bank-customer bond. The bank has also seen a significant increase in the adoption of WhatsApp by customers, making it the bank's main channel not only for support issues but also for transactions and banking procedures.

Quantitative Benefit

  • Automated daily queries increased by 271%, from 3,346 to 12,430 between November 2018 and April 2020.

  • 82% average bot efficiency across all channels, with 88% efficiency on WhatsApp, 84% on Facebook Messenger, and 76% on the web.

  • 98% of automated inquiries are made through WhatsApp.

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