Fast, Efficient and Accurate Credit Card Processing with Amelia

Banking

Transformation in retail banking is accelerating and consumer priorities are changing. How they want to connect with their banks, and through what channels, has financial institutions rethinking and redesigning every interaction that touches their customers.

Credit and debit cards are central to the industry’s transformation to support a “cashless society” in which consumers, particularly those in younger demographics, forgo paper currency for digital transactions. For many, their card reflects their lifestyle, and consumers want their banks to act as a personal “digital concierge,” advising them on every service related to their cards and finances.

  • Can you activate my new credit card?
  • I’d be happy to help, but first I’ll need to confirm your identity.
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Banks need to keep up with the high volume of credit card issues, deliver great customer service, and increase sales – all while reducing costs and improving their business operations. Technology is critical to achieving these goals; Gartner1 predicts the global banking industry will spend $519 billion on IT in 2018. Artificial Intelligence (AI) is increasingly a target for this investment, and is quickly becoming a vital priority for banks looking for fast, efficient and accurate credit card processing at scale.

Amelia, the industry’s most advanced cognitive digital colleague, makes these goals a reality, delivering benefits to financial institutions and consumers worldwide.

Amelia is a pioneering result of cognitive research and the world’s most developed system for AI.

Peter Dahlgren, CEO of Nordnet

What Amelia Can Do

Amelia is ideally positioned to transform the credit card industry. Not only can she process inquiries faster than humans, she has the ability to learn and improve over time, provide personalized service with a high degree of understanding and intelligence and predict consumers’ needs before they even know what those might be.

We don’t have enough service reps to handle our peak volumes.

Customers never have long waits with me. I scale really well. It's kind of my specialty ;)

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Credit card activation: Using her advanced automation and workflow abilities, Amelia can handle the end-to-end card activation process in the fraction of a time it would take a live agent, with greater accuracy compared to automated voice systems or pre-programmed chatbots. Amelia’s automated training ability means she can quickly learn a bank’s business operations and procedures, and upload new processes as needed.

Credit card replacement and disputes: Through her conversational interface, Amelia can walk a customer through the card replacement process, with all necessary security requirements to prevent fraud and confirm customer identity. Losing a credit card can be an upsetting experience, and Amelia’s emotional intelligence allows her to display empathy, assuring a customer that their lost card will be deactivated and a new one issued quickly, without any impact on their credit balance. With her advanced analytics capabilities, she also can perform real-time fraud and risk analysis to detect unusual or illegal activity. Amelia also relies on her emotional intelligence when dealing with credit card disputes from irritated customers; she can sense a customer’s mood through their responses, and provide answers and information to resolve any disputes to their satisfaction.

Credit card queries: Amelia’s integration hub allows her to connect to multiple data sources and back-end business processes, so she can accurately present up-to-date card balance, transaction and interest rate information. During those interactions, her ability to learn and her contextual awareness lets her recall previous customer interactions, and recommend new bank products based on customers’ spending patterns, giving the bank new upsell and cross-sell opportunities.

85% Intent recognition accuracy
SEB customer service

All of these services can be delivered via multiple channels on a platform that is available 24/7 and highly scalable, providing limitless support capacity so a customer never waits long for quality service. Amelia understands and speaks in multiple languages, recognizing everything from full sentences to short phrases, so she can naturally interact with customers in a familiar conversational manner. Amelia also works across channels, which means customers can start a conversation via voice, laptop, or mobile banking apps, and move conversations between those channels. Amelia will pick up right where she left off, with no need for customers to repeat or input information from prior interactions.

With Amelia, customers feel like they’re talking to a human who is providing the best possible service experience.

Results

Amelia allows banks to embrace the digital future of credit cards, bringing new advantages and benefits to their business operations, customer experiences and employee workforces.

With Amelia, customers feel like they’re talking to a human who is providing the best possible service experience.

Improved customer experience: As a self-learning, emotionally intelligent platform, Amelia elevates customer experience and grows smarter over time, with unparalleled accuracy levels – as high as 87% on certain transactions.

Operational costs: Amelia’s exceptional transactional processing and scaling capabilities enable banks to reduce their support costs by up to one-third and take the pressure off of already stretched IT budgets.

Decreased wait time: With her ability to scale, always-on availability and machine-speed integration with bank data and information, transaction and support resolution times are drastically reduced, in some cases by a factor of 2x to 4x.

Enhanced workforce: Amelia works with and learns from her human colleagues, collaborating to ensure that customers’ credit card issues are resolved quickly. Human support agents engage with customers only when Amelia is unable to provide a solution, and her colleagues can pick up exactly where Amelia left off in a conversation with a complete interaction record. With Amelia handling more routine and repeatable processes, she frees up time for human colleagues to focus on higher-value projects and customer interactions.

Improved sales and new revenue opportunities: Amelia’s intelligence allows her to present customers with insightful recommendations on new banking products and services, tailored to customers’ spending habits and needs, opening up new sales avenues and revenue opportunities.

  1. 1. Gartner Forecast: Enterprise IT Spending for the Banking and Securities Market, Worldwide, 2015-2021, 3Q17 Update

Banking Use Cases

Learn more about Amelia

Amelia is transforming businesses around the world, providing massive ROI at scale and superior customer experiences while reducing risk. She can do the same for yours.

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