Fintech Startup, Flaist, Launches New Conversational AI Tool

The fintech startup, Flaist, has announced the launch of a new conversational AI tool – called EVA – that helps credit unions, community, and regional banks better serve their existing customers and compete for new customers with larger financial institutions.

EVA is an AI-powered virtual assistant that provides multilingual and multi-dialect customer service agents that have empathy and human-like characteristics designed for personalized customer service. But EVA is more than just an online chat. The technology also communicates with customers over the phone, solving problems and promoting services using accents and dialects that are unique to that region of the country.

The founder and CEO of Flaist, Krish Gopalan, says banks and financial institutions are under-staffed during this pandemic as more customers avoid in-person transactions and flood the phone lines and online chats for their customer service needs. He says EVA provides these organizations with a new tool to help them better manage customers’ needs.

“EVA creates a new customer experience that frees up banking and customer service agents with the help of artificial intelligence,” said Gopalan. “EVA detects languages, accents and dialects, creating a human-like conversation that is personalized to each individual. EVA can be gender neutral, making the customer feel more comfortable based on their diverse backgrounds.”

Gopalan says current case studies show EVA can reduce customer service IT costs by up to 25 percent, while also increasing customer loyalty and revenue. The technology also enables smaller credit unions, community and regional banks to compete for new customers without building an entirely new IT infrastructure.

“EVA is plug and play,” said Gopalan. “We can integrate this technology so smaller banks will have the same advanced technology and customer service tools that the largest banks provide. As a white label platform, it’s customized with your logos and colors, allowing customers to quickly experience the upgraded digital platform.”

How EVA is Integrated with Credit Unions, Regional and Community Banks

EVA is powered by the patent pending AI platform Flaist Cloud that has been built exclusively for Banking. Banks and financial institutions can easily integrate the technology using the pre-built components to easily cater to the needs of their business. EVA can be white-labeled, embedded as a widget on the bank’s mobile app, and integrated with Facebook Messenger, WhatsApp, and SMS. All of these methods provide easy extensions and personalized branding that seamlessly blends with the customer’s lifestyle.

The conversational tool enables clients to share private data over a secure platform, while the personal finance management tool helps customers with financial planning and budgeting. EVA can be programmed to give personalized financial advice, or be tailored to help business customers in need of small business loans. For homeowners, EVA can organize all their mortgage needs.

Bill Eagan, former Managing Director with JP Morgan and Lehman Brothers and now Goto Market Advisor for Flaist, says EVA also provides new opportunities for smaller institutions to expand their portfolios.

“EVA’s language detecting technology is extremely valuable in countries across Europe, Asia and the Middle East where dialect is critical to communication,” said Eagan. “Financial institutions there do have chat features, but they can’t differentiate among dialect and accents. EVA can. The AI platform instantly improves customer service for these organizations, regardless of their cultural differences.”

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