SANTA MONICA, Calif., March 10, 2022 /PRNewswire/
Boost.ai, a global leader in conversational AI at scale for Fortune 1000 companies, today announced a major milestone for its implementation with MSU Federal Credit Union (MSUFCU) - delivering over 1,100 intents with 12,600 pieces of data, which are the topics a customer has in mind when typing in a question, for its virtual banking agent called Fran. As a result, Fran is now equipped to address thousands of different types of inquiries from MSUFCU's 330,000 members, 24/7. The milestone represents a 400 percent increase in intents since MSUFCU's initial rollout in 2019, supporting the credit union's rapid scale up to accommodate rapid growth.
With the industry's most robust intent portfolio, Boost.ai offers the most scalable conversational IT technology on the market - a critical differentiator at a time when studies show US digital banking users will surpass 200 million by 2022. In spring 2020, MSUFCU saw a massive increase in the amount of incoming live chats, with a 130% growth from the previous month, but they didn't have the capacity to increase their member service workforce at the time. This necessitated a rapid scale-up from its initial Boost.ai installation, which launched initially with 250 intents. The integration has exploded in growth since 2021, with Q1 2022 already seeing a 20% growth in conversations compared to Q4 2021, while maintaining a resolution rate of over 96%.
"Digital Member Experience has always been a major priority for us with 14% of members living outside the state of Michigan, but it reached a peak in the last 18 months, as the pandemic saw many members trying digital for the first time or expanding their use," said Ben Maxim, Vice President of Digital Strategy and Innovation at MSUFCU. "Boost.ai enabled us to meet the demand quickly and seamlessly, keeping our service levels high while freeing up our live agents to focus on the most pressing needs of our members."
Boost.ai's virtual banking agents come ready with thousands of intents to allow for fast and easy integration at scale. Each bot is highly configurable, giving individual clients the ability to customize specific responses to exact banking needs. Upkeep is important for any digital tool, and boost's optimized platform allows customers to quickly train a few employees to maintain and improve the virtual agent in a matter of hours. For MSUFCU, Boost.ai quickly rolled out and expanded Fran's functionality to offer a personal search engine for its members, supporting everything from simple to more complex queries. For instance, while Fran is most often asked for the credit union's routing number, the banking agent also quickly and automatically addresses questions such as how to create a new account, support in making a loan payment, and troubleshoot for digital tools. Fran also understands Spanish, allowing the MSUFCU team to best support their membership.
"Digital banking is accelerating more quickly than ever anticipated. It's more important than ever to move our industry beyond narrow scope chatbot tools that can't keep up with the increased volume or variety of inquiries today's consumers' demand," said Lars Ropeid Selsås, founder and CEO of Boost.ai. "With a broad scope model that's truly optimized for scalability, Boost.ai delivers a foundation for MSUFCU to support any magnitude of growth both now and in the future, without sacrificing quality or accuracy."
Boost.ai specializes in large-scale deployments, prioritizing both customer volume and conversation value to consistently deliver 90%+ resolution rates and up. Leveraging self-learning AI technology, MSUFCU's Fran will continue to learn from interactions with its members by scouring live chat logs and frequently asked questions. This allows the virtual agent to continually improve its understanding of a wide range of issues and leverage powerful algorithms to deliver accurate responses at a massive scale.