Israeli digital bank One Zero is set to launch a generative AI chatbot designed to provide instant responses to customer inquiries expressed in natural language.
The bank has kicked off a pilot program involving 450 customers, with plans for a full rollout to the wider public planned for Q4 2023. This innovative chatbot represents one of the first generative AI platforms dedicated to private banking, also offering personalized money management advice, according to Gal Bar Dea, CEO of One Zero Bank.
“Generative AI technology transcends traditional chatbot solutions, crafting a seamless customer experience that closely mirrors human interaction without any wait time,” Dea noted. “Incorporating this advanced technology into banking is poised to transform service expectations. Alongside our proprietary AI capabilities, which deliver meaningful insights for money management, we are committed to offering inclusive private banking services for everyone.”
The virtual assistant leverages the large language model (LLM) technology developed by AI21 Labs, co-founded by Prof. Amnon Shashua, Prof. Yoav Shoham, and Uri Goshen. Unlike traditional chatbots that handle limited queries, this generative AI can interpret customer requests in free language, grasp their intentions, and respond to both general and specific account-related questions.
This new system will replace existing conversational menus reliant on decision trees and predetermined responses. The AI assistant will handle a diverse array of inquiries, ranging from simple questions like account balances and interest accruals to more complex issues such as expense comparisons across various months and years. Furthermore, it will employ predictive analytics utilizing custom AI technology to address forecasting questions.
During the pilot phase, One Zero Bank will focus on fine-tuning the model to handle banking-specific queries, ensuring it is programmed to sidestep any responses that could pose legal or ethical concerns.
Amichai Levy, CTO of One Zero Bank, stated, “Our generative intelligence system, developed by our tech team, features unique advancements expected to be patented. It aims to facilitate intelligent interactions with customers, tailored to their personal data and needs.”
He added, “The current trend sees most language models accessed via public cloud services. Our partnership with AI21 Labs gives us a significant advantage, allowing the secure deployment of language models specifically designed for organizations managing sensitive information.”