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    CLXN   CH0011115703

CREALOGIX HOLDING AG

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CREALOGIX : developed IBM Watson AI-based Virtual Assistance solution for the financial services sector

09/30/2021 | 04:02am EST

Swiss company CREALOGIX, a global software manufacturer for digital banking products, developed a scalable digital assistance solution for the financial services sector based on IBM Watson Assistant and IBM Watson Discovery. In doing so, they are using the latest IBM technology, such as Natural Language Processing (NLP) and Natural Language Understanding (NLU), with enhancing CREALOGIX' existing Conversational Banking solution, which already enjoys a high level of acceptance in the market.

The Swiss CREALOGIX Group develops and implements financial technology solutions for banks and wealth management companies, helping them, among other things, to keep pace with their customers' digitization needs.

The use of virtual assistants and natural language processing (NLP) in the field of customer care is growing rapidly, in large part due to its ability to help businesses provide seamless customer experiences and resolve customer inquiries quickly and easily. IBM's Global AI Adoption Index found that customer service is the top use case for natural language processing, with 52% of global IT professionals reporting that their company is using or considering using natural language processing solutions like virtual assistants to improve customer experience. Ideally, it means no more wandering around on different websites and no more telephone queues, but quick and concrete information. The assessment of the performance always lies with the customer, so it is obvious to involve customers in the development. The raw version of the virtual assistant based on IBM Watson Assistant was developed by potential end customers, namely Swiss students.

User experience design - developed by customers

With the support of IBM Switzerland, the "Watson Chatbot Challenge" was launched for this purpose in the spring semester of 2021, an inter-university course format with four Swiss universities. The course, which involved CREALOGIX as well as other IBM industry partners, aimed to address industry-specific use cases in Conversational AI (Virtual Voice Assistants). The master students learned and implemented AI frameworks, Chatbot Dialog Design, NLU, NLP and used IBM Watson Assistant and Discovery to implement a digital assistant.

CREALOGIX Conversational AI
The objective was to develop a new AI framework that can be integrated with CREALOGIX' existing Conversational offering in order to provide a holistic approach. With intelligent information search, automated processes and natural language processing, more efficient and simpler interactions between customer and advisor can be achieved. The solution enables institutions to cover a range of use cases, for example, services such as personal loans or stock management can be offered in an individualized way. Customers can easily and conveniently request information on products, conditions or fees themselves online via the virtual assistant. The virtual assistant can be trained in multiple languages and is scalable to help meet increasing customer demands.

Daniel Scheiber, Group Head of Conversational AI at CREALOGIX, says:

"With CREALOGIX Conversational AI, financial institutions do not only benefit from increased efficiency, but they can also put customers first at the same time. This in turn opens up opportunities for institutions to strengthen upselling and cross-selling."

Pius Kunz, Banking Division at IBM Switzerland, says:

"Our expertise in helping financial services institutions using AI to improve customer experience compared with IBM Watson as technical solution were the success factors for this project."

Lars Mallien, Data & AI Specialist Banking, says:

"The result is not a standard AI project, but a service at a high technical level that enables banks to offer additional voice, text and discovery services to their end customers, making them more attractive to them. With this future-oriented solution, CREALOGIX is a pioneer on the road to the AI era."

For more information on the CREALOGIX solution, visit the website. Information on the Watson Chatbot Challenge is available here.

More information about IBM's solutions for the financial services industry is available here.

Disclaimer

Crealogix Holding AG published this content on 30 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2021 08:01:11 UTC.


© Publicnow 2021
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Sales 2022 115 M 124 M 124 M
Net income 2022 -3,55 M -3,85 M -3,85 M
Net Debt 2022 2,62 M 2,84 M 2,84 M
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Oliver Weber Chief Executive Officer
Daniel Bader Studer Chief Financial Officer
Bruno Richle Executive Chairman
Thomas Roth Chief Technology Officer
Sebastian Krahe Executive Vice President-Group Operations
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