“Intelligent software” to answer customer queries at Atom Bank
A UK-based challenger bank, Atom Bank, has added another system to its bulging IT set-up. This is WDS Virtual Agent, which will answer customer queries from an AI bot within the bank’s mobile app.
The solution is supplied by WDS, a subsidiary of Xerox. The vendor says it will “give the customers the power to self-service by getting immediate answers directly from the app”.
It will be “a near human customer care experience”.
“The technology learns through experience,” explains the vendor, “just like people and the more the system deals with an issue, it will progressively learn the most efficient way to provide solutions to Atom’s customers.”
WDS Virtual Agent uses analytics to capture the context of each query and deliver relevant responses and solutions. It “learns” through analysing customer behaviour, problems and solution success rates.
WDS is also providing Atom Bank with its Agent IQ solution, which assists the customer support team – in case the app cannot fix a problem. The software analyses which agents are getting the best results and distributes that knowledge to the rest of the team. This helps with quality and consistency in answering customer queries.
“Atom’s disruptive business model will help advance our ability to re-define the customer experience,” states David Fox, European head of Xerox financial services.
Atom Bank: all about tech
Atom Bank is yet to launch – which is expected to happen shortly (it was granted a banking licence last year) – but it has already built up a substantial technology environment.
For its core processing, the bank is using FIS’s Profile core banking system.
For treasury and risk management, it has signed for Sungard’s Ambit Quantum (Sungard is now part of FIS). It has also implemented Ambit Focus for application lifecycle management, liquidity risk and funds transfer pricing.
It was the first taker of the latest version of Mortgage Sales & Origination (MSO) suite, supplied by Iress. The MSO platform supports Atom’s mortgage business, front-to-back office.
To manage its UK and European Banking Authority regulatory reporting requirements, Atom has Wolters Kluwer Financial Services’ OneSumX.
For its digital banking needs, the bank works with Intelligent Environments (IE), a local front-end software supplier.
For security, it uses CSC’s ConfidentID system. This mobile user authentication service allows Atom’s clients to use biometric information, face and voice recognition, to access their accounts.
And earlier this month, the bank has acquired a local digital design agency, Grasp. Grasp’s founder, Brian Jobling, is now Atom’s business development director. The rationale for this acquisition is “to create the most engaging user experience in banking”, according to the bank.