More than 350% of ROI is projected in the next three years
Norway’s second-largest bank, SpareBank 1 SR-Bank uses Simplifai for seamless customer experience within industry-leading banking platform.
Simplifai delivered business value through:
Adding capacity to the team
Enables handling volume upsurge
Taking care of repetitive tasks
Allows employees to prioritize complex cases
Allows employees to prioritize complex cases
Leads to increased customer satisfaction
Leads to increased customer satisfaction
Leads to increased customer satisfaction
Revolutionizing the modern banking experience– SpareBank 1 SR-Bank’s story
SpareBank 1 SR-Bank is the second largest Norwegian bank with a customer base of 350,000+ including both individuals and companies as customers. Backed by a strong history and a solid position in the market, they aim to become a leading financial group with the most customer-centric banking operations.
Staying relevant to a diversified customer base was quite challenging
Their customer support team received more than 420,000 email inquiries annually. Manual handling of communications consisting of free text is not only time-consuming but also expensive. To maintain a profitable customer relationship, it became a necessity to onboard an automation solution that would help them to balance things efficiently.
They needed a robust end-to-end automation solution to help them become the most customer-centric bank while keeping their operating cost to the minimum.
A solution designed to leverage the efficiency of automation without compromising humanized customer relations was needed to:
- Exceed customer expectations
- Adjust to address sudden volume upsurge
- Free employees to address complex cases
- Improve customer retention and acquisition
What made them onboard Simplifai to build the most robust banking platform?
- Our state-of-the-art AI solution has the ability to classify and extract information from free text
- We adhere to a ‘privacy by design’ approach, taking data security into consideration from the beginning
- The solution is built on GDPR and ISO/IEC 27001:2013 protocol compliant software
SR-Bank works continuously to streamline internal processes to create better customer experiences. We see great potential for streamlining back-office operations through collaboration with Simplifai. There is also a potential for synergy effects between Simplifai and companies in the Finstart Nordic portfolio.
Glenn Sæther
VP of Technology, Development, and Business Processes
More than 350% of ROI is projected in the next three years
The solution is currently live, and they have projected an ROI of more than 350% in the next three years with the implementation of just the first two phases. And if the stats are to be believed, they will also enjoy some soft gains that will help them to rise above customer expectations. This has sparked conversations regarding phase 3 and 4 implementation that will further take the ROI to a next level.
The Future looks promising with SpareBank 1 SR-Bank
SpareBank 1 SR-Bank has entered a 3-year innovation agreement with Simplifai to help us in the research and development of new solutions for the banking vertical. This will allow Simplifai to remain relevant to the banking sector. At the same time, it will benefit SpareBank 1 SR-Bank with customized solutions for the newly identified use cases. We hope this association helps us in bringing the best of our capability to the banking vertical.
A customized AI solution for SpareBank 1 SR-Bank
SpareBank 1 SR bank identified emails and free text as a crucial and never-dying form of communication to meet customer requirements. So, they onboarded our Email Processing solution that could perform intent-based classification of emails and handle written inquiries (free text) like no other automation solution.
- It can read, interpret, categorize, and take appropriate action
- It can guide customers through emails
- It can process inquiries end-to-end
Learn how our AI powered solution enables reliable and fast end to end automation.
Invest in future work – today
According to Gartner, 54% of banking CIOs are investing in digital capabilities to improve customer experience.
- Add 400% capacity to your customer service team
- Achieve 350%+ ROI with few phases of implementation
- Reduce 50% day-to-day operational cost