Royal Bank of Scotland is using IBM Watson for cognitive insights to improve customer service.
Starting from December, the bank will use cognitive chat bot ‘Luvo’ to quickly answer or rout requests to advisors.
Luvo leverages IBM Watson Conversation, a cloud-based cognitive service, to enhance the customer service experience.
The bank will begin making Luvo accessible via its webchat service in December, starting with around 10 percent of Royal Bank customers in Scotland that use webchat.
Luvo will help to answer specific queries such as ‘How do I authorise my card to be used overseas?’ ‘How do I update my home address with the bank’?
The bot can also direct customers to a human to answer more complex questions. Luvo is expected to roll out to the bank’s NatWest customers.
“Luvo frees advisors from spending time on simple, easily-addressed queries so they can help customers with more complex issues and questions,” says Jane Howard, Head of Personal Banking, NatWest and Royal Bank of Scotland.
In the future, the cognitive chat bot could begin using IBM Watson Alchemy Language capability to better understand how a customer is feeling – for example, if they are unhappy or frustrated – and then change its tone and actions accordingly.
“As this cognitive system continues to learn overtime, Royal Bank of Scotland and NatWest will be able to expand Luvo’s capabilities to more complex areas such as providing increased personalization and using predictive analytics to detect possible issues before they arise to make a recommended course of action,” says Chris Withers, Europe Head of Financial Services for Watson Solutions from IBM. “
