Conversational AI for Banking Provider Also Chooses Auth0 for Partnership
While much of the world has bank accounts and/or smartphones, not everybody has a personal banker they can call at 2 A.M. for answers to sleep-stealing questions. Finn AI is changing that by making it possible for banks to put a virtual banking assistant in every customer’s pocket with the help of their banking and finance-focused conversational artificial intelligence (AI).
“Using Finn AI to engage in a conversation with bank customers can be a lot more effective than some of the more traditional channels such as call centers or visiting a branch,” says Finn AI’s Product Leader Stephen Menon. “Our technology creates a frictionless experience for customers which enhances satisfaction, as well as efficiencies within the bank.”
Brands like ATB Financial, BMO, and VISA agree. Due to a laser-focus on banking and financial services, Finn AI is able to refine NLP development, which means they can easily predict retail banking questions and concerns from end users says Menon.
But financial institutions are understandably cautious about adapting innovative technologies which means projects often face internal security and external regulatory hurdles. “[Banks] all have very common information security, compliance, and risk approaches — and those are blockers. If you can’t get compliance, risk, or information security to sign off, then there’s no project,” says Menon.
Finn AI says they were introduced to Auth0 while working on a virtual assistant for ATB Financial, who was already leveraging Auth0 for identity. They quickly recognized the potential for building an integration between their platform and Auth0 that would benefit additional joint customers. “Authentication through a conversational channel is a new experience for banks,” says Menon. “Having an authenticated experience within online banking is a non-new experience. If a customer is already leveraging Auth0, it makes it really easy just to add an initial channel. But if not, we’re able to introduce a solution that we know has met the rigor of bank compliance information security approval processes and can be delivered to new customers.”
In addition to seeing Auth0 in action in a heavily regulated environment, Finn AI was able to quickly see how it fit within their own needs. “Our first proof of concept around using Auth0 was done by an engineer over his weekend because he was excited about it. We had a 48-hour turnaround on that first POC of Auth0 within an SDK environment,” says Robin Monks, Interim CTO and Director of Engineering at Finn AI.
Finn AI continues to use Auth0 in-house, says Monks. “Offloading identity allows our developers to stay focused on creating a really great product experience. It allows us to recommend Auth0 as a best in class partner for security and authentication standards around OAuth and to utilize it in our environment so we don’t have to start from scratch.” Plus they’re seeing 10% savings in engineering time for the first year, and an anticipated 5% ongoing, as well as two months opportunity cost saved.
Frictionless authentication also helps Finn AI create ROI for their own customers, says Monks. Customers can perform daily bank transactions and obtain product information through a conversational channel digitally, decreasing reliance on expensive call center interactions.
As banks continue to expand their digital offerings into more sophisticated use cases, Finn AI can draw on their deep banking domain knowledge so that banks can easily engage in conversations with their customers with the help of Auth0. “I like to think of AI as human augmentation,” says Monks. “It’s an add-on for your own benefit. You can add it to your life, and it will make your life better in some way.”
Auth0, a global leader in Identity-as-a-Service (IDaaS), provides thousands of customers in every market sector with the only identity solution they need for their web, mobile, IoT, and internal applications. Its extensible platform seamlessly authenticates and secures more than 2.5 billion logins per month, making it loved by developers and trusted by global enterprises. The company’s U.S. headquarters in Bellevue, WA, and additional offices in Buenos Aires, London, Tokyo, and Sydney, support its global customers that are located in 70+ countries.