One Zero Bank is revolutionizing the global banking landscape by establishing an innovative financial institution, driven by artificial intelligence, and amalgamating the advantages of traditional and neo-banks
One Zero Bank launches GenAI-based service platform. (Credit: Glenn Carstens-Peters on Unsplash)
One Zero Bank, Israel’s first private digital bank and a world-leading institution in the integration of AI technology into banking services, announces today the official launch of its GenAI-based service platform – marking the transition from experimental pilot phases to full-scale implementation. As part of an innovative collaboration with AI21, the bank unveils ‘Ella’ 2.0, a next-generation digital private banker.
Based on LLMs (Large Language Models), ‘Ella’ 2.0 showcases advancements in understanding and responding to customer queries and open questions in multiple languages. The platform, cultivated through extensive user training, delivers instantaneous responses, operates 24/7, and harnesses machine learning to tailor personalized financial services.
The platform officially launched today, enabling customers to enjoy uninterrupted, real-time assistance, and eliminating wait times for queries. According to research published in Harvard Business Review, Generative AI technology has the potential to reduce working hours by 72% in the banking sector, helping build efficiency and effectiveness.
Gal Bar Dea, CEO of One Zero Bank, stated, “We take pride in leading the global charge from experimental Generative AI to its practical implementation. ‘Ella’ 2.0’s capabilities transcend linguistic barriers, ensuring immediate, accurate, and personalized responses while continuously evolving to meet individual customer needs. We are committed to setting new benchmarks in service quality and accuracy – and ‘Ella’s’ learning and improvement processes, supported by human bankers, ensure comprehensive and reliable responses.”
“One Zero’s new AI assistant, ‘Ella’, represents a shift in the digital banking industry towards a better customer experience that is faster, more reliable, and personalized to each user. AI21 is proud to provide the AI System behind this new service for One Zero’s customers and looking forward to future collaboration,” said Ori Goshen, co-founder and co-CEO of AI21.
‘Ella’ not only serves as a responsive banking assistant but also transcends traditional banking services, aiming to provide long-term, personalized financial management. In its initial phase, ‘Ella’ addresses 58% of common customer inquiries, with plans to expand to 80%, ensuring accuracy and evolution through continuous usage.
The platform’s interface incorporates user-friendly features, including a dedicated feedback icon (👍) for clients to refine ‘Ella’s’ responses and facilitate continuous improvement. Moreover, ‘Ella’ seamlessly navigates between languages.
In its next phase, the solution will answer personalized questions, including expected interest rates on deposits, analyze credit card expenses, debt, and more. ‘Ella’ will provide an answer in writing and a graphic presentation of the characteristics of the activity in the account.
The implementation of Generative AI in banking, while revolutionary, confronts challenges in handling sensitive information and delineating service boundaries. ‘Ella’ adheres to strict protocols, refraining from addressing queries beyond financial realms, ensuring client trust, precision, and data security. ‘Ella’s’ responses rely solely on bank data and customer information; The system, meticulously designed for unified language management, prioritizes consistency and accuracy in responses.
The platform’s future trajectory promises expanded services, encompassing holistic financial analyses from other bank accounts and credit cards, as well as personalized investment and pension recommendations, demonstrating a comprehensive understanding of customers’ financial activities.
Source: Company Press Release