Mashreq Bank, which offers Shariah banking services through Mashreq Al Islami, has partnered with artificial intelligence software company Kore.ai which will provide the bank with its BankAssist virtual assistant product for personalized self-service and faster resolution of customer queries in both Arabic and English.
The partnership will enable Mashreq’s over half a million retail banking customers to use their voice or text in the communication channel of their choice to perform over 100 retail banking transactions. This will enable the bank’s customer service team to spend more time with customers on advanced interactions.
Through natural language processing, BankAssist interprets customer inquiries in voice or text, interfaces with the bank’s back-office systems to execute transactions and seamlessly transitions to a live agent when necessary. When customers shift from one communication channel to another, return to the bank for subsequent service or move to a live agent, the virtual assistant maintains the context of historical conversations to ensure a consistent experience. BankAssist is built on Kore’s no-code platform and is pre-integrated with common banking systems and third-party apps.
Mashreq will also leverage SmartAssist, Kore’s contact center as a service product, to automate inbound customer support on the cloud. Through a simple SIP transfer, SmartAssist deflects calls to digital and automates support conversations. SmartAssist also gives customers automated speech recognition and text-to-speech support, making it easier for interactive voice response customers to enhance their support technology stack.