Virtual Assistants

CogniCor Launches New AI-Powered Digital Assistants

Venture

Venture-Backed FinTech Firm’s Solutions Combine Cutting-Edge Algorithms with Industry-Specific Knowledge Graphs to Maximize Efficiency and Growth Opportunities

Digital Assistants Offer Transformative Results, Reducing Customer Support Calls by 25% and Delivering Over 80% First-Call Resolution

CogniCor, the leading provider of artificial intelligence-powered digital assistants for the wealth management industry, today announced the launch of three new digital assistant modules to help wealth management firms support their employees and advisors with scalable solutions to their most labor-intensive and time-consuming operational issues and raise the efficiency and productivity of firms’ internal support functions.

The digital assistants are built on CogniCor’s CIRA platform, a proprietary system that leverages machine-learning algorithms to understand the intent behind user queries and return accurate, appropriate responses or courses of action that directly address users’ needs. At the heart of CogniCor’s approach is the use of knowledge graphs – conceptual maps that group together firm- and industry-specific terminology to give algorithms the much-needed knowledge base and context to accomplish their tasks.

CogniCor Founder and CEO Sindhu Joseph said, “In wealth management, as in other highly regulated industries, the completion of many everyday tasks can entail a series of steps, any of which can derail the entire process if done incorrectly. Consequently, firms devote excessive resources to user-support infrastructure, such as support desks and call centers, which in turn can lead to operational inefficiencies, lost revenue and stymied growth. CogniCor’s solutions take much of the burden of user support off firms’ shoulders and enables them to focus the core missions of their businesses.”

The three newly launched digital assistants are:

The Forms Assistant: Up to 30 percent of wealth management service center call volume consists of requests from advisors and clients for help identifying and completing the right forms to achieve a desired objective. The Forms Assistant interprets the user’s intent and finds the forms they need, then pre-fills certain fields and guides the user through completion of the rest.

The Navigation Assistant: The second-highest driver of service center call volume is advisors or clients having trouble navigating between and finding the right menu within their wealth management firm’s online platforms.  Users simply ask the Navigation Assistant for what they need, and the assistant responds with step-by-step navigation instructions in even complex use cases.

The Smart Call-Routing Assistant: Users seeking support often struggle to navigate the automated interactive voice response systems many financial services firms use to route queries to the right support personnel. The Smart Call-Routing Assistant understands the context and intent of a query, then matches the user to the appropriate expert.

Deploying CogniCor’s digital assistants can decrease the frequency of calls from employees and advisors to live call-center staff without affecting the critical mid- and back-office functions they need to drive business. CogniCor’s customers have reduced support calls by 25 percent and achieved more than 80 percent first-call resolution with its suite of digital assistants. CogniCor’s digital assistants do not eliminate the need for user-support staff, but instead allow the team to focus time and resources on complex requests, enhancing overall service to all users.

Dr. Joseph concluded, “The complexity of the online workflows financial services firms use to perform core business tasks can force advisors and employees to spend around 40 percent of their time executing routine, manual tasks, time that should be devoted to serving clients and performing other value-generative activities. Our solutions put time back into advisors’ and employee’s workdays, while eliminating errors, mitigating costs and providing enhanced experiences for wealth management employees, advisors and their clients.”

For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybsercurity, go to AI-Techpark.com.

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