Fintech Friday: Cbot

Efma feature

08 March 2019

Mete Aktaş, Co-Founder and CEO of conversational AI firm Cbot, told Efma’s Boris Plantier about the company’s focus on research and development and its plans for the future.

Cbot’s core team has been engaged in creating solutions to business problems through technology for more than 20 years.

“With the vision that artificial intelligence (AI) will be the primary method of customer interaction in the near future, we established Cbot, a conversational AI company, and started to invest in researching machine learning and natural language processing,” says Aktaş. “Therefore, Cbot is an outcome of the long years of dedication to tech-based focus that involves an AI-based perspective for the last five years.”

Cbot has a clear focus on research and development (R&D) and to collaborate with academia. Over the years, the company has gained three patents and participated in six ongoing EU-supported projects.

“Cbot helps banks and other financial institutions to provide their customers with conversational user interfaces to receive instant answers to their queries; perform daily transactions; and get advice,” explains Aktaş. “We have created our own technology that is capable of understanding the natural human phrases rather than recognizing pre-defined key words. Cbot enables banks to reach their business goals by increasing efficiency, enhancing customer experience and increasing revenues through the power of conversational AI.”

To realize these goals, Cbot offers banks and other financial institutions AI-powered products and solutions, all based on its own technology, including banking chatbots that provide instant and accurate answers to customer queries, perform transactions and provide advice to customers. The company also offers human and AI solutions for call centres and customer services; text classification solutions; and intelligent HR and IT support chatbots.

“Cbot has a competitive advantage in financial services industry for several reasons,” says Aktaş. “Our advanced AI capabilities in terms of natural language processing (NLP) and machine learning sees our NLP engine support all languages that use the Latin Alphabet, with significant accuracy rate.

“We focus on financial services, making sure we’re aware of the dynamics, opportunities and challenges of it. Cbot’s pre-built banking chatbots are already trained with finance domain knowledge and are able to map customer input text into thousands of different intents.

“Cbot’s pre-built banking chatbots operate on Cbot’s own natural language processing (NLP) technology and do not have any dependency to external services. Therefore, they can be located on-premise as well, which makes the technology capable of performing transactions or offering advice by integration with the bank’s systems. The banking chatbots work within the communication channels chosen by the customer – from the websites to voice platforms, mobile apps and social media accounts.

“Thanks to web and document crawling technology, Cbot’s banking chatbots fetch up-to-date responses from the web pages and documents and require minimum maintenance cost. Banks accelerate their time to market thanks to the already trained and fluent banking-specific products. Cbot ensures that the banks launch a banking chatbot within four weeks.”

And this is just the start of what Cbot want to achieve. “In 2018, we created valuable partnerships, namely with İşbank and ING bank, and the first months of 2019 have been a very productive period for us in terms of building new partnerships, supporting more banking customers through our conversational banking solutions,” says Aktaş.

“Cbot has been a leading provider within our home market but we want to enlarge our position abroad. Our first international partnership has been realized with Amazon for which we have developed a product discovery chatbot to help customers to reach the most appropriate skincare products easily. Additionally, we are one of the Google RCS partners on which we are developing new solutions.

“We are able to apply this international enlargement strategy since our NLP engine supports all the Latin Alphabet languages and can be located on-premise as well. Besides, we never lose our R&D focus, improving our products and solutions by dedicating considerable time and energy to experimental projects.”

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Keywords : AI/Robotics , Fintech

Geography : USA