imaginBank, the CaixaBank mobile-only bank, has launched the Spanish banking industry's first ever chatbot. This new service allows imaginBank customers to converse with a bot, which provides information on all the offers and promotions available to them, as well as those that best suit their needs or are available locally.
Chatbots harness artificial intelligence to interact with people using natural language. It is thought that some 30,000 chatbots are operating in various industries around the world, although such initiatives are few and far between in the financial sector.
The chatbot is the latest trailblazing innovation to be introduced by imaginBank, the CaixaBank mobile-only bank that offers advanced financial services based on innovative technology. Customers can access and manage these services via the imaginBank mobile app and social network applications.
Service via Facebook Messenger
The new chatbot service will be available via Facebook Messenger. Clients can access the service using the Facebook Messenger application, by searching for "imaginBank", or via the imaginBank Facebook page, by simply selecting the "Send message" option. Clicking "Start" triggers a welcome message from the chatbot, which will then guide the user through the various options.
The chatbot specialises in providing information and assistance to help customers benefit from offers and promotions. imaginBank offers an extensive discounts programme on shopping and culture across Spain, including exclusive offers for restaurants, leisure activities, travel, hotels, cultural events, training, fashion, beauty, cinema, music and shows. There are currently more than 100 offers available.
Customers can directly ask the chatbot what offers are available in a given category or near a specific location, via written messages or by voice. The robot answers with a selection of offers filtered based on their requests, while it can even suggest continuing the conversation to seek out similar possibilities that might also appeal to them. The chatbot can also be customised to send daily or weekly notifications to the customer's mobile device, with new offers sorted into categories.
CaixaBank R&D in artificial intelligence
The imaginBank chatbot makes for an even better CaixaBank experience, harnessing artificial intelligence technology to offer the best possible service to clients. The bank pioneered the use of bots in the financial sector, employing these tools via Twitter to field simple questions from users, although the technological limitations of the platform prevent full conversations being held, something that the imaginBank chatbot is able to do.
At present the Twitter bot helps clients to locate CaixaBank branches near specific places and offer up-to-date information on the bank's stock price. There is also a bot to help imaginBank clients locate their nearest ATM.
CaixaBank has also developed a consultancy service in foreign trade, using IBM Watson cognitive technology. The system has been trained to hold conversations with the bank's specialist managers, and to help them resolve any technical questions that clients might have regarding the enormous body of trade legislature, regulations specific to certain countries, internal rules, and so on.
imaginBank, Spain's first ever mobile-only bank
In January 2016 CaixaBank launched imaginBank, Spain's first ever mobile-only bank. As a 100% mobile and digital platform, this banking model is aimed squarely at the so-called millennials, or digital natives, a segment of the population that reports particularly high levels of smartphone use.
The model marks a radical departure from the traditional multi-channel approach adopted by the banking sector, providing services exclusively via applications for mobile devices and social networks. Under the imaginBank model the bank is able to offer an entirely different value proposition: users manage their finances autonomously, supported by technology to ensure constant control over their personal finances.
Currently imaginBank serves 90,000 customers and has placed itself as the highest rated banking application from a leading financial institution, both on the App Store and Android Market, as well as attracting international accolades as the most innovative initiative in the industry during 2016.
Specifically, in August 2016 The Banker honoured imaginBank as the world's best technology project, in recognition of the model's success in driving financial transformation, as well as its far-reaching innovation in payment methods. Likewise, in November the consultancy firm Gartner selected imaginBank as the world's most innovative mobile business model.
CaixaBank's leadership in innovation
imaginBank represents another leap forward in CaixaBank's innovation strategy, further driving the bank's reputation as a world leader in harnessing new technology to benefit financial services.
CaixaBank currently serves 5 million online banking clients and 3 million mobile banking customers. The bank leads the electronic banking market, with more than 15.5 million cards in circulation and a market share in terms of turnover of 22.9%. It was one of the first banks anywhere in the world to commercially launch contactless payment systems and mobile payment platforms, winning it numerous international awards.
As well as the accolades showered on imaginBank, in 2016 the bank was distinguished as "Global Innovator 2016" by Efma and Accenture, for the world's best innovation strategy during the year from any bank. CaixaBank was also rated as the best provider of mobile banking services in Europe, and the second best worldwide, according to analysts at Forrester Research.
