Galileo’s AI-Driven Intelligent Digital Assistant Cyberbank Konecta Enhances SoFi Member Experience

By Staff 1 year ago

SoFi has integrated Cyberbank Konecta into its existing tech stack, increasing member satisfaction and improving inquiry response time by more than 65%

SALT LAKE CITY & SAN FRANCISCO–(BUSINESS WIRE)–Galileo Financial Technologies, LLC, a leading financial technology company, announced today that its affiliate’s conversational AI engine, Cyberbank Konecta, which was integrated into the existing tech stack of SoFi Technologies, Inc. (NASDAQ: SOFI), the digital personal finance company and all-in-one app, is delivering on SoFi’s mission for member engagement and satisfaction. Galileo is a wholly-owned subsidiary of SoFi Technologies, Inc.

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Through Galileo’s flexible APIs and AI-driven technology, Cyberbank Konecta has helped SoFi achieve immediate cost-reduction by freeing up valuable agent time to solve more complex and higher-touch problems for SoFi’s members. Customer service performance has improved by 7%, meaning addressing thousands more conversations 24/7 without the need for member service agents.

The technology behind legacy chatbot solutions today fails to emulate a human-like experience, creating friction that diminishes the customer experience and erodes trust. Cyberbank Konecta, a leading intelligent digital assistant (IDA) for banks, credit unions, fintechs and non-financial brands, solves this challenge through its empathic AI engine powered by deep learning models. It learns from and reacts to customer sentiment in real time to create elevated customer experiences.

“Legacy chatbots lack a deep understanding of human emotions and sentiment, whereas intelligent digital assistants use advanced natural language processing to analyze and interact in a more human-like way,” said David Feuer, Chief Product Officer at Galileo. “Cyberbank Konecta is a conversational AI-powered IDA that improves customer engagement and loyalty by tailoring each customer interaction in real-time and infusing a human touch when needed.”

“Cyberbank Konecta’s ability to efficiently manage conversations is enormously beneficial for increasing member satisfaction and building loyalty,” said Aaron J. Webster, SoFi Chief Risk Officer, Global Head of Operations. “We are proud to embrace AI-powered conversational banking with Galileo at scale, while having the ability to build on and create new, highly personalized experiences.”

By significantly lowering latency, Cyberbank Konecta enabled SoFi to achieve four key performance indicators:

  • Increased chat containment by up to 5% — allowing thousands of conversations to be resolved without transferring to a member service agent.
  • Increased response time by more than 65% to drive customer satisfaction – also resulting in 50%+ fewer people dropping from chat.
  • Enhanced agent efficiency by streamlining inquiries — significantly reducing handle times and handoff friction between the IDA and member service agent.
  • Greater member engagement with a 24/7 IDA that addresses more than half of member support needs.

Read the full case study showcasing how Cyberbank enhances the SoFi member experience or learn more about Galileo.

About Galileo Financial Technologies

Galileo Financial Technologies, LLC and certain of its affiliates collectively comprise a financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI) that enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives innovation across payments and financial services. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies.

About SoFi

SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its more than 6.2 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like career advisors, Credentialed Financial Planners (CFP®), exclusive experiences and events, and a thriving community – on their path to financial independence.

SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the Federal Reserve, OCC, and FDIC. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

Contacts

Katie Boyless

The Fletcher Group

404.791.8245

katie@fletchergroupllc.com

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