Hamburg-based novomind AG develops a new solution for the financial sector:

About one in two transactions in online credit or savings institutions is abandoned before completion. But times are changing: the Hamburg-based software provider, novomind AG, is currently developing a virtual agent designed to dramatically reduce this dropout rate. The novomind IQ agent™ supports clients looking to open an account online by helping them through the online registration process.

Personal internet assistance
The number of people on the internet is constantly on the increase: more and more clients are choosing to open their bank or savings accounts online. And if their bank has installed the new IQ agent™ based on novomind IQ™ software technology, they will still be able to count on individual service. The pre-programmed contact person is online to provide internet users with the same level of services that they would expect from customer services employees in one of the bank’s real-life branch offices. The agents give detailed information, explain the bank’s individual range of products and services and help clients fill out online forms by dealing with their requests and provigin them with easy-to-follow guidelines and useful tips. What’s more, IQ agents™ provide a response to all user queries, even recognizing and dealing effectively with questions phrased in colloquial language. Filling out forms and opening an account online has never been so easy.

Reduction in processing times for online forms
Initial tests carried out on the prototype were highly successful. The wide range of help tools available to the novomind agents ensures that they are real all-rounders. The client benefits from their expertise, while banks profit from the data generated by the in-depth client dialogs. The questions clients ask reflect the website areas that are still in need of improvement. This mean that the agent can help the bank ensure that its individual targets and priorities are being met at all times. Plus, internet forms are filled out more effectively thanks to the support users receive from their electronic assistant – saving staff hours of valuable time that would otherwise be spent processing incomplete online forms.
 
Balancing act: individual customer care that still ensures reduced costs
"Our IQ agents™ help credit and savings institutions focus on their strengths and provide clients with future-oriented services," says Marco Busacker, Chief Marketing Officer at novomind AG. "They boost client satisfaction, break down the mental barriers that put users off online services and radically reduce dropout rates and call center costs." The new novomind agents are implemented strategically to boost online transaction rates and have a fully-fledged "younger brother" who has already spent several successful months online at the Sparkasse Erlangen. His area of expertise: providing answers to frequently-asked questions.The virtual "account-opener" is ready for action and can be implemented in many credit and savings banks within the next year. "Only agents like these are able to help banks find a balance between individual customer care and necessary cuts in costs," adds Marco Busacker. "Which is why virtual assistants make great employees that are a must-have for every bank and savings institute online today."

novomind: a leading provider of intelligent software solutions
novomind AG provides software for the customer communications sector, enabling optimized processes and lower costs. The solution focuses on future-oriented service, efficient and personalized communication and higher-performance administration. The self-service solutions provide e-mail management, real time communication and automated customer services via virtual assistants known as novomind IQ agents™. Leading companies from across the market sectors – including Bertelsmann, Otto, Sparkasse Erlangen, BKK Zollern-Alb, Travelocity and T-Systems – have already successfully implemented novomind systems to optimize customer loyalty and boost turnover.

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