BNY Achieves 80% Faster Client Inquiry Resolution with AI Eliza
With the launch of Eliza, BNY resolves client inquiries 80% faster, showcasing the transformative power of AI in banking. This significant advancement not only enhances client experience but also cements BNY's role as a pioneer in the financial services industry.
Key Facts
- BNY's Eliza resolves inquiries 80% faster, enhancing client satisfaction and retention rates.
- Digital employees manage 10% of validations, reducing operational costs and increasing efficiency.
- 20% quicker onboarding of new clients suggests a competitive edge in attracting market share.
- Full employee training on Eliza indicates a strong commitment to innovation and workforce adaptability.
- BNY's early AI adoption positions it as a market leader, potentially increasing its $60 trillion asset management.
Summary
Summary
BNY, a 242-year-old bank managing approximately $60 trillion, faced challenges in client inquiry resolution and onboarding processes. By implementing an in-house AI platform named Eliza, built on Microsoft technologies, BNY significantly improved operational efficiency. As a result, client settlement inquiries are resolved 80% faster, and new customer onboarding is 20% quicker.
Background
BNY operates in the financial services industry and serves clients across 100 markets. Before deploying Eliza, the bank relied on traditional methods for handling client inquiries and onboarding, which were time-consuming and inefficient.
Challenge
The primary challenge BNY aimed to address was the slow resolution of client settlement inquiries and the lengthy onboarding process for new customers. These inefficiencies hindered customer satisfaction and operational effectiveness.
Solution
BNY developed Eliza, an in-house AI platform that integrates various Microsoft tools, including Microsoft Azure, Microsoft Foundry, Microsoft 365 Copilot, and GitHub Copilot. This platform automates processes and supports digital employees in handling tasks, such as payment validations and client inquiries.
Results
With the implementation of Eliza, BNY has achieved notable outcomes: client settlement inquiries are resolved 80% faster, and new customer onboarding is completed 20% quicker. Additionally, digital employees now manage 10% of payment validations, and the platform features over 300 solutions. All employees have received training to utilize Eliza effectively.
Key Insights
Investing in AI technology can lead to significant improvements in operational efficiency and customer satisfaction. Training employees to use new tools is crucial for maximizing the benefits of AI deployments.
Customer Testimonial
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Key Concepts
Definitions
- AI
- Artificial Intelligence refers to the simulation of human intelligence in machines that are programmed to think and learn.
- Eliza
- Eliza is an in-house AI platform developed by BNY to enhance operational efficiency and client service.
- Microsoft Azure
- Microsoft Azure is a cloud computing service created by Microsoft for building, testing, deploying, and managing applications and services.
- digital employees
- Digital employees are automated systems or AI tools that perform tasks traditionally done by human employees.
- client settlement inquiries
- Client settlement inquiries refer to questions or issues raised by clients regarding the settlement of their transactions.
Use Cases
- →Resolving client inquiries 80% faster
- →Onboarding new customers 20% quicker
- →Handling 10% of payment validations
- →Training all employees to use the AI platform
- →Integrating multiple Microsoft tools for enhanced functionality
- →Providing over 300 solutions through the AI platform
Frequently Asked Questions
How does BNY's Eliza improve client service?
Eliza improves client service by resolving inquiries 80% faster than traditional methods, allowing clients to receive timely assistance.
What technologies does Eliza utilize?
Eliza utilizes various Microsoft technologies, including Azure, Foundry, and 365 Copilot, to enhance its capabilities and performance.
What percentage of payment validations are handled by digital employees?
Digital employees currently handle 10% of payment validations, streamlining the process and reducing the workload on human staff.
How has employee training been impacted by Eliza?
With the implementation of Eliza, 100% of employees have been trained to use the platform, ensuring that everyone is equipped to leverage its capabilities.
What is the significance of BNY's early adoption of AI?
BNY's early adoption of AI signifies its commitment to innovation and its belief in AI's potential to transform financial systems and improve operational efficiency.