POOLE, U.K., March 01, 2016 – As Atom Bank sets out to re-invent retail banking, it will introduce machine learning technology from WDS, A Xerox Company, to deliver a near human customer care experience via its mobile banking app.
Atom Bank, due to launch shortly, will not have any branches and customers will do all their banking through the app. The WDS Virtual Agent software tool is being integrated into Atom’s mobile app and will give customers the power to self-serve by getting immediate answers directly from the app. The technology learns through experience, just like people and the more the system deals with an issue, it will progressively learn the most efficient way to provide solutions to Atom’s customers.
Here’s the techy bit…based on machine learning technology, the WDS Virtual Agent will use analytics to capture the context of each customer inquiry and deliver relevant responses and solutions. It will learn through analysing customer behaviour, problems and solution success rates, increasing its effectiveness over time.
Helen Wilson, Atom’s head of customer service said: “We are setting out to offer a very different banking experience for our customers, using advanced technology to help provide customers with easy and intuitive ways to manage their money. Ensuring help is always available is vitally important to us and the WDS Virtual Agent is an intelligent way of us helping our customers.”
If the app can’t fix a problem, WDS is also providing Atom with its Agent IQ software, which guides the 24/7 customer support team with the best questions to ask customers, along with supplying the best solutions. This software will also learn which agents are getting the best results and feeds that learning through to the rest of the team so customer queries are handled consistently in the best way.
“Together, these two services help deliver a consistent, secure customer experience through multiple channels, such as voice, email or webchat, paving the way for customer loyalty and growth,” said David Fox, European head of Xerox financial services. “Atom’s disruptive business model will help advance our ability to re-define the customer experience.”
Note to editors:
This technology is currently being integrated and will become available to customers using the Atom bank app shortly after launch.
About Atom Bank
Atom is a start-up bank, was authorized with restriction in June by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.
Founded over a year ago and based in the City of Durham, Atom has a growing team of 160 people drawn from across the country, working with partners to bring pioneering technology to Europe for the first time. Atom is building the UK’s first bank designed specifically for digital, offering easy and convenient banking, along with unique and engaging ways to manage money. Atom has been recognised in KPMG’s 2015 Fintech 100, being in the Top 10 companies using technology to drive disruption globally within the financial services industry.
The Atom executive team are highly experienced, having built and run some of the most well respected banks in the UK. CEO Mark Mullen has 25 years experience in the sector and was previously CEO at the multi-award winning telephone and internet bank first direct. The team are supported by a strong non-exec board, which includes founder and Chairman Anthony Thomson, also the founder and former Chairman at Metro Bank. He is Chairman of the Financial Services Forum, the UK’s leading membership organisation for senior FS industry executives and Chairman of the National Skills Academy for Financial Services, a national charity.
The investment requires satisfactory completion of the Bank of England’s controller process.
For more information visit atombank.co.uk. Full details of the extent of our authorisation by the PRA can be found on the Financial Services Register
Xerox is helping change the way the world works. By applying our expertise in imaging, business process, analytics, automation and user-centric insights, we engineer the flow of work to provide greater productivity, efficiency and personalisation. We conduct business in 180 countries, and our more than 140,000 employees create meaningful innovations and provide business process services, printing equipment, software and solutions that make a real difference for our clients – and their customers. On January 29, 2016, Xerox announced that it plans to separate into two independent, publically-traded companies: a business processing outsourcing company and a document technology company. Xerox expects to complete the separation by year-end 2016. Learn more at www.xerox.com.
Sonia Panchal, Xerox
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