ABAKA, the global leader in digital saving and retirement enterprise SaaS solutions, announced the launch of a new suite of products that allow financial services firms of all sizes to ‘plug in and play’ a financial advice chatbot as a service solution. The new offering provides AI-powered chatbot ready-to-go solutions for financial advisors, wealth managers, retail banks, or retirement providers. It offers a more cost-effective option for firms that can be easily deployed and installed into their businesses with very little integration. ABAKA’s chatbot new product offering expands the company’s product portfolio as it continues to revolutionize how financial services firms help customers plan for the future through its Artificial Financial Intelligence technology platform.
The new offering from ABAKA is the first of its kind to help power digital advice solutions to acquire, engage, and advise customers at scale through human-like conversations. ABAKA expects the conversational AI market to grow from $4.2 billion in 2019 to $15.7 billion in 2024
Indeed, customer expectations across generations are high for Conversational AI interactions, in particular following the global pandemic: a recent Facebook study found that 65% of millennials, 65% of Gen Xers, and 63% of baby boomers would much rather send a message than call customer service. More specifically in retirement, 84% of participants said they wanted access to digital retirement coaching, from hire to retire and beyond, yet only 11% have been offered one, based on the latest Accenture Citizen Survey of 6,000 employees across 6 countries, across both DB and DC-type retirement plans.
ABAKA’s new suite of products will help to democratize AI-powered chatbots by enabling both small advisory boutiques to large international banks to quickly incorporate powerful, intelligent solutions with their businesses. However, this isn’t a one-size-fits-all solution for companies, but rather ABAKA will offer chatbot software that is tailored to specific industries, ranging from banking, wealth and asset management, insurance through to retirement planning.
Fahd Rachidy, Founder and CEO of ABAKA said: “Engagement is one of the biggest challenges facing the financial services industry and now, more than ever, businesses need to incorporate new, digital ways of engaging their customers. The COVID-19 Crisis and lockdowns across the globe have only emphasized just how critical it is for businesses to develop digitized and hyper-personalized ways of acquiring, communicating, guiding, and advising clients.”
“Our Conversational AI chatbots provide a critical solution for firms to engage and activate their customers in financial planning in the new normal. We find that about 30% of customer inquiries through our chatbots can be turned into a sale without human intervention, and chatbot interactions drastically reduce the costs and times to service a customer by easily capturing prerequisite information. Our new plug and play products provide these powerful Artificial Finance Intelligence solutions to businesses of all sizes and across a wide array of sectors within financial services.”
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