AI-Powered Flaist Introduces Analytics to Predict Customer Behavior

The fintech startup, Flaist, has released a new analytics tool powered by the Flaist Digital Experience platform that allows financial organizations to better understand the contexts of their customers’ intentions and sentiments.

This is the first fintech platform that allows banks and financial groups to predict future customer behavior and adapt their responses to customers using analytics.

The founder and CEO of Flaist, Krish Gopalan, says this new analytics will save financial groups time and money, while also allowing them to better serve their customers.

“These analytics give all financial organizations an advantage with customer service,” said Gopalan. “Banks can now better understand customer insights and identify how to respond to customers before the transaction even occurs.”

Flaist Analytics Detect Sentiment Enabling Improved Customer Service

Gopalan says the new advanced analytics can detect customer sentiment in real time to help financial institutions recognize any dissatisfaction with services, enabling higher-quality responses to customer complaints.

For example, if a customer wants to know why they’re paying late fees, Gopalan says the analytics will detect their discontent and offer viable solutions to improve their customer experience.

Flaist Analytics Understand the Context and Intention of Customer Needs

Flaist’s analytics can also determine the context of a customer’s needs, and advise financial institutions on how to achieve optimal customer satisfaction.

“Knowing the customer’s context is critical for a financial institution’s success,” says Gopalan. “Collecting data on the customer’s preferences and needs can also help financial organizations understand the context of their demands. If they know why the questions are being asked, they can ensure better responses.”

For example, when customers have questions for the bank, they expect answers backed with reason, along with steps to achieve this desired financial position. Gopalan says the context in which the questions are being asked can now be understood from data collected on the customer.

Why Financial Institutions Need Advanced Analytics for Customer Service

Bill Eagan, former Managing Director with JP Morgan and Lehman Brothers and now Goto Market Advisor for Flaist, says banks and financial institutions are understaffed during this pandemic as more customers choose to utilize phone lines and online chats for their customer service needs.

He says the analytics are customized for these times to ensure that banks understand the context and sentiment of the users in order to provide better service.

“The introduction of our new analytics in the banking industry can now help banks understand the intentions and the sentiment of their customers, to provide a very personalized experience to each individual,” said Eagan. “When most customers call their banks, they’re met with unfriendly and cold automated messages but with the analytics, the customers would feel at ease and stay confident that their banks understand their needs better. These analytics can reduce customer service IT costs by up to 25 percent, while also increasing loyalty and revenue.”

The analytics tool is part of the Flaist Digital Experience platform that offers a wide range of AI-as-a-Services APIs and Microservices that have been purpose built for Banking use cases. The plug and play solution cuts development time for the banks giving them an advantage of speed to market to provide an enhanced customer experience across digital platforms.

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