Galileo Launches Intelligent Digital Assistant for Financial Institutions and FinTechs

Galileo Financial Technologies has launched an intelligent digital assistant (IDA) for financial institutions and FinTechs.

The new Cyberbank Konecta is a conversational artificial intelligence (AI) engine that can handle 80% of common inquiries for banks, credit unions, FinTechs and nonfinancial brands, including customer onboarding, support and other interactions, Galileo said in a Thursday (March 9) press release.

“Developed with a keen focus on bank customer needs and customer empathy, Cyberbank Konecta understands how customers interact with their banking partner based on years of analyzing, modeling and building bank customer interactions into an AI engine,” Galileo Chief Product Officer David Feuer said in the release. “The technology seamlessly and intelligently meets customers at their point of need, while simultaneously informing future customer experiences.”

Cyberbank Konecta works across any digital channel, recognizes voice and text, understands any language and learns from each customer interaction, according to the release.

The IDA technology is delivered through the cloud, can be updated without disrupting day-to-day activities, and can scale and integrate with other Software-as-a-Service (SaaS) offerings, the release said.

“Financial institutions, FinTechs and nonfinancial brands can implement Cyberbank Konecta with any existing technology platform they use, or use Galileo’s service offerings to operate and run this technology on their behalf,” Galileo said in the release.

As PYMNTS reported in December, AI technology is an increasingly valuable, next-generation tool for companies and executives to leverage within specific use cases to remove friction, inefficiencies and redundancies within their business operations, while optimizing those processes it is applied to.

Cyberbank Konecta represents a “fascinating evolution” from the early days of chatbots, which tended to follow more binary “press 1 or press 2” pathways, Galileo Head of Cyberbank Digital Core Michael Haney told PYMNTS in an interview posted Wednesday (March 8).

“We have this deep learning technology called sentiment analysis that allows us to understand if the customer is getting frustrated,” Haney said. “It flags things like, are they getting angry? How are they feeling? And allows us to shift them to a human interaction that might be able to help the situation without leaving the channel or losing all the chat history.”