Artificial intelligence is turning into banking: this is how Commerzbank wants to take advantage of new technology with its banking avatar | 12/26/23

• Commerzbank is planning a banking avatar project

• Commerzbank is based on Microsoft Azure OpenAI
• Customer experience should be improved

The popular topic of Artificial Intelligence (AI) is currently on everyone's lips. Since OpenAI's ChatGPT chatbot has become widespread, many use cases for the innovative technology have already emerged. With several companies already announcing that they are striving to increase AI integration, a movement is also taking place in the traditional banking sector.

Commerzbank recently announced via a press release that it plans to implement an AI-based banking avatar. Specifically, an avatar is a digital assistant that resembles a virtual person and “interacts with customers in natural language,” the statement said. The goal of the AI ​​project is to improve customer experience. Customers can ask their questions to the avatar and also get general information. The initial plan is to integrate the virtual assistant into the Commerzbank banking app.

New avatar technology

Commerzbank claims to be one of the first banks to use innovative avatar technology combined with generative AI to improve customer applications. It hopes that the move towards artificial intelligence will increase customer satisfaction and further simplify the credit institution's digital services.

“We are excited to launch the Banking Avatar project. It is a new way of banking that combines convenience, personalization and digital performance at the next level. We want to offer our customers the best digital experience and help them easily manage their finances and manage them in a trustworthy way,” said Thomas Schöffler, Member of the Banking Board. Commerzbank's management of private and corporate clients, said in the press release.

Implementation with Microsoft Azure

The bank relies on Microsoft Azure OpenAI service to implement the project. The financial house in particular wants to leverage the AI ​​provider's advanced GPT models, which ensure “natural and engaging conversations.” In addition, it is also planned to integrate the “Microsoft Azure Speech Avatar Transformation” service recently introduced by Microsoft Ignite. This is used to make the virtual avatar expressive and realistic.

“The launch of the Avatar project is a new chapter in Commerzbank's IT strategy and a prime example of the use of generative AI and Microsoft's new avatar technology. It will significantly improve the customer interface, customer experience and banking processes,” says Dr. Jörg Oliveri. Del Castillo Schulz, Chief Operating Officer of Commerzbank, said in the statement.

The first client tests positive

Now it remains to be seen whether the project will achieve the desired goals in the long term. However, in initial tests, the AI ​​banking avatar has already achieved very good results and has confirmed “the innovative character of this new solution.” “Powered by the advanced voice capabilities of Azure AI, the Banking Avatar project is a great example of how companies can leverage generative AI technology to deliver a new level of dynamic and personalized customer experiences,” Ralf Haupter, Microsoft's EMEA president, said in a press release. .

Finanzen.ch editorial team