Retail Banking - Mizrahi Tefahot Bank
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Mizrahi Tefahot Bank Ltd. is Israel's fourth largest bank by assets and operates approximately 120 branches throughout Israel, which offer a wide range of banking and financial services and mortgages of different types, to both individuals and institutions.
Mizrahi Tefahot operates extensive international activities through its subsidiary companies, branches and representatives throughout the world, in the US and UK, Switzerland, Mexico and the Cayman Islands and other places overseas. The bank's overseas branches and offices offer a wide range of quality products and services, both to local residents and to Israelis who wish to invest their financial assets overseas.
As part of its Customer Focused service, and as part of its constant need to improve its customer service and satisfaction, the bank has launched its Active Mobile banking, a service developed by Cellesense, which allows customers to request and receive personal financial information directly to their mobile phones over text.
A customer subscribed to the service sends a text message to a number published by the bank, asking for his/hers own personal information (such as current account balance, last transactions, credit card charges, etc.), or request for other financial information (real time stock exchange rates, foreign currencies rates, etc.).
Mizrahi Tefahot chose Cellesense to provide natural language information service via SMS to its customers, and became the first bank in Israel providing this unique and important service.
Mizrahi Tefahot operates extensive international activities through its subsidiary companies, branches and representatives throughout the world, in the US and UK, Switzerland, Mexico and the Cayman Islands and other places overseas. The bank's overseas branches and offices offer a wide range of quality products and services, both to local residents and to Israelis who wish to invest their financial assets overseas.
As part of its Customer Focused service, and as part of its constant need to improve its customer service and satisfaction, the bank has launched its Active Mobile banking, a service developed by Cellesense, which allows customers to request and receive personal financial information directly to their mobile phones over text.
A customer subscribed to the service sends a text message to a number published by the bank, asking for his/hers own personal information (such as current account balance, last transactions, credit card charges, etc.), or request for other financial information (real time stock exchange rates, foreign currencies rates, etc.).
Mizrahi Tefahot chose Cellesense to provide natural language information service via SMS to its customers, and became the first bank in Israel providing this unique and important service.
Choosing Cellesense
Mizrahi Tefahot decided to choose the Cellesense solution for its mobile self-service over SMS through natural language requests.
The following issues made a clear path for Mizrahi Tefahot to choose the Cellesense solution:
• Extremely Low False-Positive Ratio – Cellesense technology does not provide wrong answers to questions. Customer answers are of extremely high accuracy and reliability since the Cellesense solution is a semantic case base reasoning rather than keyword spotting or statistics based tool. When real-time, personal sensitive customer information is involved, Mizrahi Tefahot was not willing to compromise on accuracy.
• Total Independency – The applications developed based on the Advisor can be enhanced by the bank's own IT department or by any chosen integrator, at any chosen time.
• Short Implementation Time – Designed to be used by web site programmers, short learning curve for a programmer of any integrator or of the customer.
• Short ROI – Return on investment is reached within a few months.
The following issues made a clear path for Mizrahi Tefahot to choose the Cellesense solution:
• Extremely Low False-Positive Ratio – Cellesense technology does not provide wrong answers to questions. Customer answers are of extremely high accuracy and reliability since the Cellesense solution is a semantic case base reasoning rather than keyword spotting or statistics based tool. When real-time, personal sensitive customer information is involved, Mizrahi Tefahot was not willing to compromise on accuracy.
• Total Independency – The applications developed based on the Advisor can be enhanced by the bank's own IT department or by any chosen integrator, at any chosen time.
• Short Implementation Time – Designed to be used by web site programmers, short learning curve for a programmer of any integrator or of the customer.
• Short ROI – Return on investment is reached within a few months.
How Does It Work?
The Cellesense system receives the request, analyses it, translates the request into a machine language request and then executes a relevant business logic, which ends when the customer receives a proper reply within seconds, all in a written format.
According to Danny Dotan, Delivery Channels Applications Manager at Iteam group of Mizrahi Tefahot bank: "The Cellesense solution proved to be unique and excellent, providing our customers with a safe, proven natural language parsing that works without leaving us to worry about the consequences of providing a wrong answer..."
"We have created a new revenue source for the bank while significantly improving our customer service".
The new service serves as an automatic channel to banking and financial information retrieval, complementary to the IVR and web channels. As it is available anytime (24/7) anywhere, the new service improves customers’ satisfaction, reduces volume of calls received in the call center, thus reducing costs.
The new service also provides a proper substitute to the existent SMS pull service, which binds customers to memorize codes and can be used only in predefined times. The new service also forms a new channel of revenue flow for the bank in a configuration of a technology service or an innovative marketing channel.
The Mizrahi Tefahot Active Cellular service provides information in eight categories:
• Current account balance
• Last three account transactions
• Total deposits
• Future credit card charge
• Equities portfolio
• Total investments portfolio
• Stock exchange rates – online
• Dollar rate – on line
The Business case:
The new service is open and available to all Mizrahi Tefahot's customers after a short registration process, which is available over the web, on the phone and at bank branches.
The service is based on a small monthly fee that the customer pays, just like any other banking service that he/she uses. Customers that participate in special banking fee packages are required to pay less or even not to pay at all for the service.
Requests that previously were taken by the call center are now handled by natural language requests over SMS, with a considerable reduction of such requests prior to the launch of the service.
Next steps:
Mizrahi Tefahot is now looking to add more required applications based on its customers’ feedback, which will be launched in the future.
For more info about Mizrahi Tefahot bank or its new “Active Cellular” service, please refer to:
http://www.mizrahi-tefahot.co.il.
According to Danny Dotan, Delivery Channels Applications Manager at Iteam group of Mizrahi Tefahot bank: "The Cellesense solution proved to be unique and excellent, providing our customers with a safe, proven natural language parsing that works without leaving us to worry about the consequences of providing a wrong answer..."
"We have created a new revenue source for the bank while significantly improving our customer service".
The new service serves as an automatic channel to banking and financial information retrieval, complementary to the IVR and web channels. As it is available anytime (24/7) anywhere, the new service improves customers’ satisfaction, reduces volume of calls received in the call center, thus reducing costs.
The new service also provides a proper substitute to the existent SMS pull service, which binds customers to memorize codes and can be used only in predefined times. The new service also forms a new channel of revenue flow for the bank in a configuration of a technology service or an innovative marketing channel.
The Mizrahi Tefahot Active Cellular service provides information in eight categories:
• Current account balance
• Last three account transactions
• Total deposits
• Future credit card charge
• Equities portfolio
• Total investments portfolio
• Stock exchange rates – online
• Dollar rate – on line
The Business case:
The new service is open and available to all Mizrahi Tefahot's customers after a short registration process, which is available over the web, on the phone and at bank branches.
The service is based on a small monthly fee that the customer pays, just like any other banking service that he/she uses. Customers that participate in special banking fee packages are required to pay less or even not to pay at all for the service.
Requests that previously were taken by the call center are now handled by natural language requests over SMS, with a considerable reduction of such requests prior to the launch of the service.
Next steps:
Mizrahi Tefahot is now looking to add more required applications based on its customers’ feedback, which will be launched in the future.
For more info about Mizrahi Tefahot bank or its new “Active Cellular” service, please refer to:
http://www.mizrahi-tefahot.co.il.
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