A Case Study on interface.ai’s industry-first AI co-browsing solution to reduce application abandonment & grow revenues


Banks and credit unions drive significant portions of their revenues through products such as credit cards, mortgages,& personal loans. These products help financial institutions improve their footprint with current customers and also acquire new customers. Since the pandemic, there is increased demand for these products, which has provided an excellent opportunity for financial institutions to improve revenues. However, due to COVID-19, applying for these offerings has become a challenge due to changes in the in-person banking environment and the limited availability of customer support outside traditional banking hours.

Even though many customers and prospects are attempting to apply for these services online, financial institutions experience low conversions and high drop-off rates. In fact, simple actions such as an applicant not checking an agreement box or not having clarity about a question have caused over 40% of the application abandonment instances. Financial institutions can make the application journey seamless and reduce these application abandonment instances with the right tools.

Introducing Smart Conversion, an industry-first solution by award-winning, industry-leading Artificial Intelligence (AI) provider – interface.ai.

Smart Conversion by interface.ai

With a Smart Conversion, financial institutions can help customers or prospects sign up for products seamlessly.

How does Smart Conversion work?

AI has been increasingly incorporated into various functions within a financial institution to help tackle many issues. Incorporating AI has helped financial institutions enhance customer service, allowing customers to become more self-sufficient and quickly find answers to questions without long wait times or working within bank hours to address an issue.

Smart Conversion is a product in which an AI-powered assistant focuses on driving conversions by assisting customers in applying for various products. This assistant will be present on the financial institution’s online product application form pages. It will guide applicants throughout the application process step-by-step by providing tips and suggestions and answering any questions the applicant may have.

Smart Conversion achieves this through its AI co-browsing capability. In AI co-browsing, the AI-assistant snaps on to the application form and provides proactive help in filling out the application form if it sees a customer slow down. In case an applicant has questions, it helps them right at the moment of doubt itself and ensures they continue with the application. This enables applicants to be completely self-sufficient and help them complete the form with ease and without additional assistance from someone within the financial institution.

For instance, say there is a portion of the application that stops an applicant in their tracks because they are not sure of its meaning, like cashback offerings. Smart Conversion will proactively help them with the clarification needed at that moment. Applicants can also interact with the Smart Conversion assistant at any time and ask questions. Additionally, for applicants already in the system, the Smart Conversion assistant can autofill information already available about them, making the application process more seamless and efficient.

The Smart Conversion assistant provides complete flexibility to the financial institution to choose the parts of an application that should deliver proactive help to applicants. It also offers insights to financial institutions on the customer journey and details why applicants drop-off, thus continually enabling financial institutions to improve the customer journey.

Smart Conversion in action

Several financial institutions have implemented the Smart Conversion and are experiencing vastly improved product conversions.

Below are a few snapshots of Smart Conversion in action at University Credit Union (UCU), an LA-based credit union with over $870M in assets that leverages the Smart Conversion assistant to help applicants fill credit card & loan applications.

Image 1 – The Smart Conversion assistant appears on the bottom right-hand side of the screen and proactively starts assisting the applicant
Image 2 – The Smart Conversion assistant intimates the applicant that she/he can get the application form pre-filled by logging in
Image 3 – The Smart Conversion assistant assists the applicant in filling each field
Image 4 – The Smart Conversion assistant helps the applicant to understand each step of the process and ensures the application is completed with all fields filled
Image 5 – When the applicant has a question, the Smart Conversion assistant instantly responds to the question ensuring all doubts are clarified.

With Smart Conversion, UCU is experiencing a conversion rate of 13% for its online applications.

Better business with Smart Conversion

Smart Conversion helps financial institutions increase revenues and enhance the customer experience by assisting applicants and improving application completion rates. Smart Conversion tools have proven to increase conversions by up to 30%. This will be a considerable improvement to financial institutions of any size.

interface.ai’s Smart Conversion is already compatible with all the leading onboarding solutions providers for financial institutions such as Meridian Link, CU Direct, etc.

Smart Conversion assistant is available out of the box and can be set up in less than a week, ensuring swift implementation and ROI.

Overall, financial institutions need to look at current offerings in their technology suite and look at ways to incorporate valuable tools to become more efficient and grow.

Financial institutions can leverage Smart Conversion to reduce application abandonment rates, reduce assistance needed from the call center or internal staff, and grow revenues.

In a time when financial institutions are fiercely competing with each other on customer acquisition, AI-powered tools like Smart Conversion that can be set up easily & deliver results swiftly are key.

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