ID Finance, a digital finance, credit scoring and emerging markets company, has unveiled a self-learning chatbot which, since going live at the beginning of July, has automatically processed over a third of its customer requests.

The chatbot has been developed for MoneyMan, ID Finance’s online lending platform serving customers in Spain, Georgia, Russia, Poland, Kazakhstan and Brazil.

The chatbot interacts with new customers at the loan application stage and with registered users when they log in to their personal account. The chatbot helps to locate the information required to determine loan eligibility, and provides recommendations of relevant products tailored to the individual’s requirements and financial prudence. General advice on personal budget planning and financial literacy is also offered.

The chatbot works within the NLP (Natural Language Processing) and NLU (Natural Language Understanding) AI frameworks. Information is processed based on statistical matches covering a wide range of frequently asked questions. Also, the NLU platform enables analysis of messaging flow so the meaning of the information can be sought out in context.

Additional capabilities include finding non-trivial links in dialogue with users and providing relevant answers to questions unrelated to credit and finance. Thanks to the machine learning technology, the number of questions the chatbot is able to answer increases by 20 per cent daily. The average response time is around ten seconds and if a question cannot be answered the message is automatically forwarded to an available client support operator.

Boris Batine, CEO and co-founder of ID Finance, said: “We are constantly working on improving our customer service. Machine learning and AI technologies are allowing us to automate processes and reduce costs, but to also significantly increase customer loyalty.”

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