Galileo has announced its conversational AI engine, Cyberbank Konecta, which was integrated into the existing tech stack of SoFi Technologies is delivering on the latter’s mission for member engagement and satisfaction. With the use of Galileo’s APIs and AI-driven technology, Cyberbank Konecta has yielded strong outcomes for SoFi.

This integration has led to a reduction in costs, by freeing up agent time to solve other complex and high-touch issues faced by SoFi members. Additionally, customer service performance has exhibited an improvement of 7%, meaning that a multitude of conversations are able to be addressed around the clock without the need for member service agents. The technology behind traditional chatbot solutions often falls short of emulating a human-like experience, possibly creating friction that lessens the customer experience and reduces trust. Cyberbank Konecta, however, aims to take a newer approach.

Positioned as an intelligent digital assistant (IDA) for banks, credit unions, fintechs, and other non-financial brands, it seeks to solve this challenge through its empathic AI engine driven by deep learning models. The engine has the ability to learn from, adapt, as well as react to customer sentiment in real-time aimed at creating enhanced customer experiences. Cyberbank Konecta enabled SoFi to achieve four performance indicators Increased chat containment by up to 5%, where thousands of conversations were resolved without transferring to a member service agent.  Increased response time by more than 65%, reducing the instances of chat drop-offs by over 50%.  An optimisation of agent efficiency through the streamlining of inquiries, reducing handle times and handoff friction between the IDA and member service agent.  Higher member engagement via the availability of a 24/7 IDA that addresses more than half of member support requirements.

More about Galileo Financial Technologies and SoFi Galileo, along with its affiliates collectively comprise a financial technology company owned and operated independently by SoFi Technologies. The company enables fintechs, financial institutions, and emerging brands to build differentiated financial solutions that deliver customer-centric experiences. Through open APIs, Galileo’s flexible, secure, and scalable integrated platform aims to drive innovation across payments and financial services.

Based in the US, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, and tailored and differentiated financial products. In March 2023, Galileo announced the launch of Cyberbank Konecta. After the launch, the main aim was for the platform to leverage conversational banking solutions to offer users a personalised set of services for every step of their development process, across any digital channel and with access to varied industries. SoFi serves as a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions.

SoFi’s comprehensive suite of financial products provides services to help its members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they would require, all in one app. Additionally, SoFi also offers services such as career advisors, Credentialed Financial Planners (CFP), exclusive experiences, and events. The company works across three business segments: Lending, Financial Services – including SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, offering an end-to-end vertically integrated financial technology stack.

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