Commerzbank To Release An AI Banking Avatar In Partnership With Microsoft
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Commerzbank has released a project leveraging artificial intelligence (AI). The bank will use an AI Banking Avatar to create a mobile-first approach. This avatar will offer virtual assistance services by interacting with customers in a natural language.
The virtual assistant tool will answer customer queries, obtain general information, and provide personalized advice. The banking avatar will initially launch on mobile devices to target 2.2 million active users on the Commerzbank banking app.
Commerzbank Adopts AI With Microsoft
Commerzbank will release this banking avatar in partnership with Microsoft Azure. It will also integrate the Microsoft Azure OpenAI Service to support advanced GPT models and generate engaging conversations. The tool will also use the Microsoft Azure text-to-speech avatar service.
Commerzbank will become among the first banks integrating Generative AI and Avatar technology. The bank plans for this innovation to improve customer satisfaction and simplify the banking process.
The bank noted that the Avatar project commenced using an agile and joint-team approach. It also uses strict and regular customer involvement by combining conventional AI and generative AI to increase attention towards trustworthy and responsible AI. The bank also plans for AI to improve data security.
Commerzbank’s Digital Strategy
This adoption marks a new chapter in the digital strategy announced by Commerzbank. It plans to give customers access to a unique digital experience and improved offerings using AI technology.
The board member for private and small business customers at Commerzbank, Thomas Schaufler, said, “We are excited to start the Banking Avatar project. It is a new way of banking and combining convenience, personalization, and digital performance on the next level. We want to offer our customers the best digital experience and help them manage their finances with ease and confidence.”
The chief operating officer at Commerzbank, Jörg Oliveri del Castillo-Schulz, opined that the release of the avatar project marked a new chapter in the digital strategy adopted by Commerzbank. The offering also marked a flagship use case of generative AI and the innovative technology announced by Microsoft.
The president of Microsoft in the EMEA region, Ralph Haupter, also noted that Commerzbank ranked among the top banks in Germany. The bank was focused on providing products and services that meet the needs of customers. This project also highlights how businesses can use generative AI technology to offer new and better customer experiences.
