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ADIB taps AI and Data analytics to empower its customer service

Publish date: 06 August 2021
Abu Dhabi Islamic Bank (ADIB), a leading financial institution, announced that is doubling down on its use of artificial intelligence (AI) and data analytics in a bid to provide customers with more personalized and convenient services on their mobile devices. The bank has partnered with Verloop.io, a leading AI-powered customer service automation company, to deploy a natural-language processing chatbot to handle, support and resolve the bank’s customer queries and requests. 
Launched in Q4 2020, ADIB’s Chatbanking on WhatsApp has gone from strength to strength, adding new digital features and tasks, allowing customers to easily check their balance, transfer funds, pay bills and book branch appointments through simple commands. There are now 150,000 customers with a verified chatbot account, with more than 350,000 queries put through to the chatbot in Q2 2021. 85% of these queries were resolved without human interaction, with the rest being directed to ADIB customer care representatives for more specialized support queries. This has enabled the call Center to reduce call volume by 20%.

Philip King, Global Head of Retail at ADIB, commented: “Innovation has been a key driver for ADIB and the deployment of AI-backed chatbots is yet another milestone for us in our journey towards customer excellence. This also demonstrates our growth and development with the help of cutting-edge technology to new frontiers of customer relationships by providing them with anytime banking convenience for most of their queries and issues that get resolved in the shortest possible time.”

He added: “During the first half of the year, the ADIB chatbot handled more than 350,000 conversations where 85% of the queries have been resolved without the need for a live agent assistance. Through this AI-powered bot, we have achieved 83% accuracy and an average response time of sub-seconds.”

In November 2020, ADIB equipped the chatbot with ability to understand and respond to Emirati Arabic dialect in addition to classical Arabic, as part of its investment in natural language processing. The bank has put an emphasis on engaging with customers and encouraging them to transition to digital interaction and self-service to complete their day-to-day banking tasks, resulting in a surge in customer satisfaction, with a second quarter rating reaching a high of 83%.

Gaurav Singh, Founder & CEO, Verloop.ai, added: “In a market where customers are king, you need to have a strong, powerful digital products to make sure customers are well catered for. Our chatbot is one of the most advanced natural language processing chatbots and the quality of our product has definitively shown positive outcome. ADIB received a record 350,000 queries with a customer satisfaction of 83%. These are incredible numbers, and we will continue to invest and ensure we continue to adapt to the growing digitisation program that ADIB is ringing to its customers.”

In the first half of 2021, ADIB has seen a 30% rise in digitally active customers. Currently, the bank has around 700,000 digitally enabled customers, active on a daily or weekly basis, representing a record of 70% of the Bank’s customer base.

Over the last 18 months, ADIB has progressively introduced innovative features and services that provide simple and more effortless banking experiences. Since then, the bank has witnessed a 58% and 31% growth in digital usage when opening current accounts and conducting personal finance transactions, respectively. In terms of Retail Services, digital money transfers and customer profile updates have witnessed an 88% and 40% rise, while cash withdrawals and cheque deposits through branches have declined 8% and 6% with more than 95% of these services taking place online, marking a growing usage in digital payments.

Digital adoption in corporate banking has also realised a major surge, with Wholesale Banking Group’s daily transaction clocking a high of 21,000 in June 2021, representing a 95% increase over the same period last year. Around 90% of corporate transactions are completed digitally, up from 60% last year. Similarly, the Business Banking department recorded 56,000 transactions in June 2021, up 27% year-on-year. Around 92% of these transactions were concluded digitally, up from 75% last year.
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