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Bank + Fintech love story: Discount Bank + LogMeIn

Publish date: 18 February 2020
Author: Israel Discount Bank

Gali Moreno, Head of Open Banking at Discount Bank, and Amir Sabo, Senior Customer Experience and Success Manager at LogMeIn, spoke to Efma’s Boris Plantier about their successful relationship.

How did you two meet?

Gali: We understood that we have to take our relationships with our customers another step forward. So in order to enhance our customer's digital experience and deliver an easier, faster, and smarter banking experience, we looked for a partner that can provide that.

Our in-app, triple-layered solution includes a smart financial assistant that provides smart insights and chat with a banker if needed. One of the layers is provided by Bold360 - an AI financial assistant.

Our relationship with Bold 360 emerged after exploring various options and solutions, looking for a promising partner to create a differentiator in the market and allow our customers to have a unique experience. They are a partner who knows how to deliver an AI solution that understands customers’ natural, unrestricted language.

Amir: Right around the time when Discount Bank was exploring options, we were building our infrastructure for our conversational capabilities and were looking for an established partner and customer to implement and witness live customer experience and feedback.

The idea that Discount Bank came up with, to implement a personalized in-app experience, matched perfectly with the direction we were heading, and was a great first use case for us with a large organization.

Could you tell us about your first date?

Gali: We were very impressed by the capabilities and the team’s drive and excitement as well as the willingness to make things work, even with more complex scenarios that we challenged them with. The enthusiasm of the team was contagious and gave us the confidence we have a true partner for our journey.

Amir: We were fascinated by the opportunity to enable easier access for the bank’s customers and direct understanding of their account information. We liked the challenge that was offered and saw the relationship as a great opportunity to grow and develop capabilities that we didn’t have at the time. The drive that the team had to succeed and improve customer experience was exactly what we were looking for. We knew at that point that this team will challenge us and drive us forward towards better customer experience capabilities. 

What made you realize that you were perfectly matched?

Gali: We knew exactly what we were looking for in this relationship: flexibility, fast responding, creativity, and skill.

We found a creative and agile company that knows how to move things fast and achieve our goals for the perfect customer experience.

Amir: We loved the idea of having a partner that is a bank who, while being part of such a traditional environment, is still willing to break boundaries and innovate.

What is the fruit of your relationship?

Gali: Thanks to Bold360, ‘DIDI’ was born

“Didi” is short for Discount Digital: the bank’s AI-based virtual assistant powered by Bold360’s NLP technology and insights by Personetics. DIDI is able to engage in a natural conversation with customers, while helping them find personalized information specific to their account or credit card, and furthermore perform banking actions. All this technology is wrapped with a unique bot ‘personality’, substantiated by a precise microcopy.

Being the ‘Leading Bank for the Best Digital Customer Experience’ (recently recognized by the Bank of Israel) we are proud that DIDI is a significant part of our customer experience.

After implementing the full journey for our customers, we were able to realize the following benefits:

We were the first bank in Israel to implement such an advanced in-app personalized customer experience with a triple-layered solution (Virtual assistant, personalized account insights, and chat with a banker) with Bold360 being at the forefront of the customer inquiries
- High adoption rates among customers, with more than 50% of customers asking Didi more than 1,000,000 questions since launch
- 81% customer satisfaction rate with Didi’s answers
- Development by a dedicated content management team reviewing customer questions and updating content daily
- Seeing continued improvements in customer engagement and satisfaction

Amir: Working with Discount Bank on this project allowed us to expand on our conversational capabilities, realizing what the true customer experience is. In addition – it helped us better understand what customers were looking for and adjust the direction we were taking with our platform accordingly.

Having the Bank serve as a reference to other customers is a great benefit to us, as it helps speak to the true value that our technology brings.

What makes your relationship work?

Gali: In the end, it is all about the people. There was a great connection between the teams right from the start.

In addition, the internal teams’ partnership in the bank, between the business teams and the IT teams, was great and allowed us to work cohesively towards one goal.

The Bold360 team understood our various needs while making on-the-fly adjustments and were able to quickly come up with solutions that matched our customers’ needs.

Amir: The people working on the project had a ‘start-up’ mindset and were highly collaborative, friendly, open minded and in general, simply great people to work with.

We were highly impressed by the bank’s teamwork. The project was fearlessly led by a few teams, working in great collaboration and feeding us continuously with design requests, new functionality requests (which ended up being translated to technology improvements we had come up with pretty quickly) and closing the loop by feeding all the latest creations and functionality into a rigorous testing team.

What are your plans for the future?

Gali: As in any healthy relationship, we want to grow and evolve. Didi is designated to merge with the whole bank's customer service channels and serve as front line, and will be able to smartly direct customers as needed to the bankers based on the topic asked. We always strive to improve the experience and look for new ways to innovate.

Amir: We look to use the experience and knowledge we gained on two fronts – one is to leverage key findings and help improve our platform and offering to other customers, and the other is about the know-how and best practices on how to launch and optimize based on the insights. Running with this project for quite some time now, we have a better understanding of what insights and reporting needs such a project requires and are working to expand our reporting and insights platform to provide even better visibility into the customer journey.

We are now at the point in our relationship where we are both ready to meet the ‘parents’ and introduce our relationship to other members of the family (Bank Branches, Customer Service Department, Foreign Trade team and onward).

Want to hear more about the collaboration between Discount Bank and LogMeIn? Register for Bank+Fintech on 21-23 April in Berlin.

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