Fifth Third CIO: Chatbot 97% accurate in classifying customer intent
Bank Automation Summit U.S. 2024
NASHVILLE, Tenn. — Fifth Third Bank says that added efficiencies to its chatbot have boosted its accuracy rate as it leans into generative AI.
When it comes to technology, “our chatbot is one that we are really investing a lot of energy in,” Jude Schramm, chief information officer, said March 18 at Bank Automation Summit U.S. 2024.
The $215 billion bank’s chatbot, Jeanie, has a 97% accuracy rate in classifying and understanding customer intent, Schramm said. That is up 7 percentage points from October 2023, according to a Fifth Third release.
The bot facilitates 200,000 conversations per month and understands 30,000 phrases, Michelle Grimm, senior director of conversational AI at Fifth Third, previously told Bank Automation News.
According to Schramm, the bank has also posted the following results due to its investment in gen AI:
- As resolution ticks up, just 20% of client calls are going from the chatbot to a representative.
- An annualized expense run rate of about $10 million out of its call center.
