An Artificial Intelligence robot named ‘Rosie’ looks to have the solution. Rosie is the unique chatbot that forms the online sales and retention offering of high profile Australian fintech company Flamingo, and can guide seekers of financial products from quote to payment, without a single person being directly involved.
Flamingo, which was acquired by ASX listed Cre8tek in September, fuses web-chat, web-forms and machine learning to guide customers through complex decision-making and is reshaping the way financial service firms view their entire online selling eco-system.
Flamingo CEO and founder, Dr Catriona Wallace, says the financial products market has a good deal of complexity.
“Customers often have difficulty with the complexity of financial services products. This makes it difficult for providers to sell to these customers online, resulting in very low conversion rates such as we see within the American insurance industry,” Dr Wallace said.
“By implementing our intelligent guided selling experience between providers and their customers, our clients are seeing uplift in online conversion rates.”
The Flamingo Platform not only reduces the overwhelming nature of purchasing complex products online, it’s also extremely intelligent. With each completed transaction, the machine-learning engine intelligently learns more about how customers, provider employees or the autobot ‘Rosie’ interact.
Every question asked and answered, every keystroke and chat message is analysed by Flamingo’s advanced data-mining algorithms and allows the entire online selling process to be automated, meaning employees are required less often, or not at all. And it seems to be working. Flamingo secured Fortune 500 company Nationwide Insurance as a foundation client in May 2016. Following two separate trials for Nationwide, Flamingo is now engaged to be the customer interaction portal for a Nationwide direct-to-consumer new product launch.
Other Flamingo clients include Prime Financial, Quay Credit Union and the New York Daily Gazette.
With significant traction in the US and a pipeline of additional fortune 500 companies in play, CEO Catriona Wallace also sees opportunity in the Asia-pacific region. “After being based in the US we came back to Australia for capital and also to give us close proximity to Asia. We see huge opportunity in the Asia Pacific region, and while this recent funding provides a platform for further expansion into US markets, Asia is definitely on our radar”