How Simplifai boosted efficiency for a FinTech giant through AI-powered automation

In the dynamic world of the FinTech industry, companies continually seek innovative technologies to enhance operational efficiency and customer satisfaction.

A leading FinTech giant, known for its cutting-edge payment solutions and merchant-focused technology, embarked on a transformative journey to tackle its increasing operational challenges. Simplifai, an AI-powered automation specialist, played a pivotal role in enhancing the efficiency of this industry titan.

Addressing Operational Challenges

An Asian FinTech leader, valued at nearly $3.1 billion, had established itself with its groundbreaking payment solutions. Serving over 100,000 merchants, the company prioritized seamless and secure transaction experiences. However, as its customer base grew, so did the complexity of managing customer interactions and service requests.

The company’s diverse clientele, including third-party merchants, partners, end-customers, SMBs, and enterprise businesses, presented significant operational challenges. Each transaction generated a case, leading to multiple tickets. Annually, the company processed at least 1.2 million customer service tickets, with peaks during busy seasons reaching over 100,000 tickets per month. The manual processes for data gathering, entry, and ticket assignment were time-consuming and costly, resulting in backlogs and the need for additional capacity during peak periods.

Turning to AI Automation

To address these challenges, the FinTech company sought a robust solution to streamline customer service operations, enhance efficiency, and reduce manual workloads. They partnered with Simplifai, a leader in AI automation known for scalable and effective solutions tailored to specific business needs.

Simplifai introduced its AI Automation Platform, specifically designed to automate key processes within the company. The platform focused on two primary processes using an email processing module. Leveraging AI automation, Simplifai enabled the company to process 100% of incoming emails, including 30,000 emails per month for the email automation process and an additional 15,000 emails per month for one of its key applications.

The automation platform handled end-to-end processing, including replying to emails with accurate responses. For one process, the end-to-end automation rate reached 52% and is expected to rise to 80% with the integration of a document processing module. For the first application, the automation rate was as high as 93%.

Remarkable Results and Efficiency Gains

Implementing Simplifai’s AI Automation Platform significantly improved the company’s operational efficiency. The email turnaround time was reduced from 6 minutes to just 2 minutes per email, expediting customer service and boosting overall customer satisfaction.

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The automation solution effectively performed the work equivalent to 20 full-time employees, saving the company 160 hours per day in customer support services. This time saving allowed the customer service team to focus on more complex and value-added tasks, improving productivity and morale. Furthermore, the 100% processing rate for daily incoming emails ensured no customer query went unattended, minimizing manual errors and enhancing response accuracy and efficiency. This operational excellence translated into boosted business opportunities and a higher return on investment (ROI).

A Strategic Partnership for Continued Innovation

Encouraged by the initial success, the FinTech company and Simplifai are exploring additional use cases for AI automation, such as merchant onboarding and transaction-related processes. This strategic collaboration highlights the increasing reliance on AI and automation to enhance operational efficiency.

Looking ahead, this partnership is set to pave the way for more advanced integrations and innovative solutions, potentially revolutionizing how financial transactions and customer interactions are managed. As the FinTech company continues to grow and evolve, its alliance with Simplifai stands as a cornerstone in its mission to redefine the FinTech landscape.

By transitioning from manual, time-consuming processes to streamlined, AI-powered operations, the company has not only addressed its operational challenges but also set a new standard for efficiency and customer service in the FinTech sector.

Source: fintech.global

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