In a strategic move to enhance their digital banking offerings, First Financial Bank has successfully implemented an AI-powered digital assistant named Gabby, resulting in a significant boost in new certificates of deposit (CDs) by 27%.
Since the introduction of Gabby in May 2023, the 5th oldest national bank in the United States has witnessed an overall 10% increase in new accounts opened, with a notable surge in new deposits and loans. With the partnership with Kasisto, the creator of the KAI conversational AI platform for the financial industry, First Financial Bank has leveraged AI technology to drive customer engagement across various banking products, including mortgages, personal loans, and vehicle loans.
Brad Waldhoff, the Chief Information Officer at First Financial Bank, emphasized the positive impact of integrating Gabby into their customer service team, stating that the digital assistant has elevated the client experience and deepened customer relationships by providing valuable financial information. The success of this digital initiative underscores the importance of embracing future-facing technology to meet evolving customer needs.
Gabby has seamlessly bridged the gap between digital and physical banking experiences, allowing customers to resolve queries effortlessly through both channels. The AI-powered assistant has proven to be highly effective, with an increasing number of new deposit and loan accounts opened since its launch. Notably, there has been a 27% rise in newly opened CD accounts, along with significant increases in mortgages, personal loans, and vehicle loans.
Kasisto CEO Zor Gorelov highlighted the crucial role of AI technology in enhancing the modern banking experience, emphasizing the need for financial institutions to adapt to meet customer demands effectively. The success story of First Financial Bank exemplifies how AI-powered digital assistants can drive business growth and improve customer satisfaction in the highly competitive financial services landscape.
With a commitment to innovation and customer-centric solutions, First Financial Bank continues to lead the way in leveraging AI technology to deliver personalized banking experiences that meet the diverse needs of their customers. As the banking industry evolves, digital transformation initiatives like Gabby serve as a testament to the power of technology in redefining the future of banking.
