NEW YORK — First Financial Bank has announced impressive results since the rollout of its AI-driven digital assistant, Gabby, in May 2023. The institution has recorded an overall 10% increase in new accounts, with new certificates of deposit (CDs) experiencing a notable 27% surge. This robust growth is attributed to the seamless integration of AI technology through a collaboration with Kasisto, a leader in conversational AI for financial services.
Brad Waldhoff, Chief Information Officer at First Financial Bank, noted the significant role Gabby plays in enhancing customer experience. "Integrating Gabby into our First Financial team has been crucial to elevating the client experience," said Waldhoff. He added that the positive feedback from both customers and employees has encouraged the bank to provide more resources for financial well-being, emphasizing the value of the partnership with Kasisto: "The success we’ve experienced at this stage is a testament to the work the Kasisto team has provided, leveling-up our banking experience through their future-facing technology."
The introduction of Gabby has transformed how customers interact with the bank. Statistical insights reveal that 40% of Gabby’s engagements occur outside traditional contact center hours, with 20% taking place over the weekends. Furthermore, customers utilizing the digital assistant log in 46% more frequently than those who do not.
First Financial Bank currently oversees assets exceeding $4.8 billion, serving approximately 252,000 customers through its network of 70 branches. Gabby, built on Kasisto's no-code AI platform, was designed for a smooth operational flow between digital and in-person banking assistance. It operates in tandem with LinkLive, the bank’s communications platform, creating a cohesive experience for clients and live agents alike.
- A 27% rise in newly opened CD accounts - Mortgages climbing by 35% - Personal loans increasing by 28% - Vehicle loans showing a modest increase of 5%
In addition to these figures, an impressive 90% of inquiries handled by Gabby are successfully resolved without needing further human assistance. Notably, the platform appeals across generational lines, attracting similar usage rates from both the Silent Generation (ages 78-98) and Millennials (ages 29-43).
Zor Gorelov, CEO of Kasisto, elaborated on the integration of AI in banking, stating, "Today’s banking experience needs to meet customers where they are, and AI technology is what allows banks to meet this demand. Our work with First Financial Bank demonstrates how digital assistants and AI can further the goals of the bank while providing customers with a banking experience that meets and anticipates their banking needs."
This collaboration signifies a shift in how traditional banking is evolving with technology to enhance customer usability. As banks continue to embrace digital transformation, the success of Gabby at First Financial Bank may serve as a benchmark for other institutions looking to innovate in customer engagement and service delivery.
In conclusion, First Financial Bank’s strategic use of AI through Gabby not only enhances customer interactions but also drives substantial growth in financial products. The ongoing monitoring of Gabby’s effectiveness will likely inform future adaptations in digital banking tools, ensuring that the bank meets its evolving customer needs while remaining competitive in the financial sector.