Silicon Valley Credit Union, Star One, Taps boost.ai to Improve Member Experiences

Global conversational AI developer increases the profile of U.S. fin-serv customers

BOSTON, Sept. 19, 2024 /PRNewswire/ -- Leading conversational AI provider boost.ai today announced Star One Credit Union as a new customer, further expanding its growth within the U.S. financial services sector. Star One, which has been operating in the Silicon Valley area for over 60 years, offers financial services to over 127,000 members worldwide, managing over $9.8 billion in assets. Through the integration of boost.ai's solution, Star, the name of Star One's virtual agent (VA), offers members 24/7 support, answering questions ranging from business hours to routing numbers and product offerings.

The innovation curve for AI has rapidly changed the narrative around the technology over the past few years, especially within financial services. boost.ai's ramped approach to virtual agent onboarding allows them to meet members where they are, both in terms of their comfort with AI and member journey. Star One's virtual agent went online in June of this year, primarily answering common questions to alleviate the volume of inquiries being directed to live agents. Between pre-built topics and training on Star One's existing knowledge base, Star can now draw from over 500 intents to help tackle members' questions, leading to a conversation containment rate of over 80% within 2 months of operation. Additionally, within the first 6 weeks, Star achieved a consistent resolution rate of over 90%, and an automation rate of 22% across all channels.

"Star One is a perfect example of the shift in sentiment towards AI for financial institutions across the industry, as the gap between interest and investment continues to close. Member-serving institutions like Star One can now trust AI to live at the member edge allowing them to automate experiences while retaining the capability of personalized interactions for each member," said Jerry Haywood, CEO of boost.ai. "We believe that delivering trustworthy AI, through the development of a trust layer that is validated internally by built-in safeguards, and externally through ISO/IEC, we've delivered a solution that can make a meaningful impact for enterprises in regulated industries."

For employees, Star One has utilized boost.ai's LLM-enhanced features to generate training data, increasing internal efficiency when training Star on new topics and processes. In the future, Star One anticipates integrating Star across engagement channels, including voice, to offload the vast majority of common member questions and requests from live agents. Since boost.ai's platform design requires no engineers or data scientists to operate, Star One can task non-technical staff with maintaining and expanding Star's capabilities, such as improving the personalization of member experiences.

"Creating a seamless member experience is crucial to staying relevant and competitive in the digital age of banking, as mobile and online banking offerings have become the bread and butter of the industry. For us, Star represents a true step forward in the expansion of our existing offering of service options to members, no matter where they are," said Percival Cerezo, Vice President of Remote Services for Star One. "In the short amount of time Star has been online, we've already seen measurable improvements in member service, a feat only made possible by the platform Star is built on. We're looking forward to building on our progress so far, broadening the level of personalized support our members receive 24/7 thanks to Star."

For more information about boost.ai and its financial services offering please visit: https://boost.ai/

About boost.ai:
boost.ai is a global leader in conversational AI optimized for scale. Leveraging the best of generative AI and traditional CAI, boost.ai is pioneering an era of broad-scope hybrid virtual agents to responsibly deliver the most advanced voice and chat solutions on the market. Platform architecture, and other guardrails ensure customers across regulated industries, banks, credit unions, and insurance firms, onboard market-leading virtual agents without increasing risk. Key customers include Santander Bank, MSU Federal Credit Union, Aspire General Services, Tokio Marine and more. Learn more at boost.ai.

SOURCE boost.ai