Clinc Introduces Conversational AI Chatbot for Landmark Credit Union
Wisconsin’s Landmark Credit Union has debuted a new voice and text-based virtual assistant using conversational AI startup Clinc’s Virtual Banking Agent technology. The AI will service the more than 370,000 Landmark members with information and other tools using Clinc’s natural language processing platform.
Landmark’s virtual assistant can converse with members as a chatbot or voice assistant, remembering context and adjusting to new information throughout the interaction as a human agent would. The AI is linked to Landmark’s database and can answer questions about locations, products, how to open bank and credit card accounts, refinance, and other financial questions. The information and the ability of the AI to gather and share it reduces the times a customer needs a human agent by 85%, according to Clinc. Clinc first introduced the bank and credit union-focused features in June. The template includes around 30 prebuilt requests to make deploying the assistant straightforward and faster than potential rivals’ platforms.
“The use of Clinc’s AI technology is a great fit as we continue to enhance our member-facing technology capabilities both in-person and online,” Landmark chief experience officer Brian Melter said in a statement. “Clinc’s Virtual Banking Agent provides quick and immediate answers to common member questions 24/7.”
Credit unions are becoming a central battleground in financial AI. In July, Wings Financial Credit Union, Minnesota’s largest credit union, started incorporating Nuance’s voice AI. Nuance provides a virtual assistant and biometric security for customers even as it undergoes a $19.7 billion acquisition by Microsoft. The AI performs similar tasks as Clinc’s, with the addition of Nuance’s Gatekeeper voice biometrics system to verify identity. Clinc’s assistant starts interacting with customers after they’ve already logged into the system.
The new product and client come after a tumultuous time for Clinc. After closing a $52 million funding round in 2019, co-founder and CEO Jason Mars resigned in February of 2020 in the wake of an investigation into inappropriate behavior complaints from employees. The company then laid off about a third of its employees last April during the first wave of the COVID-19 pandemic. At the time, Clinc’s new leadership said it was refocusing on the financial virtual assistants and making its conversational AI platform more accessible. The tool integrated into Landmark’s system ties directly to that strategy.
“We’re beyond excited to be partnering with Landmark Credit Union,” Clinc CEO Jon Newhard said in a statement. “We have been impressed with Landmark’s commitment to using technology to engage customers and provide superior service regardless of channel or time of day.”