Nordic Challenger Bank Lunar Introduces GenAI Native Voice Tech Solution to Enhance CX

Lunar, the Nordic challenger bank, announces the launch of its AI Voice Assistant, marking a milestone as the European bank to introduce GenAI Native Voice tech.

Powered by the GPT-4o model, the GenAI Native Voice Assistant will help make banking accessible to all demographics, offering 24/7 support with no queue times, helping customers with queries.

Lunar’s GenAI Native Voice Assistant reportedly goes beyond traditional voice support systems by using a voice native AI model instead of the traditional voice-to-text-to-voice approach.

Its conversational abilities, including handling interruptions, repeating information, and managing natural dialogues, make it a “standout” in the market. However, many similar solutions have already been introduced by other Fintechs and more generally, tech companies too.

As explained in the update, Lunar’s GenAI based assistant is focused on creating a intuitive experience, attempting to set a benchmark for customer engagement in banking.But for now, AI solutions are far from perfect and tend to make mistakes consistently – which is why human involvement is vital but these technologies can definitely enhance our efforts.

Over time, Lunar expects the AI Voice Assistant to handle 75% of customer calls, boosting efficiency while reducing overall operational costs.

This tech marks a step towards streamlined and cost-effective customer service operations, benefiting customers and Lunar’s operations.

Lunar’s GenAI Native Voice Assistant is designed with features that ensure the privacy and security of user data.

As explained in the update, in-app authentication ensures users’ identities are verified before any personal information is shared, maintaining a high level of security “comparable to that of human interactions.”

Today 50% of Lunar’s consumer queries revolve around “cards, accounts and transfers while 55% of the business queries are related to signups.”

The GenAI Native Voice Assistant will offer the following:

  • Availability: Providing assistance around the clock with no queue times.
  • Instant Responses: Faster solutions to common banking queries.
  • Guidance: More patient, tailored interactions with users, guiding them through tasks step-by-step.
  • Accessibility: Benefiting a wider demographic, including those less familiar with digital banking.

The implications of the GenAI Native Voice Assistant are said to extend beyond the banking sector.

Its ability to address customer pain points in real-time, offer a personalized experience, and cater to diverse users reportedly “makes this a breakthrough in customer service technology.”

Lunar will, at first, launch the GenAI Native Voice Assistant in a beta phase, giving select customers early access to obtain feedback as well as refine the service accordingly.

As clarified in the update, the GenAI Native Voice Assistant does not provide financial advice and aligns or is consistent twith Lunar’s “overall” AI (artificial intelligence) governance approach.



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