Enabling Technologies

Discover the Power of Chatbot Experiences – Interview with Sentimer, YES FINTECH Accelerator Autumn Cohort Finalist

MEDICIResearch Analyst

MEDICI Team had the pleasure of interviewing Jose Gomez, the CEO of Sentimer – chatbots & AI platform for banking, financial services, and insurance. Sentimer platform incorporate AI, analytics, and tools to enable clients to create, improve, and control outstanding user interactions. The AI platform’s features include:

  • Real-Time UX Monitoring

  • Interaction Personalization

  • Hypertargeted offerings

  • Natural Language

Clients can turn every user interaction with the chatbot into valuable learnings with Sentimer machine learning algorithms; improve gradually the quality of personalization features and recommendations and ramp-up new bots faster.

Sentimer is one of the startups selected for the Autumn Cohort of YES FINTECH Accelerator (YFA). YES BANK, India’s fifth-largest private sector bank, has been a pioneer of several key technology innovations since its inception in 2004. Continuing to be at the forefront of technology innovation and endeavors, YES BANK, along with MEDICI (formerly Let’s Talk Payments – LTP) and PwC India, opened applications to select startups for the Autumn 2018 cohort of YES FINTECH Accelerator.

A total of seven startups have been selected for the Autumn Cohort 2018, gaining an opportunity to get access to funding of $1 million – all without any upfront equity commitment. YES FINTECH Accelerator gives startups an unencumbered opportunity to innovate with the bank and leverage access to VCs, technology, and 20+ global markets through its ecosystem partners.

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MEDICI: Jose, can you please tell us what Setnimer is all about?

Jose Gomez: Sentimer Technologies is an AI company for customer acquisition, cross-selling and customer support for banking and financial services, insurance, retail and utilities. Our clients in these sectors use our voice-powered virtual advisors in marketing, sales or customer assistance.

Powered by our proprietary technologies of AI, natural language and real-time personalization with deep learning, these voice robo-advisors increase the conversion rate 3-4 times versus the standard approach, as well as a 60%+ increase in customer engagement.

Born in Spain, Sentimer is a global company since the very beginning and most of our customers are from a variety of European countries and India.

MEDICI: Tell us about the use cases you targeted at YES FINTECH Accelerator.

Jose Gomez: We are developing the next-generation of banking voicebot technology (aka voicebots) with a focus on robots becoming an advisor to the customer rather than just a pure transaction facilitator. This can only be done by using natural conversation and deep learning for providing the recommendations. The bots can perform sophisticated tasks like analyzing potential cashflow issues based on the SME accounts, understanding which investments might suit better the personal needs of the retail customer.

MEDICI: Do you think YFA is different from other accelerators? How?

Jose Gomez: I think YFA focus on making sure there is an actual result of the collaboration is a clear differentiator, together with a significant effort on making sure things are on track.

MEDICI: On a scale of 1-10, how important are partnerships with FIs as a part of your strategic roadmap?

Jose Gomez: Extremely important. With our technology and FIs’ customer knowledge and access, we can develop new products and solutions together that can improve customer experience and unlock new advanced businesses with an order-of-magnitude economics improvements.

MEDICI: What led you to apply to YFA? Describe your application experience.

Jose Gomez: We found that YES BANK was a great match in their approach to innovation and collaboration with FinTech ecosystem.

Also, the layout of the program was oriented to generate measurable and valuable outcomes. The process was very accommodating to our needs, which was greatly appreciated.

MEDICI: How do you see the future of chatbot use cases in banking (digital banking) in India?

Jose Gomez: Chatbots and voicebots are key to further digitize and improve customer experience and unlock high-value services to both consumers and businesses.

Apps initially facilitated information consumption and transactions, but bots will additionally provide the capability of analyzing customer situation, prevent potential cashflow issues, and increase returns by investing surplus, provide recommendations, and determine best alternatives for saving & investing. This will enable banks to:

a) Keep customers better advised so they generate more business, and

b) Free up people to dedicate to provide more sophisticated service.

MEDICI: What is the most transformative change coming to your industry in the next three to five years?

Jose Gomez: Artificial intelligence is the most transformative force of our times and will drive multiple changes in how we formulate B2B and B2C. The combination of human and robot will change how we interact daily with companies, enabling better customer decisions by adding analytics and AI to the current situation.

We are developing the next-generation of voicebot technology (aka voicebots) with a focus on it becoming an advisor to the customer rather than just a pure transaction facilitator. This can only be done by using natural conversation and deep learning for providing the recommendations.

AI bots are a step further on customer experience that allows filling the gap from traditional banking: through chatbot technology, customer, and prospects can have a digital advisor or agent to assist them when they need (without the bank having to provide a human agent).

On the other hand, the bank gains access to insightful data, allowing them to take action immediately to adapt their business to the ever-changing needs of the clients. We believe that this technology’s possibilities have just begun getting explored and will become an essential tool in any digital bank.

MEDICI: What milestones do you have for the company in the next year?

Jose Gomez: As a growing AI and FinTech technology company, our most critical milestones are:

  1. Develop more sophisticated use cases in FinServ that will unlock revenue opportunities for our clients, prove the technology and economics to the whole FinServ market;

  2. Expand in India and launch in other select Asian markets;

  3. Democratize business access to these tools by launching automated customer support for small and medium companies.

MEDICI: Can you describe the significance of India as a market as part of your growth roadmap?

Jose Gomez: India is key to our growth, as we find that our approach to customer experience matches very well with Indian consumers. In our current work with Indian FIs, we are attaining significant conversion and support rates, and we are finding our collaboration with Indian FIs rewarding and smooth.

MEDICI: As a foreign startup, what are the resources and support that you need to enter emerging markets like India?

Jose Gomez: Advice on how to make a product local and contacts are the most critical.

Learn more about Sentimer at sentimer.com.

Sumit Gilitwala

MEDICIResearch Analyst

An economist and management graduate, Sumit Gilitwala is currently associated with MEDICI – Global FinTech Market Network as a Research Analyst. Sumit helps banks and other financial institutions with their Digital and FinTech Strategy through their innovation programs. He is also closely associated with the research team at MEDICI and is interested in upcoming FinTech trends. In the past, he has worked with venture capital funds for fundraising and PE investments.\ \ Working with different teams over a period of time, he has built expertise in research, economic forecasting, business strategy, private equity valuation, digital strategy, and program management.