Join executive leaders at the Conversational AI & Intelligent AI Assistants Summit, presented by Five9. Capital One has a 99% success rate when it comes to understanding customer responses to an SMS fraud alert, Ken Dodelin, vice president of mobile, web, conversational AI and messaging products at Capital One, said in a discussion about how the bank harnesses the power of personalization and automation at VentureBeat's Transform 2021 virtual conference today. When Capital One notices an anomaly in a customer's transactions, it reaches out to the customer over SMS and asks the customer to verify the transaction details. If the customer doesn't recognize the transaction, then it is clear it was fraudulent and Capital One marks it accordingly. By adding a third-party natural language processing/understanding solution, the AI assistant Eno is able to understand written responses from the customers, such as "that was me shopping in Philadelphia," which is not easy for machines to understand, Dodelin said in a conversation with VentureBeat senior reporter Sage Lazzaro.

"I'm extremely excited about the future of the intersection between conversational AI and the multitude of platforms that are being developed around these capabilities," said Linden Hillebrand, VP Global Customer Success and Support at Cloudera during his opening remarks at the Transform 2020 Conversational AI Summit. Over the course of the day tech giants from Adobe and Capital One to Google, Amazon, and Twitter spoke about how they're using conversational AI to solve problems for their businesses in new and innovative ways. The technology is being leveraged for both text chatbots and the NLP-powered voice assistants that are increasingly able to understand intent and offer a seamless, personalized user experience, helping automate the majority of customer interactions. But in most sessions, panelists emphasized that implementing these AI technologies also means tackling some of the bigger picture issues, including fairness, explainability, and elimination of bias. Data company Cloudera had a head start in developing a conversational AI platform: the vast data sets they had stored from past customer issues and solutions.

Financial services companies are investing in voice and chat conversational technologies -- but can they really drive engagement and streamline customer communications? Catch up on this VB Live event to learn how Capital One and others are leveraging these technologies to create meaningful customer experiences. Consumer enthusiasm around digital assistants like Amazon Echo and Google Home sparked a run on investment in the financial services world. Financial institutions have been going all in on conversational technologies such as voice and chat in banking. "There's the near-term focus that a lot of folks gravitate to: How can we rip costs out of the system by having people interact with automation and AI instead of a human?" says Ken Dodelin, VP conversational AI products at Capital One.

Every single type of business is being transformed by artificial intelligence (AI) and machine learning (ML). The increasing availability of intelligent tools has resulted in an AI revolution. Companies of all sizes are now implementing these features into their operations. Perhaps nowhere is this more evident than in the financial technology (fintech) space. Stock trading is being automated, virtual assistants are easier than ever for companies to set up, and most banking tasks can be done through digital portals.

From ATMs and mobile wallets to chatbots and robo-advisors, technology relentlessly transforms how we store, transfer, and manage money. Capital One moves at the forefront of this transformation -- one of the largest and among the first banking institutions in the U.S. to make serious investments in digital technology and artificial intelligence. Several major financial services firms have publicly announced ambitious plans for AI, including consumer-facing chatbots. Months later, they still haven't shipped. Capital One is one of the few exceptions to the rule.

From ATMs and mobile wallets to chatbots and robo-advisors, technology relentlessly transforms how we store, transfer, and manage money. Capital One moves at the forefront of this transformation -- one of the largest and among the first banking institutions in the U.S. to make serious investments in digital technology and artificial intelligence. Several major financial services firms have publicly announced ambitious plans for AI, including consumer-facing chatbots. Months later, they still haven't shipped. Capital One is one of the few exceptions to the rule.

Bank phone trees are dreadful experiences, so many banks are turning to chatbots in the hope to spruce up the experience. Take Capital One's chatbot text message "Eno" ("One" backwards), which allows customers to text to get balance, transaction history and pay bills. Customers can even communicate with emojis -- a "thumbs up" means to confirm and a "money bag" will prompt Eno to list a customer's account balance. Capital One's approach to Eno may offer some clues why traditionally risk-averse banks are just taking baby steps. Capital One is only rolling out the product as a pilot for the time being, and the bank is careful to manage future expectations.

"We kind of launched a chatbot and didn't know it," says Ken Dodelin, Capital One's vice president of digital product development. That behavior helps explain why Capital One is feeling confident in the actual chatbot that the bank is launching this week in a pilot test. Dubbed Eno–that's "One" spelled backwards–it's the first text-based chatbot from a U.S. bank. It'll allow users to check their balances and recent payments, look up their checking account's routing number, and transfer money between accounts. For more complex tasks, Eno will direct users to the appropriate section of Capital One's website when possible.

Capital One Financial has developed a "chatbot" named Eno, an automated program that can communicate with the bank's customers via text message to give them information on their accounts and help them make credit-card payments from their smartphone. Capital One's (cof) gender-neutral virtual assistant, which is being rolled out as a pilot to a segment of its customers, uses artificial intelligence to respond to natural language text messages from users about their money, the bank said on Friday. For example, customers might ask Eno to show them their recent account balances or pay off a credit-card bill. Ken Dodelin, Capital One's vice president of digital product development, said the bank deliberately chose a gender-neutral name. The predominance of female names among popular digital assistants has provoked criticism recently.