First Financial Bank Uses Kasisto’s AI-Powered Digital Assistant to Drive 27% Increase in New Certificates of Deposit

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“Integrating Gabby into our First Financial team has been crucial to elevating the client experience,” said Brad Waldhoff, Chief Information Officer at First Financial Bank.

Metadata
Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, February 22, 2024
Information
Tags: 
Banking, Professional Services, Technology, Fintech, Artificial Intelligence, AI, Compact disc, First, First Financial Bank, KAI, Partnership
Geotags: 
NEW YORK, UNITED STATES, NORTH AMERICA
⚠ generated by AI ↴
Organisation: 
KASISTO, FIRST FINANCIAL BANK, FIRST FINANCIAL, FIRST FINANCIAL CORPORATION
Summary
Key Points: 
  • “Integrating Gabby into our First Financial team has been crucial to elevating the client experience,” said Brad Waldhoff, Chief Information Officer at First Financial Bank.
  • The bank launched its new KAI-powered intelligent digital assistant “Gabby” in May 2023 to provide customers with a frictionless experience between digital and employee-assisted channels.
  • In this way, Gabby bridges the gap between customers’ digital and physical banking experiences, ensuring queries are resolved seamlessly through either channel.
  • Since Gabby’s launch in mid-2023, First Financial Bank has closely monitored Gabby’s performance on a variety of business criteria.


First Financial Bank, the 5th Oldest National Bank in the United States, has experienced a 10% overall increase in new accounts opened since introducing its AI-powered digital assistant, Gabby, with the primary lift coming from new deposits and loans. Through a partnership with Kasisto, creator of KAI, the leading conversational AI platform for the financial services industry, First Financial Bank is tapping into AI to increase customer usage across banking products including CDs as well as mortgages, personal loans and vehicle loans.

“Integrating Gabby into our First Financial team has been crucial to elevating the client experience,” said Brad Waldhoff, Chief Information Officer at First Financial Bank. “The positive response from our customers and team members alike has been encouraging and has allowed us to deepen our relationships by providing more information that can help our customers achieve financial wellness. The success we’ve experienced at this stage is a testament to the work the Kasisto team has provided, leveling-up our banking experience through their future-facing technology.”

First Financial Bank has over $4.8B in assets, 252,000 customers, and 70 branches. The bank launched its new KAI-powered intelligent digital assistant “Gabby” in May 2023 to provide customers with a frictionless experience between digital and employee-assisted channels. Through Kasisto's no-code AI platform, Gabby came pre-integrated on day one with LinkLive, the bank’s all-in-one communications platform. Kasisto's leading user experience combines neatly with LinkLive's extensive customer care capabilities to create a truly differentiated experience for consumers and live chat agents alike. In this way, Gabby bridges the gap between customers’ digital and physical banking experiences, ensuring queries are resolved seamlessly through either channel.

Since Gabby’s launch in mid-2023, First Financial Bank has closely monitored Gabby’s performance on a variety of business criteria. The bank's findings have shown:

  • An increase in the number of new deposit & loan accounts opened, including
    • A 27% increase in newly opened CD accounts
    • Mortgages increased by 35%, Personal Loans by 28%, and Vehicle Loans by 5%
  • 90% of questions presented to Gabby are contained, meaning that the customer does not need to contact a person at First Financial for further assistance
  • Multiple generations are comfortable conversing with Gabby – a similar percentage of the Silent Generation (ages 78-98) are using Gabby as Millennials (ages 29-43)

Kasisto CEO Zor Gorelov shared, “Today’s banking experience needs to meet customers where they are, and AI technology is what allows banks to meet this demand. Our work with First Financial Bank demonstrates how digital assistants and AI can further the goals of the bank while providing customers with a banking experience that meets and anticipates their banking needs.”

For more information on KAI and KAI-GPT, please visit www.kasisto.com. You can also read the full case study here.

About Kasisto

KAI is the leading conversational AI platform for the financial services industry. Kasisto’s customers include global banks such as J.P. Morgan, Westpac, Standard Chartered, TD, and Nedbank, and US community banks and credit unions such as First Financial Bank, Meriwest and Indiana University Credit Union – and many more. These financial institutions chose KAI for its proven track record in driving business growth and improving the banking experience for consumers and employees. The platform is engaging with millions of consumers and bankers around the world, all the time, across multiple channels, in different languages, and is optimized for performance, scalability, security, and compliance. KAI is built with the deepest conversational AI portfolio in the financial industry and is tightly integrated into the fintech ecosystem through partnerships with proven technology providers such as FIS, NCR, Q2, and others. Kasisto is headquartered in New York City, with offices in Silicon Valley and Singapore. Kasisto Singapore Pte Ltd is a wholly owned subsidiary of Kasisto. For more information, visit kasisto.com. Follow Kasisto on Twitter and LinkedIn.

About First Financial Bank

First Financial Bank (NASDAQ:THFF) is headquartered in Terre Haute, IN and offers a wide variety of financial services including commercial, mortgage and consumer lending, retirement and trust account services and depositor services. First Financial Bank has 70 banking centers in Illinois, Indiana, Kentucky and Tennessee and more than 100 ATMs.

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