Founded Year

2014

Stage

Series A | Alive

Total Raised

$13.92M

Last Raised

$11M | 4 yrs ago

About Finn AI

Finn.ai, fka Payso, is an AI-powered virtual assistant built for banking and personal finance.

Finn AI Headquarter Location

300-970 Homer Street

Vancouver, British Columbia, V6B 2W7,

Canada

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Finn AI's Products & Differentiation

See Finn AI's products and how their products differentiate from alternatives and competitors

  • Virtual Banking Assistant

    Finn AI offers a proven effective Virtual Banking Assistant focused on helping banking customers and credit union members conveniently self-serve in digital channels.

    Differentiation

    Our banking chatbot is pre-trained on millions of banking conversations and understands and handles over 800 common banking queries out-of-the-box. This chatbot is available across multiple channels… 

Research containing Finn AI

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Finn AI in 1 CB Insights research brief, most recently on Feb 22, 2021.

Expert Collections containing Finn AI

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Finn AI is included in 6 Expert Collections, including Banking.

B

Banking

1,097 items

W

Wealth Tech

1,702 items

A category of financial technology that is digitizing & streamlining the delivery of wealth management. Included: Startups that offer technology-enabled tools for active and passive wealth management for retail investors and advisors.

C

Credit Union Tech

66 items

A

Artificial Intelligence

8,694 items

This collection includes startups selling AI SaaS, using AI algorithms to develop their core products, and those developing hardware to support AI workloads.

F

Financial Wellness

245 items

Track startups and capture company information and workflow.

F

Fintech

3,330 items

Excludes US-based companies

Latest Finn AI News

AI Technology Can Assist Financial Institutions with Staffing Shortages

Jan 6, 2022

One of the biggest issues affecting the banking workforce is the Great Resignation: More than half of Gen Z workers are considering quitting, and these problems will likely stretch well into 2023. Call centers are feeling the brunt of it, but intelligent digital tools can help meet this challenge and increase customer satisfaction. By Steven Zhu, Chief Technology Officer at Finn AI The Great Resignation is one of the most defining results of the pandemic era. Almost every industry worldwide from food service to banking has been directly impacted. A June 2021 Microsoft survey reported that 54% of Gen Z employees — which make up 41% of the entire workforce — were considering quitting their current jobs. It’s hard to blame one single force or set of influences for this. Many different factors are pointed to as root causes including the pandemic and work-from-home culture, rising inflation paired with stagnant wages, and employee burnout. Whatever the cause, its effects can be seen across many industries and curbing these problems has become a key priority for financial institutions. Be Prepared: Over half of the next generation of employees — Gen Z — could walk away from the traditional workforce. Banks and credit unions must have the right tools in place in case it happens. How This Affects Call Centers The effects of the Great Resignation on financial institution call centers has been ongoing. For many banks or credit unions, this is the main channel by which their live support staff interacts with their customers. In the past year, finding staff to be on-call for customer questions has become increasingly difficult, and maintaining adequately trained staff even harder. A July 2021 report stated that 44% of contact centers have reported staffing issues as a major roadblock to a positive customer experience. Not only this, but 55% also report increased call volume. This means that there are more calls coming in and less staff to answer them, increasing wait times and frustration for customers. This increased volume also leads to further employee attrition, leading to faster burnout and even further staffing problems. This vicious cycle does not appear to be ending any time soon, with many predicting that the Great Resignation will continue until 2023 or even longer. Financial institutions that want to end this feedback loop must think outside the box to address these issues. How Conversational AI Can Help Some financial institutions have found that using sophisticated automation tools — like an artificial-intelligence powered chat — can help lower call volumes to contact centers. Almost 80% of live customer service requests are straightforward questions, such as ‘What’s my password?’ or ‘Where is the closest ATM?’. These can be easily answered by a chatbot. Conversational AI provides users with a self-service option that’s available for them 24/7, freeing up call center staff to only take on user requests that truly need human agent assistance. Virtual assistants don’t just answer simple questions, but can also perform routine banking tasks such as paying bills or freezing cards, further lightening the load for support staff. Automate the Routine Four out of five call center questions could be answered by a virtual assistant, without ever tying up employee resources. Solution at Hand The Great Resignation cannot be ignored. The strain that it creates on both the customer experience and the retention of support staff will pose a significant risk for the foreseeable future. It is crucial that financial institutions find ways to mitigate the problems of high call volumes and high staff turnover. Automated chat functionality is one proven successful way to do so. Using this tool will allow your call center staff the relief they need, and provide them with more time to focus on important, relationship-building calls. This article was originally published on January 6, 2022 . All content © 2022 by The Financial Brand and may not be reproduced by any means without permission. Sign Up for The Financial Brand's Email Newsletter Get the best articles from The Financial Brand — with big ideas and actionable insights — delivered straight to your inbox. Email Address* Confirm Email WARNING! Due to huge volumes of spam submissions, and issues with email providers like Gmail, Yahoo, AOL, Hotmail, Outlook and others blocking our newsletters, we no longer allow subscriptions from these providers. Please use a corporate/work email address instead. Your Name*

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