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

Rhea-AI Summary

First Financial Bank experiences a 10% increase in new accounts opened with Gabby, the AI-powered digital assistant, leading to higher customer engagement. The partnership with Kasisto has enabled the bank to enhance customer experience and deepen relationships through AI technology.

Insights

Financial Analyst

The introduction of Gabby, an AI-powered digital assistant, by First Financial Bank signifies a strategic move to enhance customer engagement and streamline banking operations. The reported 10% increase in new accounts, notably in deposits and loans, suggests a direct correlation between the adoption of AI technology and business growth. This uptick in account creation, particularly the 27% rise in CD accounts and 35% in mortgages, indicates a substantial impact on the bank's deposit base and loan portfolio, which are critical metrics for the bank's financial health and growth prospects.

From an investor's perspective, the bank's asset growth, customer base expansion and operational efficiency improvements are potential indicators of enhanced shareholder value. The increased engagement rates, evidenced by the 46% higher login frequency among Gabby users, could imply higher customer retention and cross-selling opportunities, translating into a stronger revenue stream for the bank.

Market Research Analyst

The data showing that 40% of interactions with Gabby occur outside regular contact center hours, including 20% over the weekend, highlights a significant shift in consumer behavior towards digital banking solutions. This flexibility and accessibility are likely to resonate well with the evolving expectations of modern banking customers, potentially giving First Financial Bank a competitive edge in attracting tech-savvy consumers.

Furthermore, the successful containment rate of 90% for customer queries handled by Gabby suggests high effectiveness of the AI in managing customer interactions. This efficiency not only enhances customer satisfaction but also reduces the workload on human agents, allowing for reallocation of resources to more complex tasks and strategic initiatives. The cross-generational adoption of Gabby, with similar usage rates among the Silent Generation and Millennials, showcases the universal appeal and user-friendly nature of the technology.

Technology Adoption Expert

First Financial Bank's partnership with Kasisto and integration of their conversational AI platform, KAI, reflects a growing trend in the banking industry towards digital transformation. The seamless integration with LinkLive's all-in-one communications platform demonstrates a forward-thinking approach to creating a frictionless omnichannel experience for customers.

The bank's strategic investment in technology, particularly in AI, is not only a response to current consumer demands but also a preparation for future banking landscapes. The ability of Gabby to resolve customer queries effectively across digital and physical channels suggests a thoughtful consideration of the customer journey and a commitment to continuous improvement in service delivery.

• 40% of interactions with First Financial Bank’s digital assistant Gabby occur outside regular contact center hours with 20% over the weekend.
• Digital banking customers who use Gabby are more highly engaged, logging in 46% more often on average compared to digital banking customers who do not use Gabby.

NEW YORK--(BUSINESS WIRE)-- 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240222507922/en/

Press:

Kasisto: Vested, kasisto@fullyvested.com

Source: Kasisto

FAQ

What percentage of interactions with Gabby occur outside regular contact center hours?

40% of interactions with Gabby occur outside regular contact center hours.

How much more often do digital banking customers who use Gabby log in compared to those who do not use Gabby?

Digital banking customers who use Gabby log in 46% more often on average compared to those who do not use Gabby.

What has been the overall increase in new accounts opened by First Financial Bank since introducing Gabby?

First Financial Bank has experienced a 10% overall increase in new accounts opened since introducing Gabby.

What is the primary lift in new accounts opened attributed to after introducing Gabby?

The primary lift in new accounts opened is from new deposits and loans after introducing Gabby.

What is the total asset value of First Financial Bank?

First Financial Bank has over $4.8B in assets.