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Creating an AI-based personal assistant: Case study of Is¸bank ‘Maxi’
This paper looks at Is¸bank’s Personal Assistant ‘Maxi’ as a case study to demonstrate the important touchpoints in building a personal assistant and provides details of its construction. Is¸bank was established in 1926 and is the biggest private bank in Turkey. Its personal assistant Maxi was added to its mobile application in 2018. Since its launch, Maxi has recorded an impressive number of queries, overwhelmingly positive feedbacks and a very high percentage of accuracy, all of which demonstrate that the steps Is¸bank has taken have been effective. Contrary to the customary application of artificial intelligence (AI) in customer services in the finance sector as chatbots, Maxi was designed to be a personal assistant. Therefore, while acknowledging the existence and the advantages of chatbots in the banking sector, this paper dwells on the formation of a ‘personal assistant’, which, unlike chatbots, recognises its unique user, carries out certain tasks given to it and provides insights to assist the user with regard to financial decisions. A brief overview of AI will first be provided, followed by a detailed explanation of the seven steps involved in creating an AI-based personal assistant in banking.
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Halim Memiş has done his BSc in Civil Engineering and MBA from Middle East Technical University. Immediately after graduation, he joined IşBank as an inspector at Board of Inspectors. After eight years of service as an inspector, he joined the Strategy and Business Development unit under the Card Payment Systems department as an assistant manager. Four years later he was promoted to Unit Manager of Strategy and Business Development Unit at the Digital Banking Division. Memiş is still at Işbank as Head of the Innovation Unit. He also served as a mentor in the workup incubation programme.
Zeynep Geylan has done her MA in Political Science from Bilkent University. Geylan joined Is¸bank as a specialist in the Innovation & Digital Strategy Unit in 2018. She is also a PhD candidate in the Yeditepe University Business Administration programme. Her professional and academic interests centre on disruptive innovation as well as the emergence of AI and open banking.