Citigroup is banking on a three-year old artificial intelligence powered fintech start-up to have a big future.
The investment bank aims to boost Behavox’s development by leading a fundraising round that saw a $20m investment into the company.
Citigroup invested into the UK financial technology start-up company Behavox, which uses AI capabilities to collate and analyse sales staff and customer orders.
Behavox focuses on people analytics of staff
calls, emails and electronic chats by collating all the data in real-time using AI capabilities and then creating a speech-to-text transcription to enable companies to monitor the actions of individuals.
In doing so, it allows companies to monitor and analyse how calls correspond with orders more accurately and ultimately helps sales and trading staff to become better at their job.
Together the two companies are developing software to monitor customer relationships using AI capabilities, helping clients boost sales, avoid fines as well as focusing on the compliance applications of technology to check for any signs of wrongdoing.
At the core of the Behavox platform is an automatic speech recognition system that transcribes conversations and inputs the data into company systems, which will then be used to analyse trends in conversations and create a connected graph suggesting the best path to follow for the most sales.
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Behavox’s AI platform can be installed on premise or on a virtual private cloud, hosted by the customer or within their infrastructure or even Behavox that is fully automated taking away manual input of data for businesses.
Overall the process benefits businesses because it removes the manual element of hours inputting data into systems for workers to analyse, instead using AI to take over this role and allowing workers to spend more time focusing on their clients and drumming up sales.