Cushion’s Paul Kesserwani spoke with Nathan Camillo of American Banker to discuss how their fee-fighting AI technology could actually improve long-term customer satisfaction for banks.
“The future of the system is going to be working with banks,” CEO Paul Kesserwani said. “[We] want to partner with the banks and show them that [we] can add value, whether it’s reducing customer support costs or increasing net promoter scores or retention.”
Instead of customers calling to argue down bank fees, Cushion employs an AI that calculates when and how a customer should appeal a fee — when the customer has just gotten a large deposit or has paid off his credit card bill, for example. With the user’s credentials in hand, the bot argues on behalf of the customer through the bank’s secure messaging system.
The long-term benefit of customer satisfaction can’t be understated, said SparkBeyond, an AI research engine based in New York. It helps banks price credit cards and financial products as well as determine what fee forgiveness should look like for a customer based on his “lifetime value,” said Francisco Martin, general manager of the Americas for SparkBeyond.
The company aims to broaden a banker’s view into what a customer means to a bank now and what that customer will mean to the bank in the future.
Read the full article from American Banker here. [Note: Paywall present.]