Wednesday, February 28, 2024

AI

Chain Partners Launches AI Branch Solution for Financial Industry


credit : Chain Partners

Chain Partners today announced the launch of Swalo Pro, a next-generation artificial intelligence (AI) sales point solution for the financial industry, in collaboration with Messer, a subsidiary specializing in decentralized finance (DeFi) technology.

Last month, Chain Partners launched 'Native', a faster way to use ChatGPT based on two-way machine translations. Despite launching as a standalone app and web service, rather than a platform-dependent Messenger chatbot, it has achieved 15,000 subscribers and more than 60 million translated conversations in just one month.

Last November, Messer became the first Korean team to win the ETH San Francisco 2022 hackathon, the world's largest hackathon, with its one-click solution for complex DeFi transactions, among more than 2,000 participants from around the world, including teams from global companies such as Google and Meta. On the 1st of this month, Messer launched a new product, "Swalo," which fully incorporates AI technology into the winning product and executes DeFi transactions using only natural language conversations.

Chain Partners, a first-generation blockchain fintech company founded in 2017, and Messer, a DeFi company founded in 2020 that has accumulated more than KRW 2 trillion in deposits without incident, combined their rich digital finance business experience and AI technology capabilities recently acquired through Native and Swallow to rapidly develop a next-generation AI sales point solution specialized for the financial industry.

The solution was developed to allow users to perform specific functions within the app, receive product recommendations, and sign up with just one click. Previously, chatbots in the financial sector have been used as customer support aids that simply provided canned answers to frequently asked questions. However, 'Swallow Pro' developed by Chain Partners and Messer is characterized by acting as an AI sales office that can not only consult, but sign up  and also recommend products.

It is also a great convenience for people who have difficulty using financial apps due to their many features and complexity allowing access to all the functions provided by financial apps just by talking to them. The plan is to add voice input and output so that customers can make financial transactions just by speaking.

For example, with Swallow Pro in a banking app, a customer can press the AI agent launch button and say, "Send 100,000 won to someone," and a confirmation window will pop up and the transfer will be completed by pressing the authorization button.

Chain Partners was also recently given private access to Google's newest private voice recognition model, Universal Speech Model (USM), which is more recognizable than Whisper, a voice recognition model developed by OpenAI.

ChainPartners and Messer are developing the AI branch solution to provide accurate recommendations and one-click enrollment for a wide range of financial products, including savings, stocks, bonds, ETFs, insurance, and cards, across all financial verticals.

The reason for specializing in financial services is that the AI branch learns financial terminology and continuously improves to provide more accurate answers and product recommendations.

Chain Partners and Messer said Swalo Pro is designed to not identify users or collect data about them. This is to comply with local financial regulations and to ensure that data from individual financial firms stays with them.

"If the first generation of counseling chatbots saved a bit of money on customer support costs, the next generation of AI sales points will directly help financial companies increase sales," said  Charles Pyo, CEO of Chain Partners. "The most natural and familiar UX for humans is not app UI or touch, but speech and conversation, so we want to bring a user experience to many financial apps that feels like walking into a bank counter and talking to an agent."

"Having already launched a commercial product with natural language transactions in Web3, which is more technically challenging, we were able to implement the ability to execute transactions in conversations much faster than traditional mobile apps," said Choi Joo-won, CEO of Messer. "We plan to develop our product so that the basic UX of many financial apps will be conversations rather than screens."

Chain Partners was selected as a promising fintech startup in Seoul and moved into the Seoul Fintech Lab in Yeouido WeWork late last year. It will receive support from the city for up to three years. It will also participate in the UK Fintech Week in mid-April as a fintech startup representing Korea with the support of the Seoul Metropolitan Government.

Chain Partners  : https://chain.partners/

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