At Coinscrap Finance, we have developed our own AI engine in Spanish that is redefining the interaction between banks and their customers. I’ll tell you all about it in this post:
Juan Carlos López
Co-founder & CPO of Coinscrap Finance
Beyond chatbots: The power of conversational AI
Have you ever felt frustrated when interacting with a chatbot that doesn’t understand your needs? If you ask something it’s not programmed for, it gets stuck. But that’s history. Our conversational AI uses Natural Language Processing (NLP) to grasp user intent and fully understand conversations.
The secret of our AI engine, COCO, is that it learns from every interaction and continuously improves, exponentially increasing its ability to provide personalized assistance. As I mentioned in my previous post, the new digital agents act as an intelligent bridge between the end user and the entity’s manager, delivering fully customized solutions tailored to each user.
This technology allows banks to:
- Understand customer needs in real time.
- Communicate in multiple languages and adapt responses accordingly.
- Manage transactions and inquiries in the most efficient way.
Moreover, by retaining context and continuously learning, conversational AI provides sophisticated omnichannel assistance (phone, chat, apps, etc.), meeting the expectations of even the most demanding customers.
Unique capabilities of our conversational AI in Spanish
Advanced Natural Language Processing (NLP)
NLP enables AI to understand banking-specific jargon, interpret customer intent, and respond clearly. Whether a customer asks in German about “ACH transfers” or in Spanish about mortgage interest rates, conversational AI ensures a quick and accurate response.
Next-generation generative AI
Eliminating robotic, scripted responses is now possible. Our technology generates dynamic and personalized replies that match your bank’s tone of voice. Over time, generative AI refines its responses to reflect the expertise of an experienced bank advisor.
Seamless integration with your banking system
True conversational AI doesn’t just stop at conversation—it takes action. This technology can compare a user with other similar customers to suggest improvements in their personal financial management. By bridging the gap between customer inquiries and backend systems, conversational AI reduces friction and improves response times.
Transforming the banking experience: Tangible benefits
Imagine a world where your bank can anticipate customer needs before they even express them. This is possible thanks to transactional data analysis. AI can detect potential fraud in real time and trigger an alert, or notify users of relevant insights about budgets, financial trends, and solutions—all instantly and through their preferred channel.
Conversational AI is transforming banking by seamlessly combining human-like interactions with cutting-edge automation. This technology sets a new benchmark for customer service in the financial sector. Here’s how conversational AI enhances the banking experience:
Instant responses:
Customers demand immediate, accurate assistance, available 24/7. Now, your bank can meet these expectations by responding to inquiries via chat, email, and voice channels in just seconds.
This speed directly impacts a critical metric: the First Contact Resolution (FCR) rate. FCR measures a company’s ability to resolve a customer’s issue on the first interaction. A higher FCR not only improves efficiency but also transforms the support department into a strategic advantage.
Personalized experiences:
Personalization is no longer just a “nice-to-have”—it’s a necessity. In fact, 81% of banking customers try to resolve their queries on their own before reaching out to a personal advisor*. Banking apps are now the primary point of contact with customers, making hyper-personalized experiences and improved interactions key to user retention.
According to this study: “While tools must be intuitive and easy to use, it is also essential that they convey a sense of closeness and personalization. Building trust with customers depends not only on functionality but also on making every interaction feel genuine and tailored to their needs.”
Reduced operational costs:
Numbers don’t lie, generative AI can reduce customer service costs by 20% to 30%. It achieves this by improving operational efficiency and eliminating human errors. Repetitive tasks and data-driven responses are its specialty.
This is not about replacing human employees but equipping them with cutting-edge tools to perform their jobs faster and with near-perfect accuracy. If you want to boost the productivity of your internal teams, innovation must be a core part of your business strategy.
Increased revenue:
Growing your sales isn’t just about acquiring new customers—it’s also about maximizing the value of those you already have. Conversational AI excels at recognizing upselling and cross-selling opportunities within natural conversations.
Intelligently identifying these opportunities becomes easier with digital tools that can analyze customer transaction data in milliseconds. When a customer reviews their monthly balance and inquires about their savings, AI takes the opportunity to offer personalized recommendations based on their habits and financial profile.
If your institution is not using AI…
… you might be falling behind.
Check out its adoption in Mexico!
Use case: How our conversational AI is revolutionizing expense management
Susana is an online banking customer, and this month she noticed an increase in her supermarket spending. When consulting with our AI assistant, she not only receives a detailed breakdown of her expenses but also:
- A comparative analysis with previous months.
- Personalized suggestions to optimize her budget.
- Financial product recommendations tailored to her spending habits (e.g., cashback services to save a percentage on each purchase).
Initial query:
Susana: “How much have I spent on groceries this month?”
Banking AI: “So far, you’ve spent €320 on groceries. That’s 15% more than last month and 8% above your average monthly spending in this category.”
Historical analysis:
Susana: “Tell me how my supermarket spending has evolved this year.”
Banking AI: “Of course! Here’s a summary of your monthly supermarket expenses over the past 12 months. This month has been the second highest. If you prefer, I can generate a chart to display the information visually.”
This level of personalized attention significantly increased Susana’s satisfaction with her bank and generated new business opportunities. This technology is accessible to any traditional bank, neobank, or fintech, regardless of its size or location.
The future of banking is conversational
At Coinscrap Finance, we are at the forefront of this technological revolution. Recently, we presented our latest scientific paper in Norway, focusing on detecting periodicities in banking transactional data. Thanks to our investment in innovation, financial institutions can provide better services to their customers.
If you want to take your users’ banking experience to the next level, contact us and stay tuned for my next article, where we’ll explore more examples of intelligent recommendations and success stories.
Thanks for reading!
About the Author
Juan Carlos López Díaz is Chief Product Officer and co-founder of Coinscrap Finance. In 2016, together with David Conde and Óscar Barba, he created Txstockdata and Coinscrap Finance. After the tremendous success achieved, the business pivoted towards B2B, in partnership with EVO Banco and its “Smart Piggy Bank.” As a developer, he has over 8 years of experience leading major projects.
Along with his team, he is capable of creating the best tools for the financial world. From the product department, Juan Carlos has delivered projects for major companies in the sector: Evo Banco, Santander, Caser, Mapfre, and Bankia. He holds a degree in Electrical Engineering from the Central University of Venezuela and an iOS App Development certification from U.N.E.D and U.C.A.M.
*According to a Salesforce survey: https://www.salesforce.com/ap/blog/customer-service-in-banking/
