2 weeks Ago By Lauren Towner
Customer service varies significantly in quality. Zingly are working on a way to make it work for customers and businesses. In this Money20/20 interview, Gaurav Passi, CEO of Zingly.
AI , reveals how they’re transforming financial services by blending AI and human interaction for a seamless, personalized customer experience. Watch to find out how their ‘Rooms’ technology could enhance the customer banking relationship. We’re very interested in how AI can be used effectively and Zingly could have a really interesting, scalable and compliant offering.
Many businesses are now using AI as a way of staying competitive but it’s important to establish who’s actually using it for the betterment of their industry. Zingly.AI’s founder and CEO, Gaurav Passi, is focused on how artificial intelligence can truly elevate the customer experience in financial services.
Attitudes to customer service vary massively and chatbots are not always popular. More consumers today prefer live chat and/or chatbots (17%) compared to 2022 (13%), but it’s still not a huge percentage. Generally speaking, having a human in the loop is still preferable.
Passi believes that AI can indeed improve scalability and efficiency, but in financial services, human involvement is indispensable for more complex interactions. Zingly’s platform takes inspiration from the Klarna model, automating 70-80% of common customer inquiries. However, Passi noted that a significant portion of interactions, especially those with high-value customers or complex inquiries, still require human intervention.
Amid the current AI hype, Passi also emphasized the importance of practicality, especially in the heavily regulated financial sector where consumer trust is paramount. He explained that financial services companies demand dependable, secure solutions, and this cautious approach aligns well with Zingly’s core philosophy: integrating data, generative AI, and human support into a unified system. According to Passi, the best outcomes come when these three elements work together, empowering financial institutions to deliver high-quality customer experiences while maintaining regulatory compliance.
For Zingly, a balance is key: AI-driven tools handle routine tasks, while human agents step in for personalized service. This approach ensures that customers feel valued and receive support tailored to their unique needs, from routine questions to high-stakes banking decisions. As for where they sit, Zingly positions itself as a collaborative layer within the fintech ecosystem, connecting customers with financial institutions through versatile communication channels.
Passi explained that they integrate with major CRM systems like Salesforce and core banking platforms, providing voice, video, chat, and messaging on digital platforms (such as websites and mobile apps). This digital-first approach allows them to bypass traditional call centers, aligning better with the increasing online traffic that banks and credit unions experience. One thing’s for sure, the real bonus of this sort of approach is the impact it can have on the bottom line.
Crucially for businesses, 94 percent of customers stated that a positive customer service experience made them more likely to purchase again. In today’s digital landscape, financial institutions receive far more web and app visitors than call center inquiries. Passi illustrated this with an example: one of Zingly’s clients receives 2.
5 million website and app visits monthly, compared to only 2 million annual call center calls. Zingly.AI helps financial institutions harness this digital engagement by creating a new technology called “Rooms,” which is a persistent digital space where customers can interact seamlessly, even after hours.
This setup has shown notable results, with banks observing a 15-20% increase in engagement opportunities during off-hours. Passi highlighted that Zingly’s solutions go beyond traditional AI use cases in customer experience (CX), which often focus on cost efficiency. Instead, Zingly aims to help institutions grow revenue through proactive customer engagement.
Their “Zingly Rooms” technology, a core component of their approach, facilitates interactions across channels, from messaging and document exchange to payments and calendaring. This streamlined process significantly reduces friction in tasks like account openings, where according to Passi, they helped one client cut their timeline from 30-60 days down to 10-14 days. Passi also introduced “Relationship.
AI,” a technology designed to determine when a human agent should take over from an AI assistant. This system ensures that while AI qualifies leads, human agents close the deals, leveraging their relational strengths to enhance customer satisfaction and drive revenue. This conversation took place at Money 20/20, and although they’re not solely for financial services companies, Passi observed that financial leaders are laser-focused on two priorities: increasing deposit growth and enhancing customer engagement, making them ideally placed.
Community banks and credit unions face additional pressure to compete with large financial institutions, making personalization a top priority. With Zingly Rooms and other innovations, Zingly.AI aims to deliver a unique blend of scalability and personalized service, positioning itself as a vital partner in financial institutions’ efforts to retain customers, expand wallet share, and deepen relationships.
It’s a great addition to our series of interviews from Money20/20. You can catch more of them right here . Be sure to check out our magazine interview with Guarav too, which was in our most recent Paytech Magazine .
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