Flamingo AI Partners with HSBC Australia

Last Friday (May 24), Flamingo AI (ASX:FGO) announced that it will be partnering with HSBC (NYSE:HSBC) Australia to provide virtual assistant technology to HSBC’s Australian client base.

As part of a three year deal, Flamingo AI’s virtual assistant Maggie will be developed to gain a greater understanding of the bank’s services. The agreement follows the approval of the proof of concept for Flamingo AI’s Virtual FAQ and Knowledge Assistant in December 2018.

The contract entails monthly subscription services, with the potential for the contract to extend to a five year term from the original three years.

Flamingo AI’s Maggie system helps drive customer engagement solutions through the inquiry process. Through being fed over 1,200 FAQs and paraphrases, in addition to natural language conversations in text form, Maggie applies Flamingo AI’s algorithms for customer inquiries.

Over time, the insight and analysis from Maggie improve as questions increase in frequency and it better learns through these interactions.

In addition, Flamingo AI provides a virtual sales assistant service. Rosie is a virtual assistant focused on sales that helps customers with the sales process from inquiry to purchase. Rosie offers extensive scalability and acquires and applies real-time analytics through the sales process.

In April, Flamingo AI extended its contract with Nationwide Mutual Insurance Company for its intelligent assistant services. The project was focused on a life and annuities machine learning service that analyzes a vast volume of data in addition to improving the client experience.

Similarly, Flamingo AI previously partnered with Credit Union Australia (CUA) in 2018 to provide its Rosie virtual assistant services.

“Consumers are becoming more financially and technologically savvy, and there is an ever increasing number that prefer the convenience and accessibility of a digital sales channel,” CUA CEO Philip Fraser told BankingTech at the time.

Meanwhile, HSBC Australia has been securing a number of partnerships with companies in the tech sector. In January 2018, it partnered with New South Wales-based Skyfii to gain a better understanding of foot traffic within its branches. Skyfii analyses data from guest wifi to gain a broader understanding of a business’ customer experience.

Flamingo AI, based in Sydney, was founded in 2014. Its principal operations of machine learning and commerce conversational AI are designed for finance, insurance and automotive industries.

On Tuesday (May 28), Flamingo AI shares closed at AU$0.008, a 60 percent increase from the stock’s AU$0.005 open last Friday. Year-to-date, Flamingo AI’s shares have declined 55.56 percent.

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Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.