Simplifai Emailbot technology is now in the bank sector

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November 26, 2020

Simplifai Emailbot technology is now in the bank sector

Simplifai's new agreement with the Norwegian bank Landkreditt opens doors for the company to enter the bank sector and is a new strategic breakthrough for Simplifai.

Bård Myrstad, CEO of Simplifai, says:

“This is a strategically important contract as it verifies that our e-mailbot artificial intelligence solution meets the bank industry’s extremely high-security requirements and can be integrated into a bank’s IT set-up and architecture. Hence, this agreement is a door-opener for this technology towards a giant global bank industry.”

An Emailbot is a tool that automatically handles large amounts of incoming emails. The bot analyses and processes the content of each e-mail and performs actions based on this information. It can be adapted to suit the specific needs of companies and industries. The Emailbot is continuously trained and improved via machine learning through a tagging and language engine.

Simplifai’s breakthrough contract is with Norwegian cooperative bank, Landkreditt Bank. Landkreditt Bank offers a full range of financial services to personal customers as well as to business customers, mainly in the agricultural sector.

Einar Storsul, CIO of Landkreditt, says:

“Landkreditt is a finance company focusing on self-service and automation in order to deliver good services and low prices to our customers. We are looking forward to further utilize new tools and technologies. The agreement with Simplifai is yet another step on our journey to provide solutions and products that are cost-effective and provide a good customer experience.”

Under the agreement, Landkreditt Bank will engage with Simplifai on a fixed monthly retainer fee to deliver the AI-driven Emailbot solution. The bank has options to increase the usage area of the Emailbot, which will then increase the fixed monthly fee.

Bård Mystrad says:

“The contract represents an important strategic development for us. It verifies our business model as it scales with the benefits created for Landkreditt. We see a significant growth potential going forward in this relationship. Plus, the recurring revenue agreement is in line with our business model.”