Nordic challenger bank Lunar, launches GenAI native voice assistant for customer service, a first in European banking

Lunar will initially launch the GenAI Native Voice Assistant in a beta phase, giving select customers early access to gather feedback and refine the service. The GenAI Native Voice Assistant does not provide financial advice and aligns with Lunar’s overall AI governance approach.

Lunar, the Nordic challenger bank, announces the launch of its next generation AI Voice Assistant, marking a significant milestone as the first European bank to introduce GenAI Native Voice technology. Powered by the GPT-4o model, the GenAI Native Voice Assistant will help make banking more accessible to all demographics, no matter the age, background or financial situation, offering instant, personalized, 24/7 support with no queue times, helping customers with both simple and complex queries.

A New Standard in Customer Service

Lunar’s GenAI Native Voice Assistant goes beyond traditional voice support systems by using a voice native AI model instead of the traditional voice-to-text-to-voice approach. Its advanced conversational abilities, including handling interruptions, repeating information, and managing more natural dialogues, make it a standout in the market. Unlike other AI solutions, Lunar’s GenAI based assistant creates a smoother, more intuitive experience, setting a new benchmark for customer engagement in banking.

“We are thrilled to lead the way in Europe with this technology,” said Kåre Kjelstrom – CTO. “Our GenAI Native Voice Assistant not only enhances the customer experience by addressing common pain points like long wait times, but also ensures that whether you’re tech-savvy or less so, banking support is available 24/7, seamlessly and conversationally.„

Over time, Lunar expects the AI Voice Assistant to handle approximately 75% of customer calls, improving efficiency and lowering operational costs. This technology marks a significant step towards more streamlined and cost-effective customer service operations, benefiting both customers and Lunar’s internal operations.

Benefits to customers

Lunar’s GenAI Native Voice Assistant is designed with robust security features that ensure the privacy and security of user data. In-app authentication ensures users’ identities are verified before any personal information is shared, maintaining a high level of security comparable to that of human interactions. Today 50% of Lunar’s consumer queries revolve around cards, accounts and transfers while 55% of the business queries are related to signups. The GenAI Native Voice Assistant will immediately offer:

24/7 Availability: Providing assistance around the clock with no queue times.

Instant Responses: Faster solutions to common banking queries.

Personalised Guidance: More patient, tailored interactions with users, guiding them through tasks step-by-step.

Enhanced Accessibility: Benefiting a wider demographic, including those less familiar with digital banking.

Why it matters beyond banking

The implications of the GenAI Native Voice Assistant extend beyond the banking industry. Its ability to address customer pain points in real-time, offer a personalized experience, and cater to diverse users makes this a breakthrough in customer service technology.

“The impact of our GenAI Native Voice Assistant reaches far beyond the banking industry,” says Kåre Kjelstrom. “By addressing customer pain points in real-time and offering personalized, accessible support to diverse user groups, we’re not just enhancing customer service—we’re fundamentally transforming how people interact with banks.„