Rakuten adopts AI-based chat support for credit card queries

Maria Nikolova

The new service, which becomes available today, uses the Qlofune artificial intelligence engine developed by i Focus network co., ltd.

Rakuten Card, a subsidiary of Japan’s Rakuten Inc (TYO:4755), is seeking to improve its customer service by adopting an artificial intelligence (AI) solution. According to an announcement by the company, a new chat support service based on AI engine Qlofune, becomes available today.

The solution, developed by i Focus network co., ltd., is capable of answering various customer questions, ranging from card limits to instructions on what to do in case a card gets stolen. One of the advantages of the new service is that it is available 24/7 and takes a break only during system maintenance. Furthermore, the precision of answers is gradually improved thanks to the AI engine learning capabilities, that is, the ability to analyze queries in detail and adjust answers accordingly.

For the time being, the new chat support service is available on Rakuten Card’s website. One should activate the chat support function and enter the query. The engine will do the rest.

The launch adds to Rakuten’s efforts with regard to AI solutions adoption. In April this year, Rakuten announced its partnership with IBM Japan to create the “Rakuten AI Platform,” an internal Rakuten system aiming to introduce chatbots with automatic response functions into customer support. The system was built utilizing APIs provided by IBM Watson.

As a part of the development of the new AI platform, the two companies have this year founded a Center of Competency, a virtual organization in which employees from both companies develop and implement AI technologies and which provides training and education on the AI platform for Rakuten employees.

In addition, Rakuten Securities is reported to be testing AI software designed by NEC to detect market manipulation. The new system is set to be ready for launch within the current fiscal year.

The AI software works based on learning from past cases of illegal trading. It then flags suspicious activity. It scans the market for manipulators who use techniques such as spoofing that involves placing large orders that are canceled before they are executed.

Read this next

Institutional FX

Deutsche Bank goes live with its FX pricing and trade engine in Singapore

Deutsche Bank has gone live with its electronic foreign exchange pricing and trading engine in Singapore, where demand for currency trading among institutional players is on the rise.

Retail FX

CySEC extends the suspension of Depaho license until November 19

The Cyprus Securities and Exchange Commission (CySEC) has decided to extend further the suspension of the license of the Cyprus investment company Depaho Ltd, which operates the retail FX brands GTCM, FXGM and TRADEAPP.

Retail FX

CAPEX.com introduces QuantX, a tool to build automated portfolio

Multi-licensed broker CAPEX.com has rolled out a new portfolio platform, QuantX, which uses a client’s risk tolerance assessment and other criteria to create fully customized investment portfolios.

Digital Assets

Ripple scores major win: Judge orders SEC to explain…a lot

The SEC is ordered to explain, among other things, how the Howie test applies to XRP, what is the status of Ether and Bitcoin, and the sale of XRP as investment contracts.

Retail FX

Trade CFDs on 900+ of the Biggest Companies this Earnings Season with HotForex

Traders with the internationally acclaimed multi-asset broker HotForex can trade CFDs on the stocks of over 900 companies during Earnings Season with tight spreads, flexible leverage, negative balance protection and the many other advantages that have made it an honest, open and transparent broker of choice to over 2.5 million traders around the world.  

Digital Assets

Polygon (MATIC) double spend bug yields $2 million bounty for developer

Polygon, the Layer 2 solution on top of Ethereum, has recently paid out the highest ever bug bounty in history to a whitehat developer Gerhard Wagner for pointing out a double-spend bug in the network which could have resulted in huge losses if it had been exploited.

Digital Assets

KuCoin aims to become largest social trading platform in crypto

KuCoin was founded in September 2017 and it currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its 8 million users in 207 countries.

Digital Assets

Apifiny’s crypto trading network adds Instant Transfers for best bid and offer

Instant transfers significantly enhance Apifiny Connect, allowing traders to more efficiently buy and sell on 25 connected markets across six continents.

Retail FX

iFOREX clients can follow two experts trading in real time

Trading Rooms’ access will be free of charge for active traders who open an account with the broker.

<