Senso - AI-Powered Knowledge Base for Customer Support

Senso: The AI Innovator Redefining Customer Relationships in the Financial Sector

What is Senso?

Senso is an innovative start-up that is transforming the customer support landscape through its AI-powered knowledge base. Founded in 2017 and headquartered in Toronto, Canada, Senso aims to revolutionize how financial institutions, particularly Credit Unions, manage and utilize information. With a mission to reduce contact time for support teams and enable quicker decision-making about customer requests, Senso stands at the forefront of a significant market opportunity. The co-founders, Saroop Bharwani and Thomas Nelson, leverage their extensive experience in AI and enterprise software development to drive Senso's success. The company's flagship product offers a solution that dramatically improves efficiency, positioning Senso as a critical player in the $6 billion service automation market for financial services and other regulated industries.

Who Are the Founders of Senso?

Saroop Bharwani

Saroop Bharwani is a distinguished tech entrepreneur and a thought leader in artificial intelligence. As the co-founder of Senso, Saroop has been instrumental in steering the company towards delivering generative AI solutions to enterprises. His vision for Senso is to prepare companies to thrive in the rapidly evolving Age of AI. Saroop’s extensive background in developing AI-driven enterprise software provides a solid foundation for Senso's innovative solutions.

Thomas Nelson

Thomas Nelson, the other co-founder, is an innovative tech leader with a fervent passion for leveraging technology to enhance business intelligence and productivity. Thomas’s diverse background in computer science and neuroscience, combined with his practical experience in startups and tech development, brings a unique perspective to Senso. His expertise has been pivotal in shaping Senso’s approach to solving complex problems in customer support and marketing for financial institutions.

What Problem Does Senso Address?

Senso tackles a significant pain point in the financial services industry, particularly within Credit Unions. The traditional knowledge bases used by these institutions are not optimized to harness the capabilities of large language models (LLMs). This limitation leads to several critical issues:

Service Delays

One of the most pressing problems is the delay in service. Support teams often struggle to access relevant policies, procedures, and member information quickly. This inefficiency results in 40% of members being put on hold, sometimes for as long as 5-7 minutes, which negatively impacts customer satisfaction and service quality.

Marketing Relevance

Marketing teams face significant delays, often ranging from 2-4 weeks, in obtaining behavioral data. These delays result in missed opportunities for personalized service and targeted marketing. The inability to promptly access and utilize relevant data impacts customer retention, loyalty, and overall sentiment towards the financial institution.

The root of these challenges lies in the inefficient systems for aggregating and surfacing data on member behavior, intent, interactions, and policies. Nearly 5000 Credit Unions grapple with these issues, which stem from outdated methods of information management.

How Does Senso Solve These Problems?

Senso offers a robust solution through its AI-powered Knowledge Base, specifically designed for traditional enterprises starting with Credit Unions. This innovative product provides a flexible and efficient way to centralize enterprise knowledge, including documents and conversational data, which LLMs use to enhance information flow across support and marketing teams.

Key Features of Senso's Solution

  • Centralized Knowledge Base: Senso's platform centralizes various forms of enterprise knowledge, making it easily accessible and improving decision-making processes.
  • AI-Powered Insights: By leveraging the power of LLMs, Senso's system can ingest and summarize thousands of conversations, surfacing key metrics such as sentiment and call purpose. This capability allows support and marketing teams to gain valuable insights quickly.
  • Automated FAQ Generation: One of the standout features of Senso's solution is its ability to auto-generate FAQs based on member interactions. This automation enables support agents to respond more effectively to common queries, reducing the time spent on repetitive tasks.

What is Senso's Go-to-Market Strategy?

Senso's go-to-market strategy involves forming strategic partnerships with industry leaders to distribute its innovative product. In the Credit Union space, Senso has partnered with CU 2.0 to launch an industry-specific version of its product called CuCopilot. This version is built using Senso's APIs and tailored to meet the unique needs of Credit Unions.

Example of Senso in Action

A prime example of Senso's impact can be seen with TruStone Financial, one of its customers. By utilizing Senso's product, TruStone Financial has been able to significantly enhance its support operations. The ability to ingest and summarize member conversations allows TruStone to track discussions related to loan and account openings. The system then auto-generates FAQs, enabling support agents to provide timely and accurate responses. This process has led to faster response times and improved documentation quality, demonstrating the tangible benefits of Senso's solution.

Why Did Senso Choose to Focus on Credit Unions?

Senso chose to focus on Credit Unions because expanding member relationships is their highest priority. The inefficiencies in accessing information, policies, and procedures lead to service delays and missed marketing opportunities. By addressing these issues, Senso helps Credit Unions enhance their customer relationships and service quality.

Importance of Member Relationships

For Credit Unions, member relationships are paramount. Unlike traditional banks, Credit Unions operate on a cooperative model, where members are also owners. This unique structure places a greater emphasis on personalized service and member satisfaction. Senso's AI-powered Knowledge Base helps Credit Unions meet these high standards by providing timely and relevant information to support and marketing teams.

How Does Senso Enhance Customer Relationships?

Senso enhances customer relationships by enabling support and marketing teams to access relevant information quickly. This capability allows for more timely and personalized interactions, improving overall customer satisfaction.

Timely Support

With Senso's AI-powered Knowledge Base, support teams can reduce hold times and resolve issues faster. By having immediate access to accurate information, support agents can handle customer inquiries more efficiently, leading to happier and more satisfied customers.

Personalized Marketing

Marketing teams benefit from Senso's ability to provide timely behavioral data. This data allows for the creation of targeted and relevant marketing campaigns, which resonate more with members. Personalized marketing efforts foster stronger customer loyalty and retention, as members feel more valued and understood.

What are the Benefits of Using Senso for Financial Institutions?

Financial institutions, particularly Credit Unions, benefit from Senso in several ways:

Increased Efficiency

Senso's centralized knowledge base and AI-powered insights streamline support and marketing operations. This efficiency reduces delays and improves response times, allowing institutions to serve their members better.

Improved Customer Satisfaction

By providing faster, more accurate support and personalized marketing campaigns, Senso helps improve overall customer satisfaction. Satisfied customers are more likely to remain loyal and continue their relationship with the institution.

Enhanced Data Utilization

Senso enables institutions to make better use of their data. By leveraging LLMs, Senso provides valuable insights into customer behavior and preferences. This enhanced data utilization helps institutions make more informed decisions and improve their service offerings.

How Does Senso Plan to Expand Its Reach?

Senso plans to expand its reach by continuing to form strategic partnerships with industry leaders and developing solutions for other regulated industries. The company's experience in building enterprise software positions it well for growth in various sectors beyond financial services.

Continuous Innovation

Senso is committed to continuous innovation. The company regularly updates its product to incorporate the latest advancements in AI and machine learning, ensuring that it remains at the cutting edge of technology.

Expanding Market Presence

With a strong foundation in the Credit Union space, Senso aims to expand its market presence by targeting other industries with similar needs for efficient information management and customer support. The company’s expertise in AI and enterprise software makes it well-suited to address the challenges faced by various regulated industries.

What is the Future of Senso?

The future of Senso looks promising as the company continues to innovate and refine its AI-powered Knowledge Base. By addressing critical pain points in customer support and marketing, Senso is set to become an indispensable tool for financial institutions and other regulated industries.

Driving Industry Transformation

Senso is at the forefront of driving industry transformation. The company’s solutions help traditional enterprises adapt to the Age of AI, unlocking new opportunities for growth and success. Senso’s impact is not limited to financial services; its technology has the potential to transform various industries by improving efficiency and customer satisfaction.

Commitment to Excellence

Senso is dedicated to maintaining a high standard of excellence in its products and services. The company’s focus on innovation, customer satisfaction, and industry partnerships positions it for continued success and growth.

Broadening Industry Applications

As Senso continues to evolve, the company plans to broaden its industry applications. By leveraging its expertise in AI and enterprise software, Senso aims to provide solutions to a wider range of industries, addressing their unique challenges and enhancing their operational efficiency.

In conclusion, Senso's AI-powered knowledge base is a game-changer for financial institutions, particularly Credit Unions. By addressing key inefficiencies in customer support and marketing, Senso enables these institutions to provide better service, foster stronger customer relationships, and ultimately drive business growth. The company's innovative approach, coupled with its commitment to continuous improvement and industry transformation, positions Senso as a leader in the AI and enterprise software space.