Partners in innovation
Kronos Technologies is a Quebec City-based firm that has enjoyed rapid growth thanks to the success of two web applications developed for the financial services industry: Kronos Finance and Kronos FNA. In 2016 Arcbees became a Kronos technology partner, commissioned to help build its next generation of digital products.
A fresh window of opportunity has now opened for the Kronos-Arcbees partnership. Through access to user data, Kronos Technologies is looking to enhance its digital products by integrating artificial intelligence. The business objective is simple: to optimize the sales efforts of financial advisors and help boost their performance.
We therefore carried out a study on the feasibility of developing a virtual assistant capable of predicting the needs of their clients.
- Data analysis
- Algorithm modelling
- Software engineering
- Strategic recommendations
Being able to count on a partner like Arcbees for our technological challenges is essential for our ambitions and our success in realizing them. They proved to be experienced and the quality of their expertise is a major asset for a tech business like ours.
By working closely with the Kronos team and meeting with their clients, we gained an in-depth understanding of their needs and this enabled us to accurately pinpoint potential features for the virtual assistant.
Analyzing the technological environment
Working on a daily basis as a development partner with Kronos enabled us to propose, in our study, a solution and recommendations for its implementation that could be easily integrated into its ongoing operations.
Collecting and processing data
We selected and then cleaned, formatted and analyzed the most pertinent data with the greatest potential for improving the virtual assistant’s performance.
Modelling and evaluating algorithms
We trained and validated each and every individual algorithm that could potentially meet the predetermined need and then selected the one with the best performance and most reliable predictions.
Assessing the return on investment
The algorithm’s performance and reliability provided a measurable indication of prospective profitability.
Facilitating the decision making process
We produced a detailed analysis report containing all the results and strategic recommendations to help managers at Kronos Technologies make insightful decisions regarding the implementation stage.
Decision making fueled by
The main challenge
Due to the nature of the project, most of the data was generated through human intervention and this resulted in inconsistent data formats and quantities.
We therefore established a standardization process in order to improve the efficiency of data recording and processing.
Our expertise creates
Streamlined decision making
The study corroborated the initial assumption of a return on investment and also brought to light new business opportunities which would otherwise have been overlooked.
Enhanced customer experience
The ability to identify client needs ahead of time using predictive technology strengthened the advisor-client relationship, making it more personalized and efficient.
Reduced implementation risks
Being able to provide a reliable projection of the solution’s added value without having to fully develop it beforehand allowed us to anticipate and resolve any potential obstacles.
Outlook on the future
Artificial intelligence empowering financial advisors
Thanks to its draft feasibility study, Arcbees successfully demonstrated that machine learning can be used to leverage data and highlighted its benefits for Kronos. We provided a decision-making tool that will help Kronos to continue on its path of innovation while reducing risk.
Our activities are now centered on the virtual assistant’s implementation stage and the prospect of increased sales that this smart, automated tool for identifying client needs will generate.