One Zero Bank has launched its GenAI-based service platform, dubbed Ella 2.0. This marks the transition from experimental pilot phase to full-scale implementation. Ella 2.0 is described by the bank as a next-generation digital private banker. One Zero Bank launched in the third quarter of 2022. Notably, it was the first bank to be granted a full license in Israel in over 45 years. At launch, the bank described its model as being driven by artificial intelligence, amalgamating the advantages of traditional and neo-banks.

Ella 2.0: based on large language models (LLMs)

Specifically, Ella 2.0 showcases advancements in understanding and responds to customer queries and open questions in multiple languages. The platform has been cultivated through extensive user training. The bank says it delivers instantaneous responses, operates 24/7, and harnesses machine learning to tailor personalised financial services.

“We take pride in leading the global charge from experimental Generative AI to its practical implementation. Ella 2.0’s capabilities transcend linguistic barriers, “said Gal Bar Dea, CEO, One Zero Bank. “It ensures immediate, accurate, and personalised responses while continuously evolving to meet individual customer needs. We are committed to setting new benchmarks in service quality and accuracy. Ella’s learning and improvement processes, supported by human bankers, ensure comprehensive and reliable responses.”

Ori Goshen, co-founder and co-CEO of AI21, added: “One Zero’s new AI assistant, Ella, represents a shift in the digital banking industry towards a better customer experience. One that is faster, more reliable, and personalised to each user. AI21 is proud to provide the AI System for One Zero’s customers and looks forward to future collaboration.”

AI21 Labs raises $155m at a $1.4bn valuation

The bank’s technology partner, AI21 Labs, is a Tel-Aviv based start-up developing text-generating AI tools. It raised $155m in a Series C funding round last August. The latest funding round brings total capital raised to $283m and values the outfit at around $1.4bn.

Ella also transcends traditional banking services and aims to provide long-term, personalised financial management. In its initial phase, Ella addresses an estimated 58% of common customer inquiries. The bank plans to expand this to 80%, ensuring accuracy and evolution through continuous usage.

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In its next phase, the solution will answer personalised questions. These will include expected interest rates on deposits and analyse credit card expenses and debt.