This week’s edition of Finovate Global takes a look at one of the innovative fintech companies headquartered in Estonia: Ender Turing. The firm, which specializes in voice conversation intelligence and automation, made its Finovate debut earlier this year at FinovateEurope in London.
Headquartered in Tallinn, Ender Turing was founded in 2020. The founding team consisted of two AI researchers with experience in automatic speech recognition and natural language processing (NLP), as well as a third member with experience in enterprise-level call center software. Together, the team formed Ender Turing and have since launched Ender Turing AI Speech Analytics. The new solution automatically analyzes and assesses the communication content between financial institutions and their customers. This helps FIs enhance the customer experience, as well as meet quality guidelines and compliance requirements in areas such as customer service, sales, and debt collection.
We corresponded with Ender Turing CEO Olena Iosifova via email. Below are her responses to our questions.
Read more about fintech in Estonia in this Finovate Global column from earlier this year.
What problem does Ender Turing solve and who does it solve it for?
Olena Iosifova: Eight hundred million voice conversations are recorded daily in Europe and many more worldwide. A tiny 1% of these conversations are checked for quality control, employee training, and business results improvement. Ender Turing is a conversations intelligence and automation platform to close 99% of the conversation gap for business growth.
Our daily business users are customer service, sales, and collection departments. But marketing and product teams also get value from making client’s research right on our platform.
How does Ender Turing solve this problem better than other companies?
Iosifova: Ender Turing created the fastest-to-value platform that performs in 24 languages. We use a proprietary speech-to-text engine to fine-tune models for every client to achieve the highest accuracy. Our machine learning pipelines are very efficient, and we can fine-tune speech recognition for free.
Also, the user interface does all the system setup for reaching business KPIs. There is no need to wait for the time slot at the IT department to help a business unit make it.
Who are Ender Turing’s primary customers? How do you reach them?
Iosifova: Our primary customers come from financial industry. These are banks, debt collection firms, and other financial services companies. But we also have clients in the public sector and in healthcare.
Direct outreach is our main channel of getting noticed by potential customers – as well as our partnership network. We cooperate with system integrators and call center software vendors and offer added value to their customer base.
Participation in conferences serves as a great supporting touch.
Ender Turing CEO Olena Iosifova demoing Ender Turing AI Speech Analytics at FinovateEurope 2023.
Can you tell us about a favorite implementation or deployment of your technology?
Iosifova: We have two great examples of our technology implementation. One is OTP Bank, and another is Creamfinance Group.
In OTP Bank it started with the call center customer service department. One month after we started, the debt collection department joined, seeing great results. OTP Bank saw hundreds of hours of saved time every month for quality management, employee training, and improved conversion rates – results we mutually enjoy.
With Creamfinance Group, the best indicator of great business results is that after implementation in their headquarters in Poland, we now serve also their offices in Spain, Mexico, and the Czech Republic.
What in your background gave you the confidence to respond to this challenge?
Iosifova: Three founders in Ender Turing have positive experience and skills in artificial Iitelligence R&D, business management, and a passion for building highly performing teams. We enjoy analyzing our potential customers’ strategies and market trends to foresee the challenges they might face in the next three to five years. With constant innovations inside our R&D, we build our product to deliver value for today and the future.
What is the fintech industry like in Estonia? How do traditional financial institutions treat Estonian fintechs?
Iosifova: Apart from the big name in fintech, Wise, coming from Estonia, other exciting fintechs are growing here. To name a few – Grunfin, Scrambleup, Tuum, Salv, Montonio.
They partner with traditional financial institutions actively. For example, LHV Bank is the best client of Tuum. And Salv is the AML solution that works exactly in a traditional financial services market.
You recently demoed your technology at FinovateEurope in London. What was that experience like?
Iosifova: This is truly an international event where we met companies from all over the world. This was a pleasant surprise. We will participate again.
What are your goals for Ender Turing?
Iosifova: Our goal is to become a number-one choice platform for banks and financial services companies regarding conversation intelligence and automation, providing the best quality of service, sales conversation rate, and recovery rate.
What can we expect from Ender Turing over the balance of 2023?
Iosifova: Our growth in 2023 gets us to expand to the U.S. and Latin America. But what’s more interesting is that we bring real-time agent assistance to fill the gap between the top-performing agents and the rest of the team and ensure real-time compliance monitoring in every conversation.