Catching Up on Artificial Intelligence & Robotic Process Automation

Catching up on a fintech acquisition and a white paper centering on artificial intelligence, big data, and robotic process automation, all of which could affect credit unions and other financial institutions.

Tulsa, Okla.-based ENACOMM, Inc., a fintech company empowering credit unions, banks, and credit card companies with intelligent solutions for improving the customer experience, fighting financial fraud, and increasing operational efficiency, announced a partnership with Carousel Industries, which provides communication and network technologies, professional and managed services and cloud solutions.

Through the reseller agreement, financial institutions can implement virtual personal assistant banking and the ENACOMM Financial Suite, which includes a hosted, dynamic interactive voice response system for personalized customer interactions. “Voice banking is a modern convenience for valued customers and members that differentiates banks and credit unions from competitors,” ENACOMM CEO Michael Boukadakis commented. “Adopting the technology now also prepares financial institutions for a new reality that’s just around the corner, where consumers consistently engage with their voice assistants — and need banking to play a part, in order to pay, buy, reserve, order and more.”

Utilizing artificial intelligence, VPA is ENACOMM’s conversational voice banking solution for financial institutions’ self-service users that works with popular virtual personal assistants, such as Amazon Alexa and Google Home. Using ENACOMM’s hosted systems, a properly authenticated user can conduct secure banking transactions and gain virtually full access to their financial accounts by voice.

According to the company, the ENACOMM Financial Suite provides a range of software tools, from voice biometrics to customer relationship management as well as added levels of security. ENACOMM’s data-powered IVR solution uses customer intelligence to direct calls, and provides personalization to help retain customers, and context for fast, superior self-service.

“Carousel Industries is committed to helping our clients lead the charge in redefining the standards of excellence in customer service and experience,” Jim Marsh, chief revenue officer, Carousel Industries said. “ENACOMM’s next-generation technologies will be a valuable asset to our financial industry clients in their push toward transformation of the customer experience provided by banks and credit unions.”

Seattle-based financial technology company Switch, Inc, which offers a comprehensive technology platform that instantly updates any payment type on any online merchant site, announced the release of a white paper on the benefits of their robotic processing automation application for cardholders, card issuers and merchants. The document, “Bringing RPA Technology into the Payments Ecosystem,” described how Switch’s CardSavr leverages this technology to solve online card-on-file replacement and management issues, yielding higher transaction volumes and brand loyalty for issuers.

RPA comprises the usage of flexible, reusable and non-intrusive software components, or robots, which interact with and manage systems and applications. It completes automated completion of everyday user processes. CardSavr uses these automated processes to eliminate tedious tasks associated with manual card updates without screen scraping.

Switch’s platform and CardSavr service enables card issuers to provide cardholders with automated card provisioning and updating within issuer’s existing digital assets, anywhere cardholders shop or make payments online. The service offers issuers the ability to broaden the reach of their cards and maintain top of wallet.

“Switch has designed a platform that uniquely combines our scalable RPA engine, multi-patent pending machine learning algorithms and our proprietary software to present a one-of-a-kind, easily integrated and secure API,” Chris Hopen, cofounder/CEO of Switch, Inc., said “Our system is smart, always learning and adapting to an ever-changing online world, while continually increasing its level of performance.”

“Switch visits and updates customer chosen accounts to keep cardholders connected to the services on which they depend,” Ratcliffe added. “Automation in financial services results in saving time and preserving access to credit for the cardholder, making their life easier. Switch’s CardSavr service and robotic process automation eliminates hassles for cardholders when changing or replacing credit cards.”