Enacomm & Wescom Resources Group Partner on Voice Banking, Tech Offerings
The companies will offer each other’s technology to their credit union customers via two reseller agreements.
Tulsa, Okla.-based fintech firm Enacomm and Pasadena, Calif.-based technology CUSO Wescom Resources Group have announced a new partnership intended to expand their voice banking offerings, bill pay services, customizable online banking technologies and intuitive mobile banking to more credit unions.
The companies will offer each other’s technology to their credit union customers via two reseller agreements, according to an announcement. The arrangement underscored the growing popularity of voice technology and voice assistants such as Amazon’s Alexa and Google smart speaker devices among financial institutions.
“Research shows that — more and more — people are integrating voice assistants into their daily lives,” Enacomm CEO Michael Boukadakis said. “Conversational engagement is a trend that’s here to stay, and banking will soon play an even greater role, as consumers turn to their go-to devices to manage their finances and complete tasks that require their financial account information — from ordering to buying, paying, and reserving.”
“WRG is committed to cultivating digital banking experiences that maximize the satisfaction of credit union members and increase engagement,” Wescom Resources Group President Kevin Sarber added. “Today’s consumers are increasingly embracing modern technology and their expectations are evolving to include the convenience that comes with these advancements.”
Several companies in the credit union space have launched voice technology initiatives. Late last year, for example, Jack Henry & Associates launched a new bill pay product that allows credit union members to pay their bills using their voices and an Amazon Alexa smart speaker. The company’s iPay QuickPay product allows members to initiate payments, review scheduled payments and get basic information about their payments history via voice commands.
Last year, Abilene, Texas-based First Abilene Credit Union and Westbury, New York-based NEFCU both announced launches of voice-based banking functions for Amazon Alexa and Google smart speaker devices. First Abilene has about 10,600 members and $69 million in assets; NEFCU has about 192,000 members and $3.2 billion in assets.
In 2017, Oak Ridge, Tenn.-based Enrichment Federal Credit Union became one of the first credit unions to roll out voice technology to members. It used technology called Financial Interaction Voice Experience (FIVE), which is a banking skill platform designed by Best Innovation Group, a Tampa, Fla.-based technology firm founded by former Wescom Credit Union Chief Technology Officer John Best. Enrichment Federal Credit Union has $497 million in assets and about 44,000 members.