Part two of Thursday’s Speed Rounds featured solutions ranging from video banking to cyberintelligence to artificial intelligence (AI)-driven credit decisioning.
As with the first Speed Rounds session, 11 companies showcased their innovative technology solutions during five-minute demonstrations.
Here are highlights from part two:
This cyber risk intelligence platform aims to predict crimes before they happen, allowing financial institutions to react and respond. It analyzes information about third-party vendors credit unions use to gauge how risky they are. Seventy-six percent of security breaches are related to third parties, with the cost of an average breach exceeding $5 million.
The old bill pay is obsolete, requiring a checking account and other friction points. Paymentus provides a better user experience and creates revenue each time members use a credit union credit card. It also improves the member experience by providing a single place where members can pay bills.
The company’s instant digital identity proofing is a fast, safe, and seamless way to onboard new members and reduce abandonment rates while maintaining compliance with anti-money laundering and Know Your Customer requirements. Its mobile biometrics provide a frictionless experience for members.
This AI-powered loan decision platform can improve the speed and accuracy of credit decisions. It also makes affordable credit available to more people using alternative data in loan decisions. The solution provides better loan options for members while growing loan portfolios.
This video banking platform allows members to engage with credit union representatives via video from a mobile browser using secure chat and collaborative tools to conduct transactions, including loan funding, within minutes.
Members get unlimited access to their credit scores with this solution, along with money-saving recommendations, debt consolidation options, and a refreshed score every 24 hours. It also includes information about how credit bureaus calculate credit scores, and uses real-time analytics to deepen member relationships. SavvyMoney overlays credit unions’ risk-based pricing on members’ credit scores.
The company’s intelligent self-service, AI-based solution operates as a “personal banking teller” to guide members through each step of their financial journey. The presentation included “Royce,” a virtual assistant that walks consumers through transactions via context-aware, multi-turn conversations using contextual FAQ builders.
This web-based portal shares insights typically limited to consultants. Its client portal site has evolved into a leadership site that shares market insights, case studies, videos, and other information. It also negotiates terms with vendors, using data to get the best pricing.
Safe, secure, and convenient identity verification, coupled with fraud protection, provides a less cumbersome and more secure member onboarding experience. It also improves financial inclusion with its decentralized digital identity that expands access to traditional banking services.
This digital growth platform improves frontline staff’s digital acumen and supports digital banking users. It helps users on demand, deflecting inquires to the call center, and migrates consumers to digital channels.
This incident response system also provides information security and compliance applications. It offers peer analysis of the number of security incidents each month, time to report, time to recovery, and other measures. The focus is on preparing for crucial moments in security incidents.