Enacomm Vice President of Financial Services Stacey Zuniga joined CUbroadcast for a video interview to discuss how to bring affordable artificial intelligence to credit unions. Zuniga also shared more details on Enacomm’s recently announced partnership with Clinc, a company leading in AI advancements. Listen to and watch the discussion below!
Tied to coverage of Money20/20, Business Insider highlighted Enacomm’s partnership with Clinc for its millions of readers. From the article:
At this year’s Money20/20 conference, held in Las Vegas from October 22-25, BI Intelligence identified three emerging trends that will likely dictate much of the innovation in the payments space over the next year: AI’s emergence in financial services, a reinvigorated focus on payments security, and partnerships to chase the network effect.
1. Financial services firms are captivated by how AI might revolutionize their businesses. However, the number of AI-specific announcements from major players was relatively limited compared with how much of the dialogue at the conference centered on future use cases.
Here are a few major AI announcements from the conference:
- AI technology firm Clinc partnered with financial services provider Enacomm on a reseller agreement that will bring Clinc’s “Finie” technology, which helps banks collect data, personalize product offers, and create a “tailored customer experience,” to more financial institutions across the country.
Read the full Business Insider story here.
A simpler, natural way to deal with finances will soon be available more broadly to consumers. At Money20/20, Enacomm announced that it will bring “Finie”, the world’s most advanced conversational artificial intelligence (AI) platform for banking – built by Clinc, Inc. (clinc.com) – to financial institutions across the country.
Through a new reseller agreement, Enacomm is now a “preferred partner” of Clinc and will help extend the reach of the company’s financial AI technology, which enables users to have natural, human-like conversations with their bank accounts. Clinc’s sophisticated platform uses best-in-market AI to understand natural human language and delivers timely, personalized responses, from insightful spending advice to balance information and complex transaction details.
“To effectively compete, banks and credit unions need to harness the power of data-driven AI to positively shape the consumer experience,” said Enacomm CEO Michael Boukadakis. “Not only does intelligent interaction technology conserve resources, but Clinc’s advanced AI platform provides the best experience we’ve seen to enable customers to quickly and easily find the information they need to make informed decisions about their money through conversations with their bank accounts.”
According to the 2017 Accenture Banking Technology Vision report, four out of five (79%) banking executives surveyed believe that AI will revolutionize the way banks gather information and interact with customers, and 76 percent of respondents believe that within three years, banks will deploy AI as their primary method for interacting with customers.
Benefits of Clinc’s AI platform for banks and credit unions include:
- Creating a tailored customer experience that allows users to speak to their own intelligent, personal financial assistant
- Unlocking a broad range of interactions impossible with current technology to increase customer engagement
- Understanding complex questions and transforming them into powerful insights
- Making actionable predictions by observing user behaviors and finding the appropriate users for cross-selling products
“Enacomm is the right partner for Clinc because they share our vision for modernizing the consumer banking experience,” shared Clinc CEO Jason Mars. “Teaming up with Enacomm will help us to empower a greater number of smaller financial institutions, like community banks and credit unions, with next-generation, voice-controlled AI technology that otherwise would be out of reach.”
Numbering 83 million, Millennials form the largest generation in the U.S., according to the Census Bureau. Christopher Ma, director of the George Investments Institute at Stetson University, says Millennials “born between 1981 and 1997 are ready to take over estimated $30 trillion in wealth from baby boomers” – and they have a penchant for technology. These young adults’ expectations for omni-channel engagement have already pushed financial institutions to expand their customer interaction channels, from mobile, to wearables, to AI-based voice assistant devices. With Clinc’s technology, Enacomm will help pave the way for smaller and mid-tier financial institutions to pursue banking relationships with Millennials who share their commitment to community, by implementing the technology these digitally savvy consumers demand for a convenient, personalized customer experience.
Enacomm will be demonstrating conversational banking at Money20/20 in Las Vegas, NV, October 22-25, 2017.