What do you know about what Millennials want from their customer experience with their financial institution? Watch the video below to get in-the-know!
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!
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.
Bank Independent customers will soon be able to safely and securely access their bank account information and conduct financial transactions in real-time with only the sound of their voices. Enacomm is adding artificial intelligence (AI) assisted banking to the list of products and services it delivers to Bank Independent, which includes a hosted, dynamic interactive voice response (IVR) solution.
“AI assisted banking is a natural extension of Enacomm’s intelligent self-service solution for Bank Independent, particularly as the popularity of Alexa, Cortana, Siri and Google Home is rapidly climbing,” commented Enacomm CEO Michael Boukadakis. “Enacomm’s data analytics tool (4CAST) is already plugged into Bank Independent’s core provider making individualized, intelligent customer voice interactions via speech-activated assistant devices immediately possible.”
Enacomm’s products and services work with financial institutions’ core providers. Bank Independent’s adoption of AI assisted banking will further integrate with its existing use of ViA®, a powerful analytics tool that improves the IVR experience, as well as an Enacomm-hosted dashboard that maximizes IVR capabilities and unifies customer communications across all interaction channels.
“Smartly applying data intelligence helps us to meet our commitment of providing an engaging customer experience, which is key to customer satisfaction,” explained Kelly Burdette, VP Electronic Delivery at Bank Independent. “Enacomm provides us with modern technology to meet our customers’ demands for convenience and security, enhanced by advanced data analytics to exceed their expectations for personalization.”
Bank Independent will roll out Enacomm’s AI assistant banking technology in early 2018 for conducting secure transactions and accessing financial account information, allowing customers to review transactions, receive information about their checking and savings accounts, and more.
To further combat security concerns, Bank Independent will be evaluating Enacomm’s biometric technology, which can authenticate customers using the company’s secure voice biometrics solution Enacomm Voice Authentication (EVA). More reliable than fingerprint scanning, EVA enables real-time member identification with a 99.99% success rate and adds the most crucial security layer for multi-factor authentication. In combination with EVA, Enacomm uses a custom security code to prevent unauthorized voice access. All transactions are encrypted and no one – not even the cloud providers of the Virtual Personal Assistants – can access them.
“Enacomm is excited to give Bank Independent customers another preferred channel to quickly and easily find answers to their simple questions,” added Boukadakis. “This allows customer service representatives, in person and by phone, to focus more on the customer and create deeper relationships.”
Enacomm will be demoing AI assisted banking at Booth 446 at JAC 2017, the Jack (Henry) Annual Conference in Nashville, TN, October 16-19, 2017.
More bank customers and credit union members may soon have a modern customer service and money management experience. Enacomm has inked a partnership with ConnexiCore, a technology consultancy that advises financial institutions. Through a reseller agreement, ConnexiCore will introduce its bank and credit union clients to VPA (Virtual Personal Assistant) banking and the Enacomm Financial Suite (EFS), which includes a hosted, dynamic interactive voice response (IVR) system for personalized customer interactions.
“ConnexiCore’s advisory group is made up of some of the financial industry’s top experts on the technologies of today and tomorrow,” said Enacomm CEO Michael Boukadakis. “We’re excited that ConnexiCore recognizes the value and differentiators of Enacomm’s next-generation solutions, and will be helping to get these revolutionary technologies into the hands of additional banks and credit unions.”
Harnessing artificial intelligence, VPA™ is Enacomm’s solution for financial institutions’ self-service users that works with popular Virtual Personal Assistants. Using Enacomm’s hosted systems, a properly authenticated user can confidently conduct secure bank transactions and gain virtually full access to their financial accounts – with the sound of their voice.
The Enacomm Financial Suite provides a range of software tools, from powerful voice biometrics to customer relationship management (CRM), as well as added levels of security. Its IVR solution uses customer intelligence to efficiently direct calls, personalization to help retain customers, and context preservation to provide fast, superior self-service.
“Teaming up with Enacomm is a logical move for ConnexiCore, because we aim to bring our clients the best technology solutions available to solve the toughest business challenges and stay ahead of the competition,” commented Frank J. Segarra III, President and Founder of Connexicore. “We’re happy to be part of Enacomm’s expanded strategy to further transform the consumer experience of a greater number of bank customers and credit union members.”
Enacomm will be demoing VPA banking at Booth 446 at JAC 2017, the Jack (Henry) Annual Conference in Nashville, TN, October 16-19, 2017.
For more information on VPA banking and the Enacomm Financial Suite, go to www.enacomm.net.
WWDTD: What Would Dick Tracy Do (for Banking)?
By Michael Boukadakis
In the mid-20th century, imaginations were captivated by the famous cartoon detective Dick Tracy interacting with his “two-way wrist radio.” While Artificial Intelligence (AI) voice digital assistants have existed in our minds through science fiction for many years, the technology has finally come into play in real life through commercial applications. An estimated 35.6 million Americans will use a voice-activated assistant like Apple’s Siri, Amazon’s Alexa, Google Now and Microsoft’s Cortana at least once a month this year, according to eMarketer, a 128.9 percent jump over 2016.
Voice-enabled devices, such as the Amazon Echo with virtual assistant Alexa, allow consumers to conduct a query into data by speaking, rather than thumbing through a structured menu to find the information they’re seeking. This breakthrough – at last mainstream – has been particularly well-received, because our voice is one of the most natural communication channels that we have as human beings (not to mention that it brings an even greater level of convenience to the couch).
A world of possibilities
While the use of these devices was initially limited to non-sensitive tasks like checking the weather, trivia questions or ordering a pizza, consumers can now tap their AI devices – either at home or on the go – to handle their personal banking…hands-free.
In addition, by implementing voice biometric technology as a capability of conversational AI bots, potential security concerns with using a voice assistant for banking needs are alleviated. Allowing users to authenticate with their voice, without having to say both their PIN and account numbers out loud, is the breakthrough that was needed to make voice assistants safe and practical for personal banking.
For instance, sitting around the dining table for family dinner, a son can’t say, “Hey, Alexa, what’s my dad’s checking account balance?” Even if he knows his dad’s PIN number, he can’t gain access via the voice-enabled device without the matching, unique voiceprint. This advancement has unlocked new possibilities for financial institutions, big and small, giving them the chance to gain a competitive edge in customer experience without increasing risk by being able to cater to the demands of high-value customers.
While the various digital personal assistants are all unique as trusty sidekicks, they are the same in that they are relevant and desirable in today’s fast-paced world. Banking customers and credit union members want to take advantage of applications utilizing a voice interface (created by technologists or financial institutions themselves), so they can avoid unnecessary keystrokes while on the go.
The potential of VPA banking
Thanks to AI personal banking with voice biometric authentication, customers don’t have to go to a computer or mobile device, log on, and then fat finger their personal ID. Instead, they can simply ask their virtual assistant, “What is my checking account balance?” From account balances to making payments, reviewing transactions, and receiving automated financial planning advice, properly authenticated users can securely conduct bank transactions and access financial account information.
With virtual personal assistant (VPA) banking, the AI engine analyzes the user’s request and interaction history against data from the financial institution’s core processor, including customer segmentation triggers, such as balance and spend. It then pulls this data together to give the user the information that was requested, and the AI engine can even be proactive to predict the customer’s needs and deliver advice from the financial institution.
VPA personal banking should be part of every smart financial institution’s omnichannel customer service strategy. While ATMs, telephone banking, internet banking and mobile banking have been important 24/7 self-service tools for many years, VPAs will soon rival these other interaction channels. In fact, Ovum research predicts that the use of digital assistants will increase ten-fold by the year 2021, as compared to 2016.
Pushing the proverbial envelope with VPA personal banking is the technology that financial institutions need to offer to compete. After all, Dick Tracy doesn’t have to be the only one with wow factor.
Michael Boukadakis is the founder and CEO of Enacomm, a provider of intelligent customer interactions technology.
To view the article on Banking.com, click here.
Credit union members can now securely access their financial information in real-time and safely conduct almost any financial transaction with popular Virtual Personal Assistants (VPAs), using only the sound of their voice. Enacomm this week presented VPA personal banking at the Corelation Client Conference 2017 in San Diego.
VPAs are rapidly growing in popularity with Americans. According to eMarketer’s “first forecast on users of digital assistants, such as Siri, and voice-enabled speakers, like Amazon Echo (http://bit.ly/2qgRK46)”:
- “This year, 35.6 million Americans will use a voice-activated assistant device at least once a month. That’s a jump of 128.9% over last year.”
- “Amazon’s Echo speaker will have 70.6% of users.” Google Home will have “23.8% of the market.”
- “eMarketer expects usage [of virtual assistants, ‘the actual software inside various devices’] will grow 23.1% in 2017. This category includes Amazon’s Alexa, Apple’s Siri, Google Now and Microsoft’s Cortana.”
Digital personal assistants provide hands-free voice-control for many devices and services – from ordering a pizza to summoning a car – using “skills” created by users or developers. Now users can access their banks and credit unions to conduct a range of financial transactions. Alleviating security concerns, Enacomm’s VPA skills allows customers to authenticate using the company’s secure voice biometrics solution Enacomm Voice Authentication (EVA).
“Offering the convenience of VPA personal banking is a competitive advantage for credit unions,” commented Michael Boukadakis, CEO of Enacomm, who is in attendance at the Corelation Client Conference. “The ability to manage your money using a digital personal assistant elevates the consumer experience, exceeding the expectations of high-value, often on-the-go members without increasing risk.”
More reliable than fingerprint scanning, EVA enables real-time member identification with a 99.99% success rate and adds the most crucial security layer for multi-factor authentication. In combination with EVA, Enacomm uses a custom security code to prevent unauthorized voice access. All transactions are encrypted and no one – not even the cloud providers of the VPAs – can access them.
Voice personal assistants are particularly useful for retrieving information. Rather than searching through multiple screens, users can simply ask a question, whether related to account information or a credit union’s products and services. VPAs with EVA voice biometric authentication will also save financial institutions time and money by making it easy for customers and members to solve simple problems, such as activating a new card, without relying on customer service representatives, in person or by phone.
Using Enacomm’s VPA skills, properly authenticated users can confidently conduct secure credit union transactions and access financial account information, from making payments to checking credit card balances, reviewing transactions, and receiving information about their checking and savings accounts. For example, the member simply says, “[VPA Name], ask ‘my credit union’ for my recent checking account transactions,” and the VPA handles the rest, requesting the necessary authentications and issuing appropriate confirmations.
“Credit unions can now be confident that voice personal assistants are safe for personal banking – today, members can authenticate with their voices, without having to say both their PINs and account numbers out loud,” explained Mike Kirk, Vice President of Financial Services for Enacomm, who is also at the Corelation Client Conference to help credit unions advance their technology offerings. “Credit unions don’t need to rival the largest financial institutions in size to stay on the leading edge of technology. Offering safe, voice-enabled personal assistant banking is a powerful way for credit unions to compete on the technology front and win the loyalty of new and longtime members.”
For more information on VPA personal banking, click here.
Personal Banking: Meet Alexa, Siri and Cortana
This is a guest post by Michael Boukadakis, the founder and CEO of Enacomm.
Artificial Intelligence (AI) is no longer science fiction. It’s an emerging business technology that is beginning to transform industries, including banking. Oxford Dictionaries defines AI as the “theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.” Once a futuristic concept, one-tenth of companies in the financial services, manufacturing, retailing, and health and life sciences industries have already begun to utilize AI, according to a report from The Economist Intelligence Unit (EIU). And one in three companies is in the exploratory phase of this ultramodern technology, with an additional third having moved on to experimentation with different applications of AI.
While AI-powered algorithms can enable more exact decision-making to incrementally increase revenue, operating efficiency, and margins, AI technology can fully transform user experience now. In fact, EIU asserts that “AI’s impact is expected to be felt most strongly in the area of customer interaction.” Improving the customer experience is imperative for banks, credit unions and credit card companies to stay competitive in a crowded space where consumers vote with their wallets.
When AI is strategically applied, financial institutions can streamline customer service interactions, delivering responses more quickly and accurately. In addition to boosting productivity and efficiency, organizations are able tap into data gathered from customers during AI-enabled interactions to autonomously upsell products and services that patrons actually want, based on their individual needs. Forward-thinking banks and credit unions are aiming to upgrade the automated services that they deliver to customers by capitalizing on the promise of AI. Integration of AI Virtual Personal Assistants (VPAs), such as Alexa, Siri, Cortana and Google Home, into self-servicing is a ripe opportunity for banks to differentiate from competitors by stepping up the level of customer service they provide.
VPAs provide hands-free voice control for multiple devices and services – from ordering a pizza to sending for a ride – using “skills” created by users or developers. These voice assistants are particularly useful for retrieving information without having to hold a phone, tablet or computer. According to a recent survey from Creative Strategies, people primarily utilize smartphone-based voice assistants like Siri at home (39%) or while in the car (51%). Wherever they are, banking customers and credit union members can now use any popular VPA with the sound of their voice to securely access their financial information in real-time and conduct almost any financial transaction, from making payments to checking credit card balances, reviewing transactions, and receiving information about their checking and savings accounts. Rather than searching through multiple screens, users can simply ask a question, whether related to account information or a bank’s products and services. And forget security concerns – integration of voice biometric authentication makes using a voice assistant for banking needs safer. All transactions are encrypted and no one – not even the cloud providers of the VPAs – can access them.
Giving millions of VPA fans – 74 percent of smartphone owners currently use VPAs frequently, according to Gartner – the ability to access their banks and credit unions to conveniently and securely conduct a range of financial transactions is a major benefit that both small and large financial institutions can offer. Catering to the demands of high-value, often on-the-go customers without increasing risk, VPA banking provides a competitive edge in consumer experience. It also saves financial institutions time and money by making it easy for customers to solve simple problems, such as activating a new card, without relying on customer service representatives, in person or by phone.
Competitive pressure is compelling organizations to defy long-held views that AI is still over the horizon, a notion often propagated on the big screen. Nearly half (44%) of those surveyed for the EIU report recognize the relevance of AI today, saying the delay of AI implementation would make their businesses vulnerable to new tech entrants. This realization is encouraging many to advance their own AI plans: three out of four (75%) survey respondents said AI will be “actively implemented” in their companies within the next three years. It’s time for financial institutions to look at AI with a fresh pair of eyes. Allowing users to authenticate with their voice, without having to say both their PIN and account numbers out loud, is the breakthrough that was needed to make voice assistants safe for personal banking. Changing minds may be the hardest part of making AI an everyday reality; the technology is ready and waiting.
To view complete article, click here.