Remote banking applications that proved their value when bank branches closed during Covid are thriving as financial institutions and customers learned how to use them and enjoyed the convenience.
So in May 2022 Eltropy acquired POPi/o, which provides a video banking platform, and Marsview, which uses AI to automate the understanding of consumer intent in text and chat, so consumers can get answers to routine queries and simple questions. The company added 100 new customers in 2020, the first year of Covid. In 2021 it added 150 more. Last year it grew by another 230, and it’s on track to surpass that number of new customers this year, said Garg.
Next up for the credit union’s 118,000 members is an electronic notary service through Eltropy. The video app is also used in the credit union’s Interactive Teller Machines which support conversation with a banker and lets users transact even if they have forgotten their debit card. The credit union serves members of the Church of Latter Day Saints who are all across the country and working around the world as missionaries, he added. “We have widespread membership who want face-to-face interaction.”Garg said traditional self-service phone response systems often force members to pick up the phone and wait in queue lines even for the simplest of queries, which make up 80 percent of incoming calls.
An agent can switch from text to voice with the push of a button while remaining in the same single secure communication channel.
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