“In order to fully realize the potential of AI, we have to mitigate its risks,” the White House Office of Science &#x26; Technology Policy recently <a href="https://twitter.com/WHOSTP/status/1618617938810146817">tweeted</a>. “That’s why we’re excited about @NIST’s release of the AI Risk Management Framework…”
NIST, formally known as the U.S. Department of Commerce’s National Institute of Standards and Technology, released its Framework on January 26th to help innovators manage the many risks of artificial intelligence technology, which is trained through data about things like human behavior.
In the context of retail banking customer service, that behavioral data must be combined with a user’s account details and personally identifiable information (PII) in order for AI to create the personalized interactions that elevate a financial institution’s customer experience (CX). Thus, collection and use of the data inputs necessary for AI technology to do its job in financial services must be safeguarded to the greatest degree.
Security is the last of the four pillars explored in this series, which together support the transformed and evolving customer experience that bank and credit union leaders should expect from their investments in AI:
<ul>
<li>AI technology.</li>
<li>Access to quality data (see <a href="https://www.finextra.com/blogposting/23313/part-one-data-makes-the-magic-happen-with-ai">Part I</a> of this series).</li>
<li>Customer experience solutions that enable responsiveness, natural interaction and context retention (see <a href="https://www.finextra.com/blogposting/23531/part-two-ai-must-be-integrated-with-next-gen-cx-technology-for-elevated-self-service">Part II </a>of this series).</li>
<li>Security for enrollment, authentication and fraud detection</li>
</ul>
Four in five senior banking executives <a href="https://impact.economist.com/perspectives/sites/default/files/aiinfinancialservices.pdf">agree</a> that unlocking value from artificial intelligence will distinguish outperformers from underperformers. However,privacy and security concerns were identified by bankers, in the latest The Economist Intelligence Unit <a href="https://impact.economist.com/perspectives/sites/default/files/aiinfinancialservices.pdf">Survey</a>, as the most prominent barrier to adopting and incorporating AI technologies in their organization. 
Seasoned, rules-based chatbots require less in the way of privacy and protection than AI-backed bots, because they’re limited to answering basic, hours-and-location-type questions. Next-generation bots, such as Bank of America’s Erica (who has helped <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/10/bank-of-america-s-erica-tops-1-billion-client-interactions--now-.html">32 million</a> users), blow self-service wide open. These intelligent virtual assistants (IVAs) can give financial advice and complete commands that require authentication, such as scheduling payments, making transfers, compiling reports and much more. The best part? They get smarter over time through an always-on learning loop that amasses data during every interaction. More accessible, quality data means better-performing AI—but the involvement of all of this sensitive information calls for strict security measures.
While it may seem that chatbots are vulnerable to surreptitious attacks, they actually provide stronger security than human agents handling service requests. During these AI-driven self-service interactions, data moves between the user, the bot and the backend systems, eliminating human touchpoints, which reduces the likelihood of process breakdowns and sensitive information being compromised by accident or, unfortunately, on purpose. Additionally, smartly designed IVAs do a better job than humans at thwarting attacks by fraudsters impersonating accountholders. In fact, they’re highly trained experts in the detection of suspicious activity through the recognition of patterns and anomalies. AI automation of fraud controls increases the overall security of consumer banking.
As powerful as artificial intelligence can be as a competitive advantage in banking, lack of strong security measures is a nonstarter. Without them, bank and credit union leaders jeopardize their customers’ and members’ money, privacy and loyalty, as well as their financial institution’s assets, resources and reputation. To stay competitive, FIs need to give customers and members peace of mind that their data and money are fully protected.
It's important to understand that NIST’s Framework is a voluntary guidance document for organizations designing, developing, deploying, or using AI systems. Not all AI systems are built responsibly. When choosing AI-fueled CX solutions, make certain that the technology’s security standards are up to par for use in the financial services industry.
If done wrong, AI technology can put a financial institution’s future at risk. If done right, AI-powered CX solutions—which improve customer satisfaction and loyalty—can solidify a financial institution’s role as a future market leader.

 If done right, AI-powered CX solutions can solidify a financial institution’s role as a future market leader

ENACOMM CEO for Finextra - Part Three: AI Security Can Make or Break a Financial Institution

What good would buying an engine be without a car to put it in? In the context of customer service in retail banking, this would be akin to adopting artificial intelligence without having any customer touchpoints for it to bring to life. In order for a fintech investment to make sense, bank and credit union leaders must integrate AI technology with next-generation customer experience (CX) solutions.
As discussed in <a href="https://www.finextra.com/blogposting/23313/part-one-data-makes-the-magic-happen-with-ai">Part I</a> of this Three-Part Series, quality data powers artificial intelligence technology. In the car analogy, data is the gasoline that fuels AI technology, which is the engine of the CX car. Without all three – secured by fraud-fighting technology – pouring dollars into AI is a waste.
The vast majority of consumers prefer to self-serve: Across industries, <a href="https://hbr.org/2017/01/kick-ass-customer-service">81%</a> of all customers try to take care of matters on their own before reaching out to a live representative. They want to interact with brands, including their financial institutions, on their own terms.
Achieving thespeed, accuracy, flexibility, and seamlessness that consumers now expect with self-service requires support from four pillars:
<ul>
<li>AI technology.</li>
<li>Access to quality data (see <a href="https://www.finextra.com/blogposting/23313/part-one-data-makes-the-magic-happen-with-ai">Part I</a> of this series).</li>
<li>Customer experience solutions that enable responsiveness, natural interaction and context retention.</li>
<li>Security for enrollment, authentication and fraud detection.</li>
</ul>
Banks and credit unions need to meet their customers and members where they are, with an omnichannel customer service strategy, in addition to knowing who they are, which AI enables. Having multiple, integrated digital channels to get in touch enhances accessibility and convenience, with 24/7 support, greater personalization, and reduced wait times. In addition to fostering customer satisfaction, decreased costs and significantly increased containment rates are a boon to the institution’s bottom-line.
Consumers have come to value omnichannel consistency above all else when it comes to customer experience, according to a 2021 Harris <a href="https://www.redpointglobal.com/resources/harris-poll/">poll</a>. They expect to be able to seamlessly transition between interaction channels without having to reiterate their issue each time they get transferred, change interaction channels or follow up. Nearly nine-in-10 (88%) respondents in a Redpoint Global research <a href="https://www.redpointglobal.com/press-releases/redpoint-survey-majority-of-consumers-say-banks-are-failing-to-meet-expectations-for-personalized-experiences/">study</a> said that a bank should have seamless, relevant and timely communications across all channels. But less than half (45%) reported that their bank effectively met this objective. AI on its own doesn’t create an omnichannel experience.
Additionally, users interfacing with a financial institution’s customer experience platform must receive answers in real-time in order for AI to live up to its human-like image.If someone asked, “What’s your name?” and it took you eight seconds to reply, the conversation would seem unnatural and disjointed. Responsiveness is essential when choosing CX solutions that will be backed by AI.
Finally, to achieve an elevated customer experience, self-service solutions need to be sophisticated enough to pull from the base of knowledge that AI accumulates over time through every user interaction. This learning loop is what enables an AI-based virtual assistant to respond intelligently while engaged with customers and members – and to solve their issues with speed and proficiency.
According to Forrester, the benefits of improving CX can be massive for financial institutions. For a large multichannel bank, a 1-point improvement in its CX Index score can lead to an <a href="https://www.forrester.com/blogs/us-banking-cx-in-2022/">incremental $123 million in revenue</a>. For a direct bank, it can lead to an incremental $92 million in revenue.
Artificial intelligence technology doesn’t work alone. To revolutionize customer service, AI needs a vehicle to deliver instant, human-like understanding and communication to bank customers and credit union members. Financial institution leaders: To exceed the expectations of today’s self-sufficient consumers, you need modern customer experience solutions that are powered by artificial intelligence.
R﻿ead the article on Finextra: <a href="https://bit.ly/3WYcGZJ">https://bit.ly/3WYcGZJ</a>

ENACOMM CEO explains why AI must be integrated with next-gen CX solutions to make a positive impact on customer service in retail banking

ENACOMM for Finextra: "Part Two: AI Must Be Integrated with Next-Gen CX Technology for Elevated Self-Service"

B﻿y ENACOMM CEO Michael Boukadakis
If the past three years have shown us anything, it’s that consumers have adapted to self-serve. More self-reliant than ever before, they’ve learned to meet their own needs with CX tools and services that businesses have provided to eliminate in-person interactions and accommodate social distance, both required and desired.
These changes in customer service did not come and go; there was a permanent shift that forever changed consumer expectations. According to <a href="https://www.forrester.com/blogs/customer-service-predictions-2021/">Forrester</a>, “The pandemic created a trend — an increased reliance on online shopping, digital financial services, and telehealth (virtual care) options — and that genie ain’t going back in the bottle.”
At the same time that a new taste for digital convenience developed during the pandemic, a desire for humanness percolated. In fact, in 2020 <a href="https://news.mit.edu/2020/hunger-social-cravings-neuroscience-1123#:~:text=Caption%3A-,MIT%20neuroscientists%20have%20found%20that%20the%20longings%20for%20social%20interaction,cravings%20people%20experience%20when%20hungry.&#x26;text=Since%20the%20coronavirus%20pandemic%20began,video%20calls%2C%20if%20at%20all.">MIT</a> reported that people crave social interactions in the same way that they crave food when hungry. So, how can banks and credit unions marry the two? Artificial intelligence, or AI.
Consumers now expect speed, accuracy, flexibility, and seamlessness from their financial institutions, as delivered by the Silicon Valley giants who’ve cornered a place in their lives. But AI can’t achieve this elevated customer experience on its own. Three additional pillars must be combined with AI technology to support instant, human-like understanding and communication in financial services:
<ul>
<li>Access to quality data</li>
<li>Customer experience solutions</li>
<li>Security for enrollment, authentication and fraud detection</li>
</ul>
In Part One of this Three-Part Series, I’ll first address collection and understanding of quality data, which is essential for financial institutions to have lift-off with their AI investments.
Quality and Access
An essential capability of AI, quality data about specific users and use cases must be accessible in a real-time, secure fashion. Data makes the magic happen with AI, and without it, AI falls flat.
Banks and credit unions have struggled to enhance the quality of data and create seamless, secure access to it for many years. Not only is handling potentially sensitive data due to the nature of the financial services business a hurdle, but financial institutions don’t often have a deep bench of technology experts able to oversee such an undertaking.
Whether internally or with the help of fintech partners, institutions must overcome these challenges if they’re going to deliver AI-based experiences that move the CX needle. Arduous answer-seeking caused by siloed data, multiple data connection hops and antiquated back-ends that haven’t been modernized to today’s standards cause disjointed service. AI won’t solve your problems if access to quality data isn’t part of the solution.
Collection and Understanding
Big data, or the collection of very large data sets that can be analyzed computationally to reveal patterns, trends and associations, enables the personalized customer experience that only AI can achieve. According to J.D. Power's 2022 U.S. Retail Banking Satisfaction <a href="https://www.businessinsider.com/report-finds-that-bank-customers-are-dissatisfied-with-personalization-2022-4">Study</a>, only 44% of banks are delivering the personalized support that 78% of respondents say would compel them to continue using their bank. I guess I’m not the only one who wishes I had an AI virtual assistant looking out for me.
With consumer banking, all customer interaction information – from words used to interact with the bot to actions taken by the user – should be stored by or for the institution, so that it can be analyzed and utilized in future interactions. This includes behavioral, transaction and preference data. As users communicate with the bot, again and again, the bot is increasingly better equipped to respond to user requests. This learning loop means that the technology gets smarter over time, as the collection of data grows.
The right data points are the ingredients for a successful AI-powered interaction. But with customer experience in banking, AI doesn’t start and end with quality data. In my next two articles of this series, I’ll cover complementary customer experience solutions and the need for strong security measures.
Four in five senior banking executives <a href="https://impact.economist.com/perspectives/sites/default/files/aiinfinancialservices.pdf">agree</a> that effective use of artificial intelligence will distinguish winners from losers in the industry. But look before you leap: Some AI solutions don’t include everything they need to succeed in the context of consumer banking. Done right, however, AI technology can launch your financial institution to the highest level of consumer satisfaction.
R﻿ead on Finextra: https://www.finextra.com/blogposting/23313/part-one-data-makes-the-magic-happen-with-ai

ENACOMM CEO Mike Boukadakis explains that AI technology on its own won't deliver on the expectations of bank and credit union leaders

ENACOMM CEO for Finextra - Part One: Data Makes the Magic Happen with AI

By: Michael Boukadakis
November 15th, 2022

Banks of all sizes are tuning up their technology to better compete for customer loyalty by focusing on areas involving consumer interactions. But bank leaders need to understand that artificial intelligence, or AI, alone can’t revolutionize the customer experience.
In order for AI investments to elicit instant, human-like understanding and communication, banks must combine AI technology with:
<ul>
<li>Access to quality data.</li>
<li>Customer experience solutions that support responsiveness, natural interaction and context retention.</li>
<li>Security for enrollment, authentication and fraud detection — indispensable in the context of retail banking.</li>
</ul>
DataQuality and AccessData is the fuel driving AI-based experiences. That means the quality of the available data about the user for a specific use case and the ability to access this data in a real-time, secure fashion are mission-critical aspects of an AI investment.
Unsurprisingly, increasing the quality of data and providing seamless, secure access to this data has been a challenge that banks have grappled with for years.
But institutions must overcome these data utilization hurdles in order to offer an AI-based experience that is better than mediocre. The best outcome? Users will no longer suffer through disjointed experiences or delayed satisfaction caused by siloed data, multiple data connection hops and antiquated back ends that haven’t been modernized to today’s standard.
Collection and UnderstandingBig data — the collection of very large data sets that can be analyzed computationally to reveal patterns, trends and associations — goes hand-in-hand with AI. When it comes to consumer banking, an AI solution for banks should store all customer interaction information, from words used to communicate with the bot to actions taken by the user, so it can be analyzed and applied in future interactions. To do this, banks need to adopt AI technology that integrates a learning loop that’s always running in the background.
As data accumulates, AI-powered bots should get smarter over time. Behavioral, transaction and preference information enables banks to create personalized experiences that elevates customer experience to the next level. J.D. Power’s 2022 U.S. Retail Banking Satisfaction <a href="https://www.businessinsider.com/report-finds-that-bank-customers-are-dissatisfied-with-personalization-2022-4">Study</a> found that 78% of respondents would continue using their bank if they received personalized support, but just 44% of banks are actually delivering it.
Without the right data, there’s no intelligence to inform interactions.
Customer ExperienceIf someone asked, “What’s your name?” and it took you 8 seconds to respond, the conversation would seem unnatural and disjointed. Similarly, AI technology requires real-time responsiveness to live up to its human-like image. Additionally, bank customers expect to be able to seamlessly transition between interaction channels without having to rehash their issue each time they get transferred, change interaction channels or follow up. Banks can only achieve this omnichannel customer experience that incorporates customer interaction information across channels with customer experience technology that integrates AI.
Consumers now rank omnichannel consistency as the most important dimension of customer experience, according to a 2021 Harris <a href="https://www.redpointglobal.com/resources/harris-poll/">poll</a>, up from No. 2 in 2019. In a Redpoint Global research <a href="https://www.redpointglobal.com/press-releases/redpoint-survey-majority-of-consumers-say-banks-are-failing-to-meet-expectations-for-personalized-experiences/">study</a>, 88% of respondents said that a bank should have seamless, relevant and timely communications across all channels; less than half (45%) reported that their bank effectively achieved this objective. An omnichannel customer experience is foundational for AI.
SecurityAs powerful as artificial intelligence can be as a competitive advantage in banking, lack of strong security measures is a nonstarter. In the latest The Economist Intelligence Unit <a href="https://impact.economist.com/perspectives/sites/default/files/aiinfinancialservices.pdf">Survey</a>, bankers identified privacy and security concerns as the most prominent barrier to adopting and incorporating AI technologies in their organization. Thankfully, ironclad AI is within reach.
While AI capability is great, its usability is limited if its security is not up to par. An AI bot can go far beyond answering your customers’ basic questions if bank transactions are authenticated and secure; it can perform tasks such as retrieving account balances, listing and searching transactions, making payments, transferring funds and more. Imagine the impact that a friendly and reliable virtual teller, available 24/7, could have on your institution.
Four in five senior banking executives <a href="https://impact.economist.com/perspectives/sites/default/files/aiinfinancialservices.pdf">agree</a> that unlocking value from artificial intelligence will distinguish outperformers from underperformers. To access its value, a bank’s customer-facing system must be supported by four pillars: AI understanding, quality data, omnichannel customer experience technology and security.
When technology budgets are tight, bank leaders must invest wisely; not all AI solutions are created equal. Chasing the new shiny thing can waste dollars if bank decision makers don’t have a handle on the scope of what their institution needs. Knowing which pieces of the puzzle will complete the picture is a competitive differentiator. Now, your bank can unlock the value of AI and win.

Michael Boukadakis is the founder and chief executive officer of <a href="https://www.enacomm.net/ENACOMM-homepage/index.html">ENACOMM</a>.
R﻿ead the article on BankDirector's site: <a href="https://www.bankdirector.com/issues/retail/4-keys-banks-need-to-unlock-value-from-artificial-intelligence/">https://www.bankdirector.com/issues/retail/4-keys-banks-need-to-unlock-value-from-artificial-intelligence/</a>

ENACOMM CEO Michael Boukadakis explains in an expert article that artificial intelligence alone can’t revolutionize the customer experience

ENACOMM for BankDirector: "4 Keys Banks Need to Unlock Value From Artificial Intelligence"

Darveaux to bring three decades of experience to bear in order to propel ENACOMM to greater operational efficiency and next level of success

ENACOMM Welcomes Cagla Darveaux to Leadership Team with Promotion to Senior Vice President of Business Development Operations

Financial technology can be a multiplier for financial technology. What does that mean? Fintech companies can work with other fintech companies to more quickly advance their solutions.
Rather than creating different versions of products and services for every banking core, an open API digital gateway offered by a partner fintech can make it possible for developers to build once. Traditionally, “check balance” would need to be “said” differently for each core, but a digital gateway can translate the command so that it’s “heard” in a way that each core understands. By collaborating, fintech innovators can eliminate the need for multiple builds and more quickly scale to serve a greater number of banks and credit unions running on various cores.
A single, homogenized interface that translates communication between modern technology solutions and banking cores can launch legacy systems into the future. Thanks to this abstraction layer, more opportunity to develop and deploy microservices is created. For example, fintechs can fill in core capability gaps, such as authentication management, or solve for issues like API response time, by developing cloud-based microservices that integrate to the core via the gateway. When fintech innovators are able to build one version of a solution, and it can be utilized by all financial institutions – regardless of the chosen core -- microservices proliferate, giving banks and credit unions an array of options.
Tying into an open API digital gateway also gives fintech developers access to the data behind the walls of a financial institution’s core banking system. Data is an essential ingredient for tailored solutions that are personalized for bank customers and credit union members, and it also deepens solution functionality. Interactions with an AI chatbot, for example, can become more meaningful. Rather than being limited to information exchange that doesn’t require account information like branch hours, user authentication can expand the self-service experience to include advanced inquiries and actions that require the user’s private financial data.
A fintech that provides a digital gateway to other fintechs is similar to a relationship structure often seen in the construction industry. Think of a building supply store that sells products to both professional contractors and homeowner customers. The digital gateway provider is the “store.” Fintechs that use the digital gateway are the “contractors.” And financial institutions are the “homeowners.” The store and the contractor both sell to the homeowner, but they typically sell different things. Working together enables the gateway provider and the gateway user – both fintechs – to expand.
Even banks that are large enough to have their own developers can benefit from a digital gateway, which can provide access to the financial institution’s core and bring microservices built by third parties within reach. The gateway conserves resources by making it unnecessary for the internal developers to maintain changes to the institution’s own API to accommodate integrations and provides easy access to data in its core. The microservices and the gateway access points are cloud-based, but the actual gateway is physically located in a remote data center, which saves financial institutions the cost of servers and other equipment.
Why else are next-generation web developers moving past monolithic architecture and embracing APIs and microservices? When all the little pieces of a system have their own functions and are maintained separately, complexity is reduced and upkeep is simplified.
Traditional implementation timelines amidst today’s rapidly-changing world result in missed opportunities. The ability to respond in an instant thanks to a digital gateway is a competitive advantage that sorts the leaderboard. According to <a href="https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/why-digital-strategies-fail">McKinsey research</a>, “the three-year revenue growth (of over 12 percent) for the fleetest was nearly twice that of companies playing it safe with average reactions to digital competition.” Modern implementation models win market share.
It’s time for fintechs and financial institutions to turn to an open API digital gateway for the scalability and flexibility offered. Not only can new services be “stood up” on a dime, but they can also be monitored, measured and reported in an efficient way.
Ushering in the future today is the way for fintechs and financial institutions to have a place in the financial landscape tomorrow.
Find the article at Finextra: <a href="https://bit.ly/3QVcoQp">https://bit.ly/3QVcoQp</a>

SVP FinTech Business Strategy at ENACOMM writes expert article for Finextra

ENACOMM for Finextra -  Fintechs and Financial Institutions Can Step Into the Future Through a Digital Gateway

By John San Filippo
Originally founded as an interactive voice response (IVR) company, ENACOMM now offers a wide range of self-service products to credit unions and other financial entities. These include voice access through speech-enabled technologies such as Alexa or Google. Finopotamus had the opportunity to sit down with Senior Vice President Mike Kirk to discuss technology at the recent Corelation client conference, at which ENACOMM was a major sponsor. The company claims nearly half of all Corelation users as its customers.
<img src="https://mail.google.com/mail/u/0?ui=2&#x26;ik=1450150659&#x26;attid=0.2&#x26;permmsgid=msg-f:1734469638743915469&#x26;th=181212f26307fbcd&#x26;view=fimg&#x26;fur=ip&#x26;sz=s0-l75-ft&#x26;attbid=ANGjdJ8cdwhbZa8GPxv_Kgyg9D4e_EyZ-Hf51yI_iObi3u_i564AvW6TYsqEceWYkgIEGAjnE8TuNNeC2b_3dx9JorM8BTmR-wLTCyMVdWteTWQAlR3TZYvHO7AXg28&#x26;disp=emb" alt="">
Mike Kirk
What’s Old Is New
Asked about the company’s early days, Kirk responded, “IVR systems used to be boxes that sat, at best, in somebody's data room and at worst, in the bottom of a closet. They sat there for years and years and years and ran and ran and did the same thing – until Y2K came. Then the credit union had to find out where the box was and see what they could do to make sure that it wasn't going to blow up with everything else at the stroke of midnight. Of course, they didn't.”
 
According to Kirk, the shift from on-premise IVR solutions to hosted SaaS (software as a service) models began about 15 years ago. Today, all of ENACOMM’s products and services are hosted in the cloud.
 
“IVR is something we still offer today,” said Kirk. “There are more speech technologies out there today than there ever have been in the past, so it's come all the way around. You can talk to your car, so why shouldn't you be able to, in your car, driving down the road, ask Alexa your checking balance?”
 
Kirk noted that when the web gained dominance, pundits predicted that IVR would die a quick and merciless death. It didn’t. “There was a little downtick globally in IVR usage, but speech is on the rise now,” he said. For this reason, ENACOMM’s products all revolve around enhancing the voice experience. For example, the company includes intelligent, automated call routing in its product set.
 
Making It Easier for Credit Unions and Members
 
“When the member transfers out of self-service to the call center, we can display a screen pop for the call center agent with the caller identification information, an indication of whether they've authenticated or not, and any other important information, for example if they’re Spanish speaking,” explained Kirk. In that case, the call would be routed to a Spanish-speaking agent.
 
Kirk pointed out that member authentication is becoming increasingly important. The challenge, he noted, is making sure the authentication is secure while creating a minimum amount of friction for the member. “Typically, we use a PIN, but that could be different based on the type of transaction.” For example, a large-dollar transaction could require some form of multifactor authentication. Kirk said the company also uses voice biometrics as needed.
 
The COVID Factor
 
Kirk said that ENACOMM’s customers universally reported significant increases in call volumes as the pandemic took hold of the nation. “Our customers were getting inundated with calls,” he said. “People wanted to know if a check had hit. Whether they got paid. Can they go to the grocery store? Can I go shopping?”
 
The question for credit unions was how to address what was hopefully a temporary problem. Adding more agents would be expensive and would result in over-staffing as call volumes fell to normal levels. Leaving members on hold for 45 minutes wasn’t a good option, either. The key was making authentication more efficient and more automated.
 
“Once the member authenticated, we could play their balance right then,” added Kirk. He said that by proactively providing key account information to the member, pass-throughs to live agents were greatly reduced. And if the member did choose to wait, they’d already be fully authenticated, thereby shortening the call to a minimum.
 
Adding Artificial Intelligence
 
As the need to become more predictive has accelerated, Kirk said that ENACOMM has been “weaving AI applications into our products for at least the last three years.” He added that the company is working on a new chatbot that will rely heavily on AI.
 
“We use predictive AI now to create a more personalized experience by looking at past history to predict future requests,” said Kirk. “For example, let’s say the last two times you called in, you wanted your checking account balance. The next time you call, we’ll ask if you want to hear your checking account balance without being prompted.” He said that members will often end the call at this point.
 
All the Right Tools
 
Kirk told Finopotamus that one of ENACOMM’s key differentiators is the depth and breadth of its product suite. “There are other companies that provide similar type applications,” he said. “If you took several of those and glued them together, they could do all of what we do.” He added that most credit unions don’t have the IT resources to devote to connecting disparate systems.
 
Cloud delivery is another strategic advantage. “There's nothing to install and it's a flat monthly fee,” said Kirk. “We've been referred to as the easy button in a core conversion. We get everything set up and go live and we're good to go.”
 
Kirk concluded, “I don't usually call ENACOMM a one-stop shop, but for what we offer for member self-service, especially speech-enabled member self-service, we really are.”
Read the article at FINOPOTAMUS: <a href="https://www.finopotamus.com/post/corelation-2022-catching-up-with-mike-kirk-of-enacomm"></a>https://bit.ly/39YvDrV

“I don't usually call ENACOMM a one-stop shop, but for what we offer for member self-service, especially speech-enabled member self-service, we really are.”

FINOPOTAMUS - Corelation 2022: Catching Up with Mike Kirk of ENACOMM

<img src="/images/uploads/cubroadcast-still-corelation.png" alt="">
<a href="https://www.globenewswire.com/news-release/2022/05/18/2446089/0/en/ENACOMM-Demonstrates-at-2022-Corelation-Client-Conference-Why-Nearly-Half-of-Corelation-Credit-Union-Clients-Choose-ENACOMM.html">ENACOMM</a> SVP Mike Kirk stopped by the Studio Lounge to share the news about why nearly half of Corelation credit union clients choose to use ENACOMM for its next-generation, self-service technologies. 
 
Mike shared that ENACOMM now serves more than 80 credit union clients of Corelation. As a Certified Partner of Corelation since 2013, ENACOMM is recommended to all new Corelation customers for its platform that supports efficient member self-service. ENACOMM’s intelligent user experience solutions include: 
<ul>
<li>Next-Generation Speech Banking: personalized, intelligent interactions with members via the self-service phone channel, as well as conversational banking that allows properly authenticated users to conduct secure transactions and access financial account information using popular digital assistants</li>
<li>ConNext: omnichannel integration to create personalized, cohesive customer experiences with scale, in every channel and across the entire user journey – average handle time is reduced, member satisfaction is increased, and members never hear, “Can you tell me your account number again?"</li>
<li>Auto Attendant: authentication and automation for answering simple member questions and routing the caller to the best team or individual, which frees up agents to handle more important loyalty-building transactions with members – once again, average handle time is reduced, and member satisfaction is increased</li>
<li>Alerts: outbound alerts and courtesy messaging to keep members informed in real-time via text, email or voice, supporting an exceptional member service experience.</li>
</ul>
 
Check it out and let us know your thoughts. And be sure to <a href="https://www.cubroadcast.com/2022corelation_studiointerviews.html">check out more Studio Lounge interviews</a> from Corelation's 11th Annual Client Conference.
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Why nearly half of Corelation credit union clients choose to use ENACOMM

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by <a href="https://www.paymentsjournal.com/author/jordan-hirschfield/">Jordan Hirschfield</a>
 
 <a href="https://www.paymentsjournal.com/pscu-and-enacomm-partner-to-support-credit-union-prepaid-card-offerings/">February 9, 2022</a>
 

EnaComm, a fintech empowering digital backend banking solutions, has partnered with credit union service organization Payment Systems for Credit Unions (PSCU) to support credit union prepaid card offerings. This move allows credit unions to keep pace with the expanding use of open-loop prepaid cards, spurred by COVID and expected to grow at sustainable rates of 3.3% CAGR from 20-212-25 according to the <a href="http://ttps//www.mercatoradvisorygroup.com/product/2022-outlook-prepaid/">Mercator 2022 Prepaid Outlook.</a>  
The arrangement allows credit unions to have a consistent offer in the prepaid space and adapt to their consumer preferences, according to the <a href="https://www.americanbanker.com/creditunions/news/fintech-and-credit-union-service-organization-team-up-on-digital-prepaid">article</a> in American Banker:  
<blockquote>
Although the prepaid offering is meant to be customizable, it’s also meant to provide consistency across the channels consumers use to manage their accounts, according to Chris Dell, vice president of business development for EnaComm. 
The tool “is not something that’s fragmented where we’ve had the web portal for a decade and now we’re just rolling out a mobile app,” Dell said. “It’s something that was built from the ground up to cooperate together and to do so in a way that could be seamless, whether it’s between your computer or your phone.” 
</blockquote>
The relationship also encourages broader use of credit union services by targeting next generation users who can take advantage of pre-paid services as an entry point into the personal finance ecosystem. 
<blockquote>
Outside of the applications for current credit union members, prepaid card programs hold similar benefits for younger consumers or those without credit seeking to understand budgetary management and personal finance. 
“All these products out there, they’re marketing them as debit cards but behind the scenes, there is a prepaid platform and this whole ability for the parent to teach financial literacy to the youth and [have them] grow up through a card product is huge,” said Courtney Haan, strategic product manager for PSCU. 
</blockquote>
Capturing emerging customers can provide frictionless opportunities to add new customers for credit unions and give support to the current customers by establishing guardrails on the experience before gaining independence. For credit unions, the solution provides an advantageous entry point to compete in the market versus larger institutions in a marketplace that has only about 20% penetration of the 53.5 million potential children, as highlighted in <a href="https://www.mercatoradvisorygroup.com/product/greenfield-opportunities-to-serve-the-banking-needs-of-kids/">Mercator’s recent viewpoint.</a>  
Overview by <a href="https://www.mercatoradvisorygroup.com/jordan-hirschfield/">Jordan Hirschfield</a>, Director of Research at Mercator Advisory Group
Read the story at Payments Journal: https://www.paymentsjournal.com/pscu-and-enacomm-partner-to-support-credit-union-prepaid-card-offerings/

EnaComm has partnered with credit union service organization Payment Systems for Credit Unions to support credit union prepaid card offerings

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