Eltropy, the US-based digital conversations platform, has joined forces with Magnifi Financial to usher in a new era of generative AI solutions. This strategic collaboration focuses on deploying advanced AI technology to streamline traditional support and employee training processes, ultimately elevating the quality of member and employee interactions.
Transforming Support and Training Processes with Generative AI
The cornerstone of this collaboration is the introduction of sophisticated generative AI solutions designed to optimize engagement strategies for community banks and credit unions. Eltropy, known for its expertise in creating large language models (LLMs) tailored for Community Financial Institutions (CFIs), aims to revolutionize the industry’s approach to customer support and employee training.
At the heart of this initiative are Eltropy’s ‘Employee Assistants,’ integral components facilitating the transformation of contact center operations. These AI-powered assistants empower agents and customer-facing personnel with access to verified knowledge and seamless task automation. The introduction of member-facing ChatGPT-style agents has significantly improved service efficiency, reduced wait times, and alleviated the workload for credit union call centre agents.
Representatives from Eltropy underscored the strategic alignment of their generative AI tools with current industry trends, emphasizing the increasing demand for personalized and efficient member interactions. In the face of economic challenges and workforce shortages, Eltropy’s AI tools are poised to play a pivotal role in accelerating employee knowledge training, enhancing member experiences, and supporting the overall growth of Community Financial Institutions.
“Our journey towards digital transformation led us to Eltropy’s AI chat solutions, and we’re starting to see remarkable results,” said Brad Shafton, Senior Vice President, IT and Digital, Magnifi Financial, a $2.2 billion credit union in central Minnesota. “What sets Eltropy apart is not just their technology but also their dedication to understanding the credit union industry and their commitment to community financial institutions like ours. They continue to evolve, and that’s why we consider them a long-term partner, including for AI.”
“As we embrace the era of generative AI, alongside the current economic challenges and persistent staff shortages, credit unions and community banks are actively looking for innovative ways to thrive,” said Eltropy Co-founder and CEO Ashish Garg. “Eltropy’s generative AI tools are empowering forward-thinking CFIs to achieve this by accelerating and enhancing employee knowledge training, improving the member experience and ultimately fuelling growth.”
To know more about other trending usecases in the US financial services industry, like Generative AI, Open Banking, Buy Now Pay Later (BNPL), explore our other insights.
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