If you make a good salary and feel comfortable with your job security, then you’re very much in the minority in America. For most, the American dream is just that: a dream. The fact is that nearly 4 in 5 people are living paycheck to paycheck right now.
I’m not much of a crier. Last week I had a breakdown.
I couldn’t stop thinking of all the lives this pandemic has affected—and cut short.
I know I’m not alone here. All over the world right now, people are struggling. Many are laid off and can’t make rent. Some might lose houses. Others are fighting to breathe.
And it’s going to get worse before it gets better.
Last time we spoke, Posh has grown considerably, in both member services and capital. Posh Technologies is still harnessing the power of AI and machine learning to provide chatbots for banks, credit unions, and other industries. But “chatbots” might not be the best term…
Over 30% of call center conversations start with normal or frequently asked questions. There’s no reason why people should have to repeatedly field those kinds of calls—it would be far more convenient and cost-effective to offload that burden onto a conversational AI customer service agent.
Plus, if that AI customer service agent could do more? Well, now we’re talking. Posh’s chatbots (there’s that word again) are available 24 hours per day, 7 days per week to offer companies:
- Call deflection
- Lead generation
And no, Posh isn’t selling a unicorn. There’s actually a product out there and running. Right now, Posh is working on optimizing their product specifically in the member services area, such as improving telephone banking, and website messaging. All automated, all easier than pressing buttons on your phone, or trying to get a hold of one of your valuable employees over email. Did we mention that it’s available 24/7?
Credit Union Fintech Snapshot: Posh Technologies
Top 3 Problems Solved
- Natural language processing
- AI and machine learning in banking
- Automated customer service
Posh Technologies Founder: Karan Kashyap
Posh Technologies Market Strategy
Community banks and Credit Unions
Credit Union Fintech: Posh Technologies in the News
Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.
Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.
If you want to learn more about credit union–fintech partnerships, click here.
The novel coronavirus, or COVID-19, has officially been labeled a pandemic by the WHO. As cases spread throughout the U.S., many companies are reviewing their policies, processes, and procedures to slow the spread of the virus. Many aspects of life are changing. People are working remotely, others are laid off or furloughed, all events are canceled or postponed, and more than a few people decided that now is the time to buy a year’s supply of toilet paper.
But there is cause for all these precautions. The coronavirus is more virulent and contagious than the common flu, and 40–70% of the world is projected to become infected. Many industries are already seeing major losses of income, including those in performance, sports, the service industry, and anybody connected with travel and tourism.
In times like these, credit unions can step up for their members while also keeping themselves safe. Here are a few Coronavirus safety and prevention tips for credit unions.
It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Vasilios Roussos from the DCU Fintech Innovation Center to discuss some of the latest updates from the fintechs in their cohort. The DCU Fintech Innovation Center is an accelerator for new fintechs in the Boston area, and they are one of the main sources for companies we feature in Fintech Friday.
The DCU Fintech Innovation Center fintechs develop and grow. They provide the space and resources that new fintechs need to incubate and accelerate. (They do their best to avoid digital distractions for your credit union’s CEO!)