Even before COVID-19, consumers have increasingly turned toward chatbots to help them with digital requests. Now that social distancing and work-from-home policies are normal, the chatbot trend is accelerating.
There are many reasons why fintechs startups don’t “make it.” One common reason is that they lack the money or aren’t making profit. Another is that they don’t understand their target market and/or can’t penetrate that market or get broad adoption. There’s truth to all of these.
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.
There are countless opportunities for credit unions to spend money and improve services. But how about where they can save money and do the same?
We’ve put together a quick introduction to a few cost-cutting services for credit unions. As a bonus, they all provide opportunities to improve your products or services.
So, if you need to save money—or just make room in your budget for something else—look no further.
It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Hound Software to discuss all things credit union, fintech, and digital innovation.