Latest news with #CFIs
Finextra
10-07-2025
- Business
- Finextra
Eltropy embeds video banking into Unified Conversations Platform
Eltropy, the leading digital conversations platform for community financial institutions (CFIs), today announced that Eltropy Video Banking is now fully embedded within the company's Unified Conversations Platform. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Eltropy's platform-backed Video Banking allows CFIs to deliver secure, face-to-face banking services anytime, anywhere, turning any device into a virtual branch while maintaining the personal touch that sets community institutions apart. Building on the 2022 acquisition of POPi/o, this full integration of video banking into the Eltropy platform represents a significant milestone in Eltropy's digital-first strategy, positioning Eltropy Video Banking as a core component for CFIs looking to consolidate channels, reduce vendor complexity, and improve the member and consumer experience. "What started as a pandemic necessity has become a competitive advantage for community financial institutions," said Ashish Garg, Co-Founder & CEO of Eltropy. "Our customers are seeing remarkable results – from 84% growth in booked loans to 70% reduction in lost opportunities. The key is that Video Banking isn't replacing personal service, it's extending it. CFIs can now deliver that same high-touch experience whether someone walks into their lobby or connects from their kitchen table." Addressing the Digital Expectations Gap Consumer expectations continue to drive demand for video-enabled financial services. According to Twilio's 2024 State of Customer Engagement report, 76% of consumers expect to interact with brands through video as easily as they would through phone or chat. This shift reflects broader adoption of video for essential services across industries – from filing tax returns with the IRS to telehealth consultations – making video banking a natural extension of services consumers already expect and use. Video banking addresses real challenges faced by both CFIs and their members. For members and consumers, it eliminates barriers like travel time to branches, or serving members who have relocated or live in underserved areas where physical branches aren't present. The platform also allows CFIs to instantly connect customers with interpreters during video sessions, ensuring language barriers don't prevent access to financial services. For CFIs with limited budgets, video banking enables them to offer specialized consultations beyond standard branch hours without requiring additional staffing at every location, while consolidating expert resources to support multiple branches virtually. Eltropy Video Banking addresses these evolving needs through two powerful deployment models: Remote Video Banking – provides on-demand and scheduled video appointments, allowing CFIs to serve consumers anywhere without geographic limitations. The solution supports complete end-to-end workflows for remote loan applications, account openings, document collection, identity verification, and e-signature capabilities. In-Branch Video Rooms – virtualize experts across all branch locations, enabling every branch to access specialized services like lending, account opening, general consumer services, business banking support, or investment guidance by connecting with centralized specialists. Comprehensive Banking Workflows in One Platform The all-new Eltropy Video Banking solution offers extensive capabilities designed specifically for financial services: • Identity Verification & Compliance: Built-in ID verification and secure session recording with full audit trails • Document Management: Real-time document collection, sharing, and e-signature capabilities during video sessions • Secure Communications: End-to-end encryption, OTP-based session access, and comprehensive session logging • System Integration: Full compatibility with core banking systems, lending platforms, and existing digital banking infrastructure • Multi-Channel Continuity: Unified experience across text, voice, chat, email, and video communications The platform allows staff to share screens to walk customers through forms or processes, while conferencing and transferring capabilities allow institutions to bring in interpreters or specialists live during sessions. This comprehensive approach helps resolve issues in a single video session versus multiple phone calls, improving both efficiency and customer satisfaction. Proven Results Across Customer Base Early adoption and migration results demonstrate significant business impact, with mortgage consultations representing the most common use case on the Eltropy platform – as CFIs leverage video to guide customers through complex loan applications and documentation processes. Customer outcomes include: • Resource One Credit Union: 84% growth in booked loans • Xplore Federal Credit Union: 60% increase in new account openings and 70% reduction in lost opportunities • TruWest Credit Union: 240+ consumer hours saved through faster resolutions • Carter Credit Union: 70% reduction in abandonment rates across 13 locations served "Eltropy video banking has really been a lifeline for our branches,' said Jeremy Deamer, Branch Technology & Innovation Manager, America First Credit Union. 'The solution has been particularly powerful for expansion. When we opened a location in San Bernardino through a merger, we installed a kiosk and never needed traditional branch staff. All lending, teller transactions, and new account openings are handled seamlessly through video banking." Video banking also provides critical business continuity during disruptions such as natural disasters or severe weather events, ensuring CFIs can maintain service when branches are closed or operating with limited capacity, while allowing staff and customers to connect from anywhere. Security and Compliance Framework Eltropy Video Banking incorporates enterprise-grade security features essential for financial services, including cloud-based video recording with no local storage risks, multi-factor authentication, and full compliance with SEC 17a-3/4 and FINRA 3110 and 2210 requirements. The platform provides end-to-end encryption with customizable retention policies and secure data export capabilities for audit purposes. Strategic Platform Integration The integration emphasizes Video Banking's role within Eltropy's broader Unified Conversations Platform, which combines communication channels with AI-powered automation, workflow management, and comprehensive analytics. This integration allows CFIs to consolidate vendor relationships, improve operational efficiency through AI assistants and automation, deliver better omnichannel experiences with smooth transitions between communication channels, and scale service delivery without expanding their physical footprint. Availability and Implementation Eltropy Video Banking is available immediately as part of the Unified Conversations Platform. The company provides comprehensive onboarding support including dedicated implementation management, customized training sessions, and 24/7 technical support through Eltropy's customer success organization.
Forbes
27-06-2025
- Business
- Forbes
How Credit Unions Can Cut Loan Processing Times
Ashish Garg is CEO of Eltropy, an AI-driven digital conversations platform improving the operations of community banks and credit unions. Picture this scenario playing out across the country: A credit union in the Midwest approves 12 auto loans in a day while its competitor across town, similar in size and member base, approves only three. The difference isn't staff size or member demand; it's how they handle the paperwork. The first credit union texts members for documents and gets responses within hours. Their loan officers use connected systems that eliminate redundant data entry. Meanwhile, their competitor still relies on phone tag, emails that have been ignored for days and information that must be manually copied between systems. This isn't a hypothetical comparison. It reflects what's happening right now, creating a widening gap between credit unions that have updated their loan processing and those completely stuck in outdated workflows. The community financial institutions (CFIs) that have been the most successful have found that better technology doesn't diminish their personal approach; it actually gives staff more time to focus on relationships that matter. The Urgency For Change The lending environment becomes more demanding with each passing year. The National Credit Union Association (NCUA) reports that delinquency rates have risen dramatically since early 2023 and reached 98 basis points by late 2024. Meanwhile, credit unions and community banks are facing growing competition from fintech lenders that provide instant loan decisions. This increased competition has compelled traditional financial institutions to rethink the way they lend. What Success Looks Like In Practice Among the credit unions we work with, APL Federal Credit Union provides an example of these results in practice. They achieved faster document collection and reduced loan application phone calls by 60% after adopting text-based loan processing. Their experience during their first year led to their largest loan growth since their inception, not because they became more like a fintech, but because they removed those friction points that were holding back their human experts. This isn't an outlier. We've seen that credit unions implementing modern loan processing technology consistently achieve a 50% to 90% reduction in processing time while improving both accuracy and compliance standards. How You Can Make It Happen The most effective lending modernization methods concentrate on three areas. Start by analyzing your current communication patterns. If you're still depending on phone calls and emails for document requests, you're missing opportunities. According to our data, text messages get a higher read rate than emails. Begin by identifying your most time-sensitive communication needs—typically document collection and status updates—and implement text messaging for these interactions first. Train your staff to use conversational, friendly language in texts that maintains your institution's personal touch while getting faster responses. Audit how many times your staff re-enters the same member information across different platforms. Every time data moves from one system to another manually, you're creating delays and potential errors. Look for loan origination systems that integrate directly with your communication tools, allowing loan officers to text members directly from loan files. When evaluating solutions, prioritize platforms that can send documents, receive submissions and update records within a single interface. Don't try to automate everything at once. Begin with basic automated reminders for document submission deadlines and application status updates. You can use auto-text reminders to notify members at key points in the loan process: when documents are due, when applications move to underwriting or when additional information is needed. These simple automations can handle routine member questions, freeing your staff for complex lending decisions. Once comfortable with basic automation, gradually add more sophisticated workflows like automatic document validation and conditional approval pathways. The key is maintaining control over the member experience while reducing manual tasks that don't require human judgment. Preserving The Human Connection Credit unions and community banks face a legitimate concern about technology replacing personal interactions, but I believe this concern is overstated. The CFIs that get the best results through technology use it to improve, not replace, their human connections. What I've observed working with dozens of CFIs is that automation actually creates more opportunities for meaningful member interactions. When your staff isn't spending time chasing down missing documents or manually updating application statuses, they can focus on the conversations that matter, understanding a member's financial goals, explaining loan options or helping someone navigate a complex situation. The key is being intentional about where humans add the most value. Use technology to handle the routine tasks that frustrate both staff and members, but keep humans involved in the decisions that require judgment, empathy and local market knowledge. When a member calls with concerns about their application, they should reach a real person who understands their situation. When unusual circumstances arise, experienced loan officers should make the calls. Here are some quick tips for each role: Loan officers should practice switching between systems and prepare conversational text templates. Executives need to communicate the "why" behind changes and set realistic timelines. And IT teams should prioritize solutions with robust APIs that integrate easily with core systems. Common Pitfalls To Avoid In my work, I've seen the same avoidable mistakes: Don't customize tools before mapping your current processes. You'll recreate inefficiencies in new software. Train frontline staff at least a month before launch, focusing on how technology makes their work easier. Start with digitally engaged members first, rather than rolling out to everyone at once. The Road Ahead Many CFI leaders have come to realize that their road to success is more about strengthening their unique features instead of imitating fintech models. Credit unions and community banks that are making headway are carefully choosing tools that magnify their existing strengths. When a loan officer with deep knowledge of the local market can suddenly handle applications four times faster, that creates a genuine advantage that purely digital lenders struggle to match. In a world where financial products increasingly look alike, that human element might be the most important differentiator of all. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
The Hindu
27-04-2025
- Science
- The Hindu
National conclave on NEP concludes at NITC
The National Institute of Technology Calicut (NITC) successfully hosted a two-day national conclave titled 'Implementation of NEP 2020: Moving Towards Academic Excellence' on April 25 and 26. The event served as a national platform for academic leaders, policymakers, nodal officers, and representatives from Centrally Funded Institutions (CFIs) to engage in in-depth and collaborative dialogue on strategies for effectively implementing the National Education Policy (NEP) 2020. Chairman of the National Board of Accreditation (NBA) Anil D. Sahasrabudhe in his inaugural address, called for a paradigm shift in higher education that emphasises flexibility, innovation, and holistic student development. Former Chairman of the University Grants Commission (UGC) Ved Prakash in his keynote address, reflected on the foundational principles of NEP 2020 and highlighted the urgent need for systemic reforms encouraging multidisciplinary learning, student-centric approaches, and greater internationalisation in Indian higher education. Throughout the two days, the conclave featured a series of expert-led sessions. Former Officer on Special Duty (NEP) at the Ministry of Education Shakila Shamsu addressed the need for holistic and multidisciplinary education, advocating experiential and learner-driven models that support flexible academic structures and lifelong learning. In a virtual session, former Director of IIT Delhi and current Group Vice-Chancellor of BITS Pilani V. Ramgopal Rao spoke on the long-term impact of NEP 2020 on global university rankings. He emphasised that strategic implementation of the policy could enable Indian institutions to enhance research output, foster innovation ecosystems, and build meaningful international partnerships. Adding to the discourse on global engagement, P. Arumugam of IIT Roorkee shared insights on the internationalisation of higher education. He discussed actionable policies promoting student and faculty mobility, global collaboration, and institutional visibility on the world stage. The significance of integrating India's intellectual heritage was conveyed by R. Sridharan, former chairperson of the Centre for Indian Knowledge Systems at NIT Calicut. He advocated for the inclusion of indigenous knowledge, philosophy, and scientific traditions into contemporary curricula, promoting a deeper connection to India's cultural roots. Sameer S.M. from NIT Calicut presented a compelling vision for flexible curriculum design in line with NEP 2020. He emphasised the role of modular course structures, interdisciplinary pathways, and technological tools in delivering a more personalised and adaptive learning experience. A key highlight of the conclave was the interactive session featuring nodal officers from six nominated State universities in Kerala, along with participants from various CFIs. The session fostered an exchange of experiences, challenges, and best practices, offering practical perspectives on the diverse approaches institutions are adopting to implement NEP 2020 effectively.
Yahoo
10-02-2025
- Automotive
- Yahoo
Wheat Ridge combats traffic congestion with new continuous flow intersections
WHEAT RIDGE, Colo. (KDVR) — Denver's increased traffic is affecting several communities around the metro area. Wheat Ridge will use continuous flow intersections (CFIs) to remedy backups along Wadsworth Boulevard between 38th and 44th streets. Study checks cardiovascular impacts of NFL on former players, with former Broncos among first to be tested 'It's absolutely awful, it's really impossible to get in here to get groceries,' one resident told FOX31. Wheat Ridge Police Department spokesperson Alex Rose said traffic accidents were up 13% in 2024 from the year before but staff is conducting increased patrols and citations increased by 50% last year. Maria D'Andrea, Wheat Ridge's director of public works, said CFIs will have an immediate impact on driver safety. 'The city initiated this project even though it's on a CDOT-maintained roadway because it was important for our community to ease traffic,' D'Andrea said. Drivers already see new covered stoplights over Wadsworth Boulevard. Animation provided to FOX31 by Wheat Ridge shows how CFIs shift left-turn traffic across Wadsworth Boulevard in a special lane that moves toward the next intersection, keeping traffic moving and creating fewer backups.'Signage and the striping on the pavement will guide you through,' said D'Andrea. Eastern I-70 rest stop to close for 120 days Rose said that CFIs can prevent and reduce the impact of left-hand turn crashes and make things safer for pedestrians using newly upgraded sidewalks in the area. 'We wish that people, in general, would be attentive all the time but specifically in the stretch moving forward once this change comes online because it is different and it's going to be an adjustment,' said Rose. Some drivers who viewed the CFI animation told FOX31 they are happy to know the city is constructing the intersections, others say they fear they will be confused about how to use them. 'It is a little bit different but once you do it once or twice it's really easy,' said D'Andrea. See the latest traffic conditions in Denver on FOX31 The city will provide drivers with information about how to use the intersections on its website where residents can sign up for notifications. Drivers can also find information on the city's social media pages and on the What's Up Wheat Ridge webpage. The CFI project cost is approximately $82 million, which makes it the largest infrastructure project ever led by the city. More than 75% of funding comes from federal, state, and regional partners. The city told FOX31 that Wheat Ridge voters approved a sales tax increase in 2016 to support a portion of the project. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
