Latest news with #Eltropy
Finextra
15-07-2025
- Business
- Finextra
Eltropy to launch AI certification for credit union and community bank employees
Eltropy, the leading AI-powered conversations platform for community financial institutions (CFIs), today announced the upcoming launch of its on-demand AI Certification Program designed for credit union and community bank employees across every function – from frontline service to back-office operations. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The AI certification program builds on the momentum of Eltropy's successful hands-on certification at its annual user conference EMERGE 2025, where more than 130+ CFI professionals earned their Eltropy AI Practitioner Certificate. The training that was delivered live at EMERGE to an audience of 350+ marked the industry's first practical certification in Generative and Agentic AI for community finance. "This is the turning point for AI in community finance – we've moved beyond experimentation,' said Saahil Kamath, VP of Product and Head of AI at Eltropy. 'Our AI certification program proves that credit unions and community banks can build, deploy, and benefit from AI, not tomorrow but today. In under one hour, participants were able to create real bots on real channels, not just slides and ideas. That's what practical AI looks like, and that's how we close the gap between innovation and impact." About the AI Certification Program Launching later this summer, the self-paced online course will equip learners with foundational knowledge in AI, practical applications of Agentic AI, and safe, compliant usage tailored to regulated financial environments. The attending professionals will gain hands-on experience building live bots for telephony, websites, and internal knowledge systems, while mastering key AI technologies including LLMs, RAG, prompt engineering, and QA automation. 'Our goal is to demystify AI,' said Rahul Prakash, Head of AI Engineering at Eltropy. 'By the end of the course, every participant should have a working solution – whether for voice, web, or internal operations – while gaining clarity on responsible AI usage in regulated environments.' Unlike theoretical training programs, Eltropy's upcoming AI certification will provide participants with practical, deployable AI skills through immersive, hands-on sessions. Each certified professional will receive an official Eltropy AI Practitioner Certificate, along with access to advanced learning materials and tools they can immediately put to work at their institutions. 'EMERGE was our proof point,' said Kamath. 'Now we're democratizing access. Every credit union and community bank employee – not just tech teams – can get AI-ready with tools they'll use in their day-to-day work. Our new program brings that same hands-on energy, but at their own pace.' Certification at EMERGE: A Glimpse of What's Possible At EMERGE 2025, over 130+ participants completed the live course in under an hour, walking away with a working bot and actionable understanding of LLMs, RAG, prompt engineering, and more. "We came in curious and walked out certified – with a working voice bot, a clear understanding of LLMs, and a plan to bring it all back to our credit union. Eltropy made AI real and doable," said one participant from a Midwest credit union. "It was both insightful and educational. We gained hands-on training in how AI can enhance both staff and member experiences, and we look forward to putting this knowledge into action with the launch of our Gen AI chatbot later this year," said Kate Alter, AVP, Enterprise Applications, TruStone Credit Union. Sign Up for Early Access "We're building a community of AI-certified professionals who know how to apply these tools responsibly and effectively,' said Ashish Garg, Co-founder and CEO of Eltropy. 'This certification program reflects our commitment to equipping community banks and credit unions with practical skills for their day-to-day operations." Eltropy's new AI certification program represents a major step forward in AI literacy and operational readiness for credit unions and community banks. It's designed not just to educate, but to activate – giving staff confidence to adopt, manage, and scale AI in everyday operations.
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?
Finextra
30-05-2025
- Business
- Finextra
Eltropy launches cloud-native business phone system for credit unions and community banks
Eltropy, the leading AI-powered Unified Conversations Platform for credit unions and community banks, today unveiled 'Eltropy Office Phone,' a cloud-native business phone system that integrates with AI-powered modern contact center systems such as Eltropy Voice+ to deliver an enterprise-wide Unified Telephony Experience. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. 'With Eltropy Office Phone, we're completing the final mile of telephony transformation for credit unions and community banks,' said Ashish Garg, Co-founder & CEO, Eltropy. 'For too long, institutions have been forced to juggle fragmented systems for internal and external communications. Now, with Unified Telephony, we're delivering one seamless, cloud-native telephony purpose-built to power every conversation across the institution, from the back office to the contact center.' Purpose-built for credit unions and community banks, Eltropy Office Phone offers secure, reliable, and scalable internal voice communications with smart features such as cloud-hosted PBX, support for both hardware phones & softphones, direct inward dialing (DID), extension dialing, quick outbound dialing, external dialing, personal voicemail with custom greetings, and much more. Credit unions and community banks can now consolidate outdated, siloed phone systems into One Unified Platform, lowering total cost of ownership (TCO) while strengthening security and simplifying operations. Whether a member calls the branch, interacts with an AI assistant, or connects with back-office staff, Eltropy ensures a consistent, context-rich experience with intelligent routing, fast resolution, and smooth collaboration across teams. 'Eltropy Office Phone is not just another business phone solution – it's the connective tissue that bridges the gap between teams in the back office with the contact center,' Ashish continued. 'Built on modern cloud architecture and deeply integrated with Eltropy Voice+, our Unified Telephony ensures calls are not missed, handoffs are seamless, and the entire institution speaks with one voice, backed by 99.95% uptime and industry-grade security.' This launch reinforces Eltropy's vision to ease access to financial capital for all, anytime, anywhere, with a powerful telephony technology system that unifies AI-driven self-service, front-line support, and internal collaboration into one seamless experience.
Associated Press
17-03-2025
- Business
- Associated Press
ABNB Federal Credit Union Chooses Eltropy's AI-Powered Unified Platform to Modernize Member Communications
Hampton Roads-headquartered credit union to consolidate multiple systems & automate 50-60% of contact center interactions with Eltropy's comprehensive solution 'We wanted the full member journey within a single platform. Eltropy stood out as the only partner capable of meeting all our requirements.' — Vic Hall, Chief Experience Officer, ABNB Federal Credit Union SANTA CLARA, CA, UNITED STATES, March 17, 2025 / / -- Eltropy, the leading AI-powered digital conversations platform for community financial institutions (CFIs), announced today that Hampton Roads-headquartered ABNB Federal Credit Union has selected Eltropy's unified platform to improve their member communication strategy across all departments and channels. How ABNB Federal Credit Union Is Enhancing Member Experience The credit union, which serves members throughout the Greater Hampton Roads, Virginia and Northeastern North Carolina regions began their enhancement journey in mid-2024 with a strategic goal to connect with members through their preferred channels, anytime and anywhere. 'We were very clear from the beginning that this is not just about the contact center. When a member needs assistance from ABNB staff – whether that be general membership, lending, or credit resolutions – we wanted the full member journey within a single platform. Eltropy stood out as the only partner capable of meeting all our requirements,' says Vic Hall, Chief Experience Officer at ABNB Federal Credit Union. After evaluating multiple vendors, ABNB found that Eltropy was the only solution that could address their 20+ communication use cases while providing a truly unified experience. The new implementation will enable ABNB to: - Allow members to choose their preferred communication channel - Switch easily between text, voice, chat, and video - Use AI to automate routine interactions and provide 24/7 service - Combine 7-8 vendors into a single unified multi-department platform 'In just 8 months, our team will be consolidating the use of 7-8 vendors to a single unified platform to ensure that every interaction along a member's journey is reportable, easily accessible, and managed in one system to increase our engagement when our members need us most,' explains Mick Vollmer, Chief Information Officer at ABNB. AI-Powered Improvements A key factor in ABNB's decision was Eltropy's advanced AI capabilities, marking a significant credit union adoption of artificial intelligence technology. The credit union expects to automate 50-60% of all contact center interactions via voice and chat channels, empowering staff to focus on more complex member needs. 'Imagine providing your members the ability to text their 'banker' during work hours, and then call them directly later in the same day. Or perhaps use AI to automate secure chat interactions so that members can see faster service delivery 24/7,' adds Hall. ABNB is taking a practical approach to implementation, starting with smaller groups to refine processes before expanding to enterprise-wide adoption. This phased rollout will minimize disruption while allowing staff to adapt to the new unified communications system. 'What ABNB is doing isn't just following an industry trend – they're crafting a member experience that respects how people want to communicate today,' says Ashish Garg, Co-founder and CEO of Eltropy. 'Their thoughtful, member-first approach matches perfectly with our platform's design philosophy. We built Eltropy to eliminate the communication silos that frustrate members and staff alike.' Learn how Eltropy's AI-powered communications platform is improving member experiences for credit unions. Join hundreds of community financial institutions at the Eltropy User Conference EMERGE 2025, the premier digital conversations conference, April 22-25 in San Francisco. About Eltropy Eltropy is the leading unified conversations platform for community financial institutions (CFIs). Its AI-driven communications tools empower CFIs to communicate, automate, improve operations and engagement, and increase productivity across the institution -- all while maintaining the highest standards of security and compliance. Using Eltropy's platform, CFIs can connect with and service their members and customers anytime, anywhere via Text, Chat, Video, Voice -- all integrated into a single platform. For more information, please visit About ABNB Federal Credit Union ABNB Federal Credit Union is a leading, community-focused, digital-first, full-service financial institution headquartered in Hampton Roads, Virginia and northeastern North Carolina providing personal and business banking services to its members regionally and across the country. With fifteen branches, a nationwide network of credit union service centers and surcharge-free ATMs, ABNB FCU currently serves over 76,000 members. For more information visit Steve Jensen X LinkedIn Instagram YouTube Legal Disclaimer:
