The evening of Day One, we had the opportunity to host a CU Dine Around. Credit union folks had a chance to interact with each other in a relaxed environment, away from the vendor hall, and have a meaningful conversation of what they had observed during the sessions and build camaraderie by meeting a new friend of two.
Here are our top three concepts presented during the second day:
Neener Analytics through computational social science and social media analytics help financial institutions to offer an alternative way to de-risk the loan application process. It creates clouds of social interactions to see who is connected to who and find out the influencers among your membership to target or prioritize a connection with that may help you tell the story to others in their circle and become your brand ambassadors.
SpeechPro it offers a unique experience for members interacting by phone with your organization. In only 20 seconds can generate different parameters of voice recognition and speech patterns that real time allows contact center specialist to authenticate the member next time the member calls and interacts with the credit union reducing time and offering certainty on who is on the other side of the phone. Imagine the members' surprise the second time they call, and no authentication is needed because the system recognizes their voice!
MicroBlink their goal is simple: to improve user experience by eliminating manual data entry. Their technology allows members to scan IDs, bills, and receipts by snapping a picture on their smartphone and translating that information into fields that otherwise would have to enter manually into the system. Some of their case studies with financial institutions in Europe have seen a dramatic increase in adoption by clients who can communicate in a simpler way when documents or other information is shared back with their FI.
A new element this year was a panel discussion at the end of the session where innovation and strategic experts discussed their perspectives in different areas ranging from the impact of social media, the role of fintech and conventional banking, investment in technology, and value of localizing fintech organizations in close geographical areas.
Even if not looking for a particular technology solution to invest on, Finovate can assist financial institutions in understanding the trends to watch for in the near future, identify opportunities for the strategic direction of technology at your credit union, and risks to consider. It offers an opportunity to reduce blind spots that unintentionally are created when seeing the world from inside our organizations.
If you are interested in discussing the solutions observed during this conference and implications for our industry, please don't hesitate in reaching out.
Until next time, a big Filene high five!