Product: Virtual Personal Assistant (VPA)
ENACOMM, a fintech and open API digital gateway provider, added Virtual Personal Assistant (VPA) to its line of intelligent self-service financial service solutions. Designed to facilitate conversational banking, the solution works on a variety of voice platforms and devices, leveraging ENACOMM's hosted systems to properly authenticate users and protect bank transactions and financial account information. VPA gives banking customers virtually full access to their accounts to perform any function, using their own voices, the company stated.
Keith Schmitz, vice president, business development at ENACOMM, noted that VPA is powered by artificial intelligence (AI) algorithms and designed to simplify numerous banking functions. The solution can provide account information, branch locations, product and service information and more. "Rather than searching through multiple screens or pushing buttons on a telephone, users can simply ask a question," he said. "All communications with the financial institution are encrypted, so the technology is secure."
VPA is an accessible personal financial management tool that strengthens relationships between customers and their financial institutions, Schmitz noted, adding that VPA users can use their preferred devices and digital platforms such as Amazon, Google and Apple, to securely chat with their banks and credit unions. "The magic of conversational banking isn't about the device; the magic is in how it transforms customers' and members' relationships with their money and their financial institutions," he said.
Stacey Zuniga, vice president, fintech business strategy at ENACOMM, described VPA as a flexible, scalable SaaS platform that enables small and midsize financial institutions and technology players to access data and deliver an enterprise-level solution to their customers. "ENACOMM improves the customer experience by voice engagement and by integrating disparate sources, which include core processors, online banking providers and AIs," Zuniga said. "We work with multiple AI partners and support many people and technologies."
Zuniga went on to say that ENACOMM works with more than 10,000 financial institutions, structuring relationships based on each organization's size and scale. ENACOMM supports open banking and enables financial services companies to innovate by simplifying integrations to core, payments, and other digital platforms, he stated, adding that the company also provides tools and products to help track fraudsters, identify fraudulent activity across customer interaction channels and prevent fraud.
Noting that smart speakers are the number one selling devices in America, Zuniga said voice commerce adoption is on the rise, especially among younger consumers. Consumers are banking by voice on smartphones and connected devices, and conversational banking is a growing, innovative self-service channel that service providers can't afford to miss, he stated.
Citing a survey by OC&C Strategy Consultants, Zuniga indicated that 55 percent of households are expected to own smart speaker devices by 2022. ENACOMM's VPA solution harnesses best-in-class conversational AI technology to enable ISOs, agents and sales channel partners to offer their customers an affordable, turnkey option for modernizing the customer or member experience to compete with larger financial institutions and deepen customer/member loyalty, he stated.
Zuniga also pointed out that ENACOMM is equally flexible in its partner relationships, offering an array of wholesale models and customizable revenue sharing opportunities. "When it comes to AI, we allow AI to tie in with us and we can resell theirs and they can resell ours," he said, adding that the software platform behind the relationships is the real story behind simple, secure and agile conversational banking.
The ENACOMM platform supports web, mobile, real-time alerts, SMS texts, email, voice, chatbots and other communication technology channels including digital voice assistants that enable conversational voice banking. By harnessing AI, big data, biometrics and more, we provide partners and customers with a best-in-class, omnichannel self-service experience that is convenient, secure and user-friendly, Zuniga said.
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