Magnifi Financial and Eltropy have announced a partnership regarding artificial intelligence (AI).
Magnify is a $2.2 billion credit union in central Minnesota. Eltropy is a digital conversation platform for financial institutions. The new AI solution is designed to improve upon the traditional support and employee training to improve customer and employee experience. Eltropy’s generative AI tools are described as “bringing efficiency and personalization to community bank and credit unions’ engagement strategies.”
Brad Shafton, Senior Vice President, IT and Digital, Magnifi Financial, said they are starting to see “remarkable results” with the service.
Eltropy claims that its member-facing ChatGPT-style agents provide “swift, accurate responses to typical member queries, improving service efficiency, reducing wait times, and alleviating the workload for call center agents and other staff. As we all know, most automated customer service applications are horrible. If Eltropy’s claims are accurate and they provide a better service, this is good news for all.
“As we embrace the era of generative AI, alongside the current economic challenges and persistent staff shortages, credit unions and community banks are actively looking for innovative ways to thrive,” said Eltropy Co-founder and CEO Ashish Garg. “Eltropy’s generative AI tools are empowering forward-thinking CFIs to achieve this by accelerating and enhancing employee knowledge training, improving the member experience and ultimately fueling growth.”
