Eltropy, the Lehi, UT and Milpitas, CA-based digital conversations platform for community financial institutions (CFIs) has announced a partnership with Magnifi Financial (Melrose, MN) have partnered to introduce generative AI solutions designed to overcome the friction of traditional support and employee training to deliver exceptional member and employee experiences.

Powered by CFI-specific large language models (LLMs), Eltropy's generative AI tools are bringing efficiency and personalization to community bank and credit unions' engagement strategies, a journey that Magnifi shares.

“Our journey towards digital transformation led us to Eltropy's AI chat solutions, and we're starting to see remarkable results,” said Brad Shafton, Senior Vice President, IT and Digital, Magnifi Financial, a $2.2 billion credit union in central Minnesota. “What sets Eltropy apart is not just their technology but also their dedication to understanding the credit union industry and their commitment to community financial institutions like ours. They continue to evolve, and that's why we consider them a long-term partner, including for AI.”

Eltropy is not only improving the member experience but is also expediting processes, such as helping with loans in Magnifi’s mortgage and lending department, making it a win-win for both the credit union itself and its members, said Shafton.

At the forefront of this transformation are Eltropy’s "Employee Assistants" that enable contact center agents, tellers, and other customer-facing personnel to instantly access vetted, verified knowledge and automate tasks like auto-generating emails and more, all in natural conversation.

Eltropy's member-facing ChatGPT-style agents provide swift, accurate responses to typical member queries, improving service efficiency, reducing wait times, and alleviating the workload for credit union call center agents and other staff. This optimization allows credit unions like Magnifi to allocate more resources to more complex interactions. 

"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."

Eltropy's commitment to advancing generative AI aligns with industry trends and the growing demand for personalized and efficient member interactions. These advancements are reshaping the credit union landscape and ensuring that credit unions remain competitive in a rapidly evolving financial sector.

Next week Eltropy will offer a webinar exploring the possibilities of generative AI for credit unions entitled “Beyond Limits: Transforming Member Experience with AI,” at 12:00 noon EST on Dec. 18, 19, 20, 21 and 22. For more information or to register a session, click here.

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