nCino, Inc. | September 22, 2023
nCino, Inc. officially revealed that Bendigo and Adelaide Bank, a prominent Australian financial institution, has chosen nCino as its partner to streamline and elevate business banking operations.
Adam Rowse, Chief Customer Success Officer for Business Bank and Agribusiness at Bendigo and Adelaide Bank, stated,
We are pleased to partner with nCino as we step up our efforts to simplify our business. Our goal is to deliver our customers and staff with best-in-class user experience and to streamline our operations so that we can move at pace while delivering sustainable growth.
[Source – Globe Newswire]
Integrating nCino into Bendigo and Adelaide Bank's operations will harness the power of intelligent automation and process optimization, resulting in faster decision-making and allowing bankers to allocate more time to nurturing customer relationships.
Mark Bernhardi, Managing Director of Australia and New Zealand at nCino expressed enthusiasm about the partnership with Bendigo and Adelaide Bank. He emphasized nCino's role as a preferred partner for forward-thinking banks worldwide, highlighting their established success in aiding banks to scale efficiently, enhance customer experiences, and drive rapid innovation.
This strategic move aligns with the bank's comprehensive objective of simplifying its operational processes, optimizing customer as well as employee experiences, and accelerating its growth trajectory.
Mark Bernhardi also expressed excitement about collaborating with the Bendigo and Adelaide Bank team as they progress in their transformation journey to streamline operations and foster a seamless experience for customers and staff.
About Bendigo and Adelaide Bank
Bendigo and Adelaide Bank is one of Australia's prominent financial institutions, with a dedicated workforce of over 7,000 professionals committed to serving a diverse customer base exceeding 2 million. The bank's vision is to secure its position as the preferred banking partner in Australia, actively contributing to the well-being of both its customers and the communities it serves.
nCino leads the global cloud banking industry with its singular software-as-a-service platform. This platform empowers financial institutions to serve various customer segments, modernize their operations, streamline client onboarding, optimize loan processes, and expedite account openings. nCino's innovative approach, strong reputation, and swift operations have fostered partnerships with over 1,850 financial service providers worldwide.
PR Newswire | October 17, 2023
Glia, the customer interaction leader unifying Digital Customer Service (DCS), phone and automated self-service on a single platform, has partnered with Lumin Digital, the leader in cloud-native digital banking solutions, to streamline digital-first member service. Glia's DCS capabilities are now integrated into Lumin's online banking platform, enabling quicker, effortless member support.
Lumin Digital, a cloud-native digital banking platform, elevates financial institutions' user experiences to match larger institutions and deliver the modern banking experiences that today's users expect. With a focus on service, user experience, safety, and security through advanced automation, Lumin Digital enhances engagement by offering personalized recommendations in spending insights, financial advice, fraud alerts, and savings goals. Lumin enables banks and credit unions to provide real-time updates and value-added features supported by a dedicated team of industry experts, designers, and developers.
Pre-integration of the Glia Interaction Platform within Lumin's digital banking offering enables a seamless digital-first customer experience across all channels—SMS, chat, voice and video—without breaking the digital connection. Online collaboration tools, including CoBrowsing, allow financial institutions to guide customers, improve satisfaction and build loyalty for banks and credit unions.
At Lumin, we believe that technology should be built for, not to replace, the human connection, said Sean Weadock, Chief Product Officer at Lumin. Glia's robust service and support tools squarely align with that philosophy, enabling credit unions to leverage digital-first technology to maximize meaningful human conversations and reach quicker resolution. This partnership will empower banks and credit unions to deliver a unified approach to member service across all channels, boosting efficiency, revenue and loyalty.
"The combined services of Lumin's digital banking platform and Glia allow Ascend to continually meet the ever-evolving needs of our members," said Matt Jernigan, President and CEO at Ascend Federal Credit Union. "Through this partnership, our members can seamlessly manage their funds and monitor their overall financial health using secure, reliable, and innovative technology."
The integration within Lumin's online banking platform overcomes silos and fragmented solutions, providing a frictionless experience for members, agents and managers. Members benefit from real-time guidance, accelerated interactions and improved satisfaction. Glia and Lumin already have 15 mutual credit union clients.
"We live in an always-on world where interactions are expected to happen on screen, on demand and on point," said Steve Kaish, SVP of Alliances at Glia. "Our commitment to delivering the right interaction at the right time aligns with Lumin's dedication to delivering exceptional member experiences, and we are excited to provide credit unions with the tools needed to optimize their member interaction strategies for today and beyond."
Glia and Lumin will be at the Jack Henry Connect conference next week. See Glia at booth 1009 and Lumin at booth 333.
About Lumin Digital
Lumin Digital is a fintech company specializing in digital banking solutions. Through a fundamentally different approach to technology, service, and people, the company provides financial institutions with a best-in-class, cloud-native platform that drives consumer adoption, engagement, and growth. For more information, visit lumindigital.com.
Glia redefines how businesses interact with customers. The Glia Interaction Platform unifies Digital Customer Service (DCS), traditional call center, and automation with a ChannelLess™ Architecture, empowering businesses to create the ideal mix of interactions and adapt on demand. The ability to easily shift volume between channels drives revenue, efficiency, and loyalty at the same time.
Glia has partnered with over 450 banks, credit unions, insurance companies and other financial institutions worldwide to improve the customer experience and drive business results. Named a Deloitte Technology Fast 500™ company and a Great Place to Work for a third year in a row, the company has raised over $150 million in funding from top investors and was recently valued at over $1B by top tier investors. To learn more visit glia.com.
SoFi | September 15, 2023
RiskExec, Inc., a subsidiary of Asurity Technologies, has disclosed that SoFi, a digital personal finance company, will utilize RiskExec's software to fulfill its compliance and reporting needs.
This move underscores RiskExec's position as a trusted compliance solution for modern financial institutions, offering swift geocoding of data, rigorous edit checks, and insightful analyses across various sectors, including banking, mortgage lending, credit unions, automotive lending, and digital lending.
Angela Smedley, CRA Officer at SoFi, has expressed her appreciation for RiskExec's improved geocoding capabilities, customizable features, and exceptional customer support. She said these attributes have enabled the company to enhance efficiency in its consumer loan review process, ultimately contributing to an improved experience for prospective and existing members.
Meanwhile, Dr. Anurag Agarwal, PhD, President of RiskExec, also expressed the company's dedication to delivering precise and up-to-date analytics to assist SoFi in achieving its CRA objectives. This commitment comes as SoFi joins the ranks of RiskExec users, with the successful integration of RiskExec significantly enhancing its CRA program. Amidst the dynamic and demanding regulatory framework, RiskExec provides banks with essential tools to ready themselves for regulatory assessments. This includes conducting comprehensive trend analysis and evaluating performance, encompassing areas within and outside the designated assessment regions.
Asurity offers compliance-focused solutions to the mortgage, retail banking, and consumer lending. Its flagship SaaS product, RiskExec, combines compliance expertise with advanced reporting and analytics software. This enables lenders to meet regulatory requirements and achieve their business goals effectively. Financial institutions widely use RiskExec for data analysis and compliance in various financial products. The company also provides Propel for compliant mortgage document generation and RegCheck for comprehensive compliance assessments using loan-level data from integrated LOS systems.
SoFi is a member-centric digital financial services platform dedicated to helping individuals achieve financial independence and realize their goals. With over 6.2 million members, the company offers a comprehensive suite of financial products and services, providing fast access to tools for borrowing, saving, spending, investing, and financial protection - all within a single app. Beyond financial services, SoFi supports its members with resources such as career advisors, certified financial planners, exclusive experiences, and a thriving community, guiding them on the path to financial independence.
Security and Compliance
PR Newswire | October 06, 2023
WorkFusion, a leading provider of AI digital workforce solutions for banking and financial services, today announced that it has rolled out its newest Digital Worker, Isaac, an AI Transaction Monitoring Investigator. Isaac assists with transaction monitoring (TM) alert management by using machine learning capabilities to work first-level alerts, auto-escalate alerts that are likely to require investigation, and auto-closes alerts that are non-suspicious with supporting narrative and documentation, allowing AML analysts to focus on the highest risk activity.
Transaction monitoring is required for anti-money laundering/countering the financing of terrorism (AML/CFT) programs globally and is a critical tool for fighting financial crime. However, it can be a difficult compliance obligation. Banks manually review millions of transaction monitoring alerts each month with most of those alerts being non-suspicious. Regardless, suspicious activity monitoring programs take a lot of time, require large teams of people, and cost a lot of money.
Transaction monitoring is a time-consuming and expensive, yet critical component of AML compliance, said Art Mueller, WorkFusion's Vice President of Financial Crime. Every day, teams of analysts within banks review large numbers of alerts associated with transactions, patterns or behaviors that flag as potentially suspicious for money laundering or other financial crime. Analysts must determine whether these alerts are false positives, which typically 90-95% are, or truly suspicious activity. Our new AI Digital Worker, Isaac, reduces the alert review burden by helping to identify which alerts need to be escalated for further review and auto-closes those that it deems as non-suspicious. Because Isaac creates an easy-to-read dossier with a supporting narrative and documentation, analysts move from authors of reports to editors – saving their time to work on higher-risk and higher value investigations.
Isaac's responsibilities as an AI Transaction Monitoring Investigator:
Picks up alerts generated from surveillance monitoring systems and then investigates and evaluates the activity.
Automates for L1 transaction monitoring alert reviews, collecting data and either closing non-suspicious alerts or escalating them to an investigator.
Creates a dossier of each decision supported by human-readable justification, supporting documentation, and a confidence threshold to maintain transparency for examiners and auditors.
Provides a consistent approach to alert review and investigation, as well as the quality of the alert narrative and supporting documentation.
Assists with common AML transaction monitoring scenarios that generate a high volume of alerts such as structuring, excessive funds transfers/movement of funds/patterns of funds transfers, unexpected account usage/behavior, high-risk factors, use of dormant accounts, and more.
Isaac is not a transaction monitoring tool and does not create alerts, rather, he works with leading transaction monitoring systems to help financial institutions manage TM alerts.
WorkFusion, Inc. is the creator of AI Digital Workers purpose-built for banking and financial services organizations. Its Digital Workers are true knowledge workers that effectively augment existing teams in functions like anti-money laundering (AML), sanctions, customer onboarding, Know Your Customer (KYC), and customer service. WorkFusion's digital workforce solutions help solve talent shortages, increase workforce capacity, save money, enhance employee and customer satisfaction, and ensure ongoing compliance. For more information visit workfusion.com.