Candescent platform paving way for AI at Hapo Credit Union

Fintech Candescent ’s digital banking platform is laying the groundwork for continued AI deployment at Hapo Community Credit Union . The platform enables seamless integration of third-party AI tools into the credit union’s operations, Jeremy O’Niel , vice president of marketing and digital experience at the $3 billion credit union, told FinAi News . For example, Hapo uses AI-driven identity verification platform Callsign , which has been effective “because it combats account takeovers,” he said. Callsign is a Candescent partner. Callsign uses AI to analyze behavioral biometrics, including how a member types and whether a member is right- or left-handed, O’Niel said. The tool can reduce account takeovers by more than 80%, he added, citing feedback from industry peers. Hapo also has deployed an AI virtual assistant, called Abbee, through Candescent’s third-party network, leading to a significant increase in containment rate, or the percentage of member interactions fully resolved by a chatbot, O’Niel said. The credit union recently extended the chatbot to operate 24/7, with call center positions morphing into “AI-trainer roles,” he said. “They're monitoring conversations, and they're retraining the model, and they're helping guide the AI into solutions where maybe it dead-ended or it hallucinated,” he said. Hapo is exploring AI solutions for underwriting and information retrieval, as well, O’Niel said. AI-first world While Hapo didn’t select Candescent for AI functionality, specifically, the fintech has worked behind the scenes to ensure that its platform is built for an “AI-first world,” Candescent Chief Product Officer Gareth Gaston told FinAi News . The fintech achieved this by unifying disparate solutions into an omnichannel stack, Gaston said. “When AI initially showed up, it showed up as bolt-on point solutions,” he said. “We really think about the success of AI as being integrated throughout the experience. … We're thinking about AI across the spectrum of banking.” Gaston said Candescent has broken its AI implementation strategy into three focus areas: conversational tools, summarizations and data-driven visualizations. The company also plans to launch a mobile banking app later this year, providing a “very modular” experience with AI at the core, Gaston said. Register here for the FinAi Lending Summit, set for Oct. 7-8 in Las Vegas.

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Candescent platform paving way for AI at Hapo Credit Union

Fintech launching AI-powered mobile app this year

Chainguard, cyberfirms use AI to hunt for open-source flaws

Related Posts

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