Fintech
Eltropy’s new complete AI suite
Eltropiathe leading AI-powered conversation platform for community financial institutions (CFIs), today announced the general availability of the industry’s most advanced Safe-AI suite, built exclusively for credit unions and community banks. The comprehensive AI suite includes AI agents, AI assistants, and AI intelligence, designed to improve service, operational efficiency, and provide better conversation intelligence for credit unions and community banks.
Eltropy’s AI agents function as intelligent digital agents on websites and voice channels, efficiently providing members with accurate information through content analysis and interpretation. The agents can handle over 60% of common member inquiries, significantly improving self-service options. With the latest update, members can use generative AI to navigate websites more effectively, helping them find the right financial products in the credit union and community banking market.
Members or customers can enjoy the convenience of self-service capabilities, with the ability to easily hand the conversation off to a human agent without having to re-authenticate or restart the conversation.
AI assistants developed for employees across all departments, including loans, collections, branches, etc., provide quick access to internal knowledge bases. These assistants are designed to increase efficiency by reducing the need for staff to consult multiple sources or colleagues for information. With AI assistants, organizations can significantly accelerate onboarding and reduce training costs.
Complementing the AI suite, Eltropy AI provides powerful tools to analyze and improve interactions.
AI Intelligence focuses on AI conversation intelligence and quality assurance. It transcribes, summarizes, and scores nearly any member or customer conversation, providing customizable analytics that align to specific metrics. This enables deeper insights into factors that influence CSAT and NPS scores, improving monitoring and management capabilities for executives and contact center managers.
“Eltropy AI is specifically designed for the credit union technology stack, enabling seamless integration with core systems for member data and knowledge bases for frontline insights,” explained Saahil Kamath, AI Product Manager at Eltropy. “Integrates into online banking platforms and websites for easy navigation, fast resolution times, and secure transfers to agents when needed. It also integrates with most CCaaS systems of record to provide AI intelligence to automate quality assurance.”
In particular, Eltropy has implemented “Safe AI Guardrails” to ensure the responsible use of AI, including measures to reduce inaccurate information and maintain regulatory compliance. These guardrails help ensure that AI systems are developed and used responsibly, safely, ethically and in line with human values, incorporating technological, legal, ethical and regulatory considerations.
“These new AI tools are redefining how credit unions and community banks operate,” said Ashish Garg, co-founder and CEO of Eltropy. “We’ve seen firsthand the impact they’re having on everyday workflows and efficiency. AI isn’t just a fancy addition, it’s becoming essential to meeting modern expectations. AI assistants help employees tap into vast knowledge bases instantly, while members get faster, more accurate answers. It’s about using AI strategically to solve real problems and create better experiences for everyone.”
Saahil Kamath emphasized the collaborative and responsible approach to AI development: “We created these AI solutions not in isolation, but through continuous feedback from leaders and staff, ensuring they address the unique challenges of the industry,” he said. “Our new AI framework, with its ‘Safe AI Guardrails,’ focuses on trust, compliance and ethical use. By combining these safeguards with generative AI capabilities, we are providing reliable and effective tools that align with the values and regulatory standards of community financial institutions.”
The new offerings have been well received by credit unions and community banks. Magnifi Financial, an early adopter of the solution, reported a retention rate of more than 90% among employees using AI assistants during a six-month beta period.
“We are working with Eltropy to test these AI assistants. I am consistently impressed by how well they meet the needs of community financial institutions like ours,” said Brad Shafton, SVP, Digital & IT, Magnifi Financial. “The flexibility to display responses in multiple formats is fantastic. It allows our staff to choose how they want to view information based on what works best for them. I also love the ability to search through large documents, which is a huge time saver. These features will increase our first call resolution, improve the employee experience, and help new staff get up and running faster. Ultimately, this translates to a better experience for our members.”
This sentiment is shared by other early adopters at various credit unions. Kimberly Preston, Digital Project Manager at InRoads Credit Union, highlighted the improvements in efficiency and ease of use:
“This is a huge improvement over our previous system,” Preston said. “The AI is much more adaptable and easier to tune. If there’s a gap in its knowledge, we can quickly train it with existing materials or add new information. It’s been great for streamlining our processes and improving our response capabilities.”
Some credit unions have even found that Eltropy’s AI solution has proven more effective than general-purpose AI tools in their specific context. Adam Stevens, AVP, Digital Solutions at Eglin Federal Credit Union, provided a compelling comparison:
“We tested Eltropy’s AI against publicly available AI,” Stevens said. “I’ve asked the same questions of other popular generative AI bots and our own Eltropy bot, and Eltropy’s solution has consistently exceeded expectations. It’s not just matching the capabilities of general AI, it’s actually outperforming our specific credit union context.”
Eltropy’s Digital AI Agent and AI Assistant are available immediately for organizations looking to enhance their digital service capabilities. The company says the new tools can be deployed quickly with minimal disruption to existing operations. These tools incorporate a built-in Safe AI framework, which includes safeguards at the model, system, and application architecture levels. The framework also educates users on AI limitations and best practices.
For credit unions and community banks interested in exploring these AI solutions and other industry innovations, Eltropy will showcase its latest technologies at the upcoming Eltropy Leadership Summit in 2024. This event provides an opportunity for financial institutions to gain deeper insights into how AI can transform their operations and member services. Details and registration information for the summit are available at eltropy.com/eltropy-leadership-summit-2024.
As the financial services landscape continues to evolve, Eltropy’s AI suite represents a significant step forward in enabling credit unions and community banks to address the challenges of the digital age while maintaining their commitment to personalized service and community values.