Welcome to AI, Part 1 in the CU2.0 Podcast series. Next week we'll post AI, Part 2, an exploration of voice and AI. This week looks at a company focused on text and AI. Both are products of the DCU Fintech Innovation Lab in Boston - podcast about that here.
Either way, great stuff is happening that you need to know about to stay current.
Why? It's because a lot of credit union work is mundane, tedious, boring really. It needs doing, no question, but how best?
Enter Coalesce. The company's tagline says it all: "AI software that automates tedious work for financial services."
You're not interested because credit unions are special? Coalesce is in the DCU Fintech Innovation Lab in Boston - hear the podcast about the lab here - and it is already working with Digital Federal Credit Union, BECU,and the NASA credit union, among other financial institutions (including some mega banks). It has a good credit union pedigree.
The Coalesce focus is on automating monotonous, rote work, particularly around handling incoming member emails (70% it turns out can be answered by machines) and also auto loan applications. Hunting for fraud is another, promising avenue for AI. AI, it turns out, is good doing these jobs faster and cheaper than people.
Are the machines taking over? Greg Woolf, the Coalesce founder and CEO, laughed at that. For good reason. The Coalesce version of AI is built around input from people who also are in charge.
Put away those Matrix fears and come for a ride into tomorrow where machines do a lot of the work people honestly don't want to do and the machines are good at it.
The CU2.0 podcast. About credit unions for tomorrow.
Listen to the podcast here.