Can AI - artificial intelligence - be harnessed to build and strength member relations, indeed to know what this member is likely to do right now?
That is the guiding belief at Senso, a Canada based AI company that now is expanding into the US market with a specific focus on credit unions.
It is no secret. The credit union share of the home mortgage market has steadily eroded, as nimble fintechs grab more business. Smart AI just may give credit unions an edge in recapturing marketshare.
The Senso promise is intriguing. When an institution has the right data it can predict with significant accuracy when a member is about to shift from being a home looker to a buyer.
The answer is in the data, says Saroop Bharwani, Senso's founder/CEO.
Right now the Senso focus is on home mortgages but, he says, the same tools will work on car loans, credit card balance transfers and more.
Here is how Senso describes its approach: "Senso creates connected and contextual lending experiences, powered by predictive intelligence.
We enable enterprise customers to identify and engage borrowers with personalized proactive experiences.
We empower consumers with rich insights & experiences to help them make smart decisions through their home finance journey."
Integration of Senso tools - which are available white labeled - is comparatively quick and easy through the leading online banking platforms.
Right now, the primary Senso aim is at institutions with a billion in assets - but if a smaller institution is using an online banking platform that Senso already has integration tools for, the company wants to talk, says Bharwani.
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