Washington, DC – Open Lending, Abe.ai, and VisiFI are the winners of CreditUnions.com’s fourth-annual Innovation Series. The 2021 series explored innovations in three categories: mobile, lending, and member experience.
The winners were selected by credit union executives after viewing webinars in which each of 12 finalists – four in each of the three categories – had 10 minutes to present their solution and its potential impact on their members and the credit union industry.
VisiFI was voted winner in the mobile category, while Open Lending won the lending category, and Abe.ai was selected tops in the member experience balloting.
VisiFI’s mobile solutions use a centralized source of processes to ensure consistency and power a true omnichannel strategy. Being embedded in the core platform, these solutions draw from a single source of data flowing securely across the system and organization. VisiFI’s real-time data management engine gives credit unions the ability to enhance their member-centric attributes through functionalities such as predictive money and cash management, savings automation, credit score, debit consolidators, spending habits and recommendations, cross-selling, and transaction monitoring.
Open Lending’s Lenders Protection uses proprietary data and advanced decisioning analytics to provide lenders a safe, powerful way to increase near- and non-prime auto loan volumes that achieve higher yields without adding significant risk. Combining more than 20 years of loan performance data with alternative data results ensures 99.2% accuracy in predicting default frequencies in non-prime auto lending. The result is a profitable auto loan portfolio with carefully managed pricing and risk characteristics.
Abe.ai’s software uses artificial intelligence tools to power human-like experiences that scale support and engagement among their users. FIs use either a pre-trained Virtual Financial Assistant (VFA) to get to market quickly with a retail banking focused experience or platform tools to create fully customized AI experiences. Either solution delivers a consistent virtual assistant experience across a variety of channels including web, mobile app, SMS, and multiple smart speakers and devices.
See more about each of the finalists and the winners at CreditUnions.com: https://www.creditunions.com/read/innovation-series-2021/