BOSTON–Sixteen credit unions have invested in a new CUSO that is partially owned by Posh Technologies, a fintech that was spun out of MIT’s artificial intelligence lab.
The company provides AI-related products and other services it says automate contact center and help desk FAQs and workflows, “powering more natural conversations,” according to its website.
Among those making an investment is Truliant FCU in Winston-Salem, N.C., which said in a statement that it plans to use the company’s chatbots as part of its website and online banking system, and it will further embed its phone bot into its contact center and telephony solutions.
“Fintech collaboration will bring more simplicity and speed to how members interact with our services. Posh can quickly build and scale Truliant specific AI-based solutions to create better tech-driven experiences,” said Todd Hall, president and CEO of Truliant, in a statement.
Plans for AI Lab
Truliant said it plans to create an AI lab to partner with Posh that will seek to integrate AI technology and innovate next-gen experience for members within its broader technical ecosystem.
“Posh knows how to work with credit unions. Their technologies reflect an understanding of our culture and that Truliant’s business model is grounded in member-service,” said Sandeep Uthra, Truliant’s chief information officer, in a statement.
Founded in 2018, Posh was born out of graduate research done at MIT by co-founders Karan Kashyap and Matt McEachern. Posh said it works with more than 30 credit unions and specializes both in front and behind the pin technology.
As CUToday.info reported here, Posh was among the finalists during a 2019 “Next Big Idea” competition hosted by NACUSO.
“Truliant understands that our members want intuitive experiences that reduce effort and add convenience,” said Rik Kielbasa, chief digital officer, in a statement. “Working with Posh allows us to design experiences that meet these expectations. We look forward to working with a partner that is a recognized industry leader in artificial intelligence.”
“We’re thrilled to partner with Truliant,” said Kashyap, co-founder and CEO at Posh. “We look forward to freeing up their member contact center to focus on the most urgent and complicated calls while elevating the overall banking experience for Truliant members.”
Other Investors
Other credit unions that are investors in the CUSO include Affinity FCU in New Jersey, Affinity Plus FCU in Minnesota, Chartway FCU in Virginia, Digital FCU in Massachusetts, Langley FCU in Virginia, One Nevada CU, Service FCU in New Hampshire, State Department FCU in Virginia, Securityplus FCU in Maryland, Workers CU in Massachusetts, Together CU in Missouri, Lake Trust CU in Michigan, MassMutual FCU in Massachusetts, Patelco CU in California and USAlliance FCU in New York.