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Glia and Posh Partner to Bring Digital Member Service to TwinStar Credit Union

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Multiple-time Finovate Best of Show winner Glia and Conversational AI specialist Posh Technologies have teamed up to bring new customer engagement options to TwinStar Credit Union.

“The financial institutions that provide customers and members with a strategic blend of human touch and AI will have high retention and acquisition rates,” Glia co-founder and CEO Dan Michaeli said. “By partnering with Glia and Posh, TwinStar offers members a seamless support network where no duplication is required. It’s a faster, better member experience that alleviates the frustrations associated with typical support lines. Easy communication with financial support is a cornerstone to service and long-lasting relationships.” 

Courtesy of this partnership, TwinStar CU will offer a seamless digital chat experience available directly from its website and mobile app that features both automated and live member support. The automated chatbot solution will be able to respond to basic queries regarding branch hours, ATM locations, routing numbers, and similar information. More complex inquiries will be transferred to human contact center agents via Glia’s live chat feature, creating a more efficient experience for both members and support teams.

Member service will not be limited to live chat, either. Once live agents are engaged, members will be able choose the communication channel of their choice – messaging, video banking, or voice – as well as toggle between communication options and take advantage of support tools like co-browsing. The result is “faster and better service to our members in a multitude of ways” according to Scott Daukas, TwinStar Chief Strategy Officer. “We are thrilled to offer this great service to our members,” he said.

Headquartered in Washington State, TwinStar CU serves more than 135,000 members in Washington and Oregon, and manages $1.8 billion in assets. The institution traces its origins back to 1937, when teachers at Olympia High School who were struggling to secure loans on their meager salaries joined together to form the Thurston County Teacher Credit Union. The institution’s first branch, a classroom at the high school made available four days a week, was opened in 1950. The credit union became TwinStar in 2006.

Boston, Massachusetts-based Posh Technologies was spun out of the Massachusetts Institute of Technology (MIT) in 2018. The company specializes in creating intelligent chatbots and interactive voice response (“conversational IVR”) phonebots and includes financial institutions like the State Department FCU and Finovate alum Mr. Cooper among its customers. Posh has picked up non-equity backing from MassChallenge and FinTech Sandbox.

Most recently winning Best of Show honors at FinovateSpring last month, Glia announced a partnership with credit union service organization, Members Access Processing (MAP) in May, as well. In March, the company announced a collaboration with AI-powered virtual assistant solution provider Abe.ai. With more than 200 banks, credit unions, insurance companies, and other financial institutions as its partners, Glia began the year with news that BCU, a $4.2 billion credit union based in Illinois, had selected its Digital Member Service platform to better engage its 294,000 members.


Photo by Dids from Pexels

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Source: https://finovate.com/glia-and-posh-partner-to-bring-digital-member-service-to-twinstar-credit-union/

Artificial Intelligence

Persistent fraud threats drive consumer biometrics for payments and mobile credentials

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A biometric spoof attack and new fraud report this week both indicate the challenge of ensuring financial transactions are legitimate, showing why the latest Goode Intelligence forecast includes biometrics being used for billions of dollars in payments in the years ahead.

Biometric technologies from Idex and partners Zwipe and Tag Systems are each a step closer to consumer’s wallets to help cut fraud, Google SE partners including G+D and Thales are working on mobile digital identity credentials, in addition to the ongoing work industry stakeholders are investing in health passes, and a Mitek executive shares insights on the evolving consumer biometrics ecosystem in some of our most widely-read stories of the week.

Top biometrics news of the week

By 2026, biometrics will secure more than $5.6 billion in payments, according to the latest forecast from Goode Intelligence and the most widely-read story of the week. The latest biometric payments report from Goode comes as Idex Biometrics announced a new order of its TrustedBio sensors and a Nilson Report was released highlighting the biometric card cost reduction from the partnership between Zwipe and Tag Systems.

The secure element Google is planning to use in its forthcoming Pixel 3 phones is optimized to secure digital copies of biometric passports and support mobile driver’s licenses. The company and partners are accelerating the development of the technology through the Android Ready SE Alliance, and OEM partners including G+D, NXP, STMicroelectronics and Thales are already working with the associated StrongBox applet.

A tale of an in-the-wild biometric spoof attack of some sophistication netting over $75 million in China has been reported, after a pair of hackers were prosecuted by law enforcement. The scam involved high-resolution images of people performing different actions made with data obtained on the black market, fraudulent tax invoices and hijacked smartphones.

UbiSecure’s ‘Let’s Talk About Digital Identity’ podcast is joined by NIST Computer Scientist Mei Ngan, discussing her path to joining NIST, the expansion of face biometrics both in terms of applications and market, the work the Institute has done on facial recognition with masks and demographic differentials, with an interesting segment on the serious threat of face morphing on identity documents.

The latest Identity Fraud Study from Javelin Research finds $43 billion was lost to digital identity fraud last year, meaning there has never been a better time to take advantage of increased consumer willingness to adopt biometrics. Consumers are also not willing to tolerate failed fraud claims resolution, which is too frequent, so financial institutions are under pressure from both sides.

The pandemic has driven many businesses from industries other than financial services to approach Buguroo about fending off online fraud with its behavioral biometrics, Founder and CEO Pablo de la Riva tells Startup Info. The company’s focus on comparison against personal behavioral history, rather than cluster of ‘good’ and ‘bad’ users and experience securing financial services customers gives it the edge in an industry “gaining massive momentum,” de la Riva says.

In a highlight from Biometric Update’s growing network of media partners, we present IEC e-tech magazine Co-editor Antoinette Price’s recent interview with ISO/IEC biometrics standards editor Mike Thieme on biometric presentation attacks. Thieme talks about a broader conception of presentation attacks than is sometimes thought of, challenges with PAD systems, and what Part 4 of the ISO/IEC 30107-3 standard does.

The biometrics and technologies for delegating authorization and authentication to online accounts and various digital devices for the full range of consumer applications are available now, Mitek CTO Stephen Ritter tells Biometric Update, but the broader ecosystem to support it is yet to be established. Creating the right environment for consumer trust in smart homes and the IoT will mean building trust, and may require the efforts of business giants like big banks, but in the meantime appropriate choices in biometrics implementation can give companies an edge right now.

Two International Monetary Fund officials want to break down the Big Tech silos that are preventing big data and AI from being fully utilized. Too much data is probably being collected, and too little value shared with individuals, but major barriers related to privacy and policy stand in the way of change. The prioritization of policy around data sharing and digital identity for proving vaccination status may present the opportunity to overcome those barriers, according to an opinion piece by Yan Carriere-Swallow and Vikram Haksar.

Innovatrics’ SmartFace platform now includes pedestrian and body part detection to aid with anonymous real-time detection, with its latest update. The company has also introduced an application to provide instant feedback from mobile devices placed beside a SmartFace entry point, such as a reminder to put on a mask.

Digital health pass plans continue to be announced by governments around the world, with Japan, Estonia, and New York State the latest to adopt QR-code based credentials. Pangea has developed a ‘Green Pass’ authentication system to prevent spoofs of Israel’s COVID vaccine credential, meanwhile.

A pair of new health passes have been launched, with Global ID and Unisys each partnering with healthcare organizations. A white paper was released on the topic as part of the Digital Document Security Online Event 2021, and Aware reminds of the importance of liveness for digital identity authentication, meanwhile.

Nomidio and Post-Quantum executives talk with Biometric Update about the importance of how data is encrypted to data security, and how data can be secured in the future against quantum computers capable of breaking today’s standard encryption algorithms. That future may arrive in less than five years.

A new research partnership to bring biometric pre-registration to airport experiences by Idiap and Facedapter has been announced, in the latest attempt to reduce touchpoints and time spent waiting for flights. India’s government is moving forward with its Digi Yatra plans, while SITA offers tips for airports and a K2 Security executive weighs in on impacts of COVID-19 on TSA checkpoints.

Former IATA Director General and CEO Alexandre de Juniac believes the digital identity benefits of the IATA Travel Pass could not only play a key role in restarting the industry, but also boost the OneID project and transform passenger experience, he tells Airlines. De Juniac talks about the timing of IATA’s transition to a new CEO, and how the pandemic has brought closer collaboration between industry stakeholders.

The deadline for Nigerians to register their NINs with their SIMs has been extended by two months by court order, as numerous people faced having their mobile service cut off. The biometrics-backed national identity number is necessary for ever more parts of life in the country, with the NIN now required for writing university entrance exams.

Coppernic Co-founder and CEO Kevin Lecuivre tells Provence Business about the company’s roots in Psion Teklogix, how far France lags behind many African countries in digitizing electoral processes, and the company’s prospects for 2021 in a French-language interview. The pandemic may have set back Coppernic’s plans to reach €20 million in turnover by the end of 2022, but the company is internationalizing; and hiring.

Simprints has now reached more than 1.2 million beneficiaries, Chief Product Officer Alexandra Grigore announced in a LinkedIn post. The non-profit has provided fingerprint biometrics to support social benefits programs in 14 countries so far.

Please let us know of any interviews, editorials or other content we should share with the biometrics and digital identity communities in the comments below or through social media.

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Source: https://www.fintechnews.org/persistent-fraud-threats-drive-consumer-biometrics-for-payments-and-mobile-credentials/

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Crowdfunding

Fintech Glint Says Most Savers Don’t Trust Banks

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Glint Pay Services, a Fintech that is a regulated e-money firm and payments provider, says that savers don’t trust banks.

According to Glint and an in-house survey of their users, 68% of savers no longer trust banks to protect their wealth and are searching for alternative currencies and stores of value. Glint states that consumers are seeking alternatives to fiat currency – including crypto.

Jason Cozens, founder & CEO of Glint, claims their research demonstrates the scale of the monetary system’s failure to appeal to some consumers.

“Traditional financial institutions have not been able to cater to changing demand and for many of us, our trust hasn’t been rebuilt since the catastrophes of the financial crisis. Consumers and savers alike are increasingly turning their backs on the current monetary system and searching for alternatives ways to spend and save their money that won’t put their wealth or purchasing power at such long-term risk,” says Cozens.

He says that rapidly rising inflation and ongoing low-interest rates have punished savers. These factors and more have joined to devalue money and savings and alternatives to the current system are vital. Cozens believes that gold remains a reliable store of value while crypto has grown in interest – it remains highly volatile.

“The looming threat of increased regulation and the several collapses the market has experienced recently should act as a major wake-up call to any consumers considering entering the crypto market. The extreme volatility of these assets has been demonstrated by the market impact of Elon Musk’s tweets, first in sending prices soaring to record highs when Tesla purchased $1.5bn worth of Bitcoin and then sent provoking a plummeting in value with tweets hinting the company may exit the market just a couple of months later – this crash was further compounded by another Chinese announcement banning cryptos, with similar noises emerging from South Korea too.”

Cozens says the message from consumers is clear; they want reform of the monetary system and more control over their finances.

“Although the establishment of Central Bank Digital Currencies (CBDCs) may appear as though consumers are set to be gifted with greater control, as these assets are tied to fiat currencies, and therefore subject to the same factors which erode the value of paper money. It’s likely that CBDCs, alongside increased regulation, are a move by central banks to push cryptos out of mainstream use. We’re at a pivotal moment in deciding the future of money; many believe true alternatives such as gold as an everyday currency is the future, rather than incredibly volatile cryptos or CBDCs which will continue to punish consumers.”

Glint is in the process of doing transatlantic security offering issuing securities to both US and UK investors. Glint is seeking up to $1.5 million in a Reg D offering on Republic while aiming to raise £2 million on Seedrs. The securities offering on Seedrs is already in over-funding having raised £2.9 million from over 900 investors. The offering on Seedrs is at a pre-money valuation of £35.9 million. On Republic, the securities offering holds a pre-money valuation of $32.5 million. Glint uses gold as an alternative global currency via an App and affiliated Mastercard.

Have a crowdfunding offering you’d like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!

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Source: https://www.crowdfundinsider.com/2021/06/176813-fintech-glint-says-most-savers-dont-trust-banks/

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Fintech

Vietnamese financial services app MFast gets $1.5M pre-Series A led by Do Ventures

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MFast founders Phan Thanh Long and Phan Thanh Vinh

MFast founders Phan Thanh Long and Phan Thanh Vinh

MFast, a mobile app that lets Vietnamese users in remote areas access financial services, announced it has raised a $1.5 million pre-Series A today. The round was led by Do Ventures, with participation from JAFCO Asia. 

Launched in 2019 by fintech company Digipay, MFast says it has been used by 600,000 people to date. It partners with financial institutions who provide services like loans and insurance, and says it has been used to distribute more than 50 billion VND (about $2.2 million USD) worth of products so far.

The majority, or about 75% to 80% of MFast’s users are in remote provinces or rural areas, which the company says often limits their access to banking and credit-related services. 

The funding will be used to expand MFast to more cities and provinces in Vietnam, develop its technology and partner with more institutions. MFast also plans to enter other markets in the future. 

MFast’s consumer credit partners include Mirae Asset, CIMB, Mcredit and Easy Credit, and its insurance partners include PVI, PTI and BSH. It claims to have a network of more than 350,000 advisors, who offers their services through the app, and that its data analysis tools are able to reduce bad debt and fraud rates. 

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Source: https://techcrunch.com/2021/06/21/vietnamese-financial-services-app-mfast-gets-1-5m-pre-series-a-led-by-do-ventures/

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Fintech

Lumiant signs two industry stalwarts on its path to success

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Software supported advice platform, Lumiant, has announced two new senior appointments to support its aspirations to transform financial advice globally. Ex-Midwinter CEO, Jeff Hall, will join the Lumiant board as a Director. While industry veteran, former founding director of Shadforth, and author of The Life-First Advisor, David Haintz, joins as an Ambassador.

Lumiant is on a mission to make financial advice the noble profession it deserves to be. Its proprietary software supported advice process helps Financial Advisers uncover what clients truly value in life. The platform then enables Advisers to capture and record financial goals, strategies and tasks that will shape and sustain extraordinary lives for their clients.

Santiago Burridge, CEO and Co-Founder of Lumiant, believes the two new appointments will see Lumiant take another leap forward in its growth journey. In addition, the appointments will provide further confidence for Advisers to adjust their value proposition and reap the benefits of life-centred advice.

“With Jeff and David joining the team, Financial Advisers have two of the industry’s most influential executives supporting them in their journey towards life-centred advice. Both have a passion for enhancing the value proposition for Advisers and helping them to deliver extraordinary advice,” said Burridge.

“There is a complete alignment between Lumiant, Jeff and David, which makes these appointments so exciting. Not only will they bring incredible knowledge and experience to Lumiant, but they will also unlock new growth opportunities for the company. There is no bigger endorsement that what we’re doing is right for us and the industry at large.”

David Haintz has been appointed to the newly created role of Lumiant Ambassador, where he will be responsible for helping to grow the brand in Australia and abroad. A CFP, past director of the Financial Planning Association of Australia, and strong advocate for the transition to ‘above the line’ values and goals-based advice, he has been instrumental in the push for professionalism in the Financial Advice industry.

David has a passion for enhancing the value of advice. He joined Lumiant because it is the perfect platform to support Advisers undergoing a critical transition from a product sales-based occupation to selling professional services and advice.

“As advisers move from price-takers to price-makers, many struggle to articulate their value. This creates an issue around cost, as they cannot demonstrate the value of their advice. Lumiant removes this issue as it shifts the conversation from product to people and from money to meaning,” said Haintz.

“The beauty of the Lumiant platform is that it captures all these wonderful conversations in a high-fidelity platform that enables Advisers to demonstrate both the tangible and intangible value of advice. I don’t believe there is another platform on the market that captures ‘above the line’ advice as well as Lumiant that ultimately helps clients to live their best possible lives.”

Jeff Hall is joining the board of Lumiant as a director, where he will be responsible for guiding Lumiant’s commercial and operational direction. Jeff brings over 20 years of experience working in business advisory roles within the financial services and IT industries. Before Lumiant, Jeff was CEO at Midwinter prior to selling to Bravura Solutions. Jeff’s other experience includes being a Director at EY consulting within Wealth and Asset Management, a Division Director at Macquarie Bank for Coin Software and a technology consultant with Accenture.

Having seen the ins and outs of the advice technology industry, Jeff is keen to bring much-needed change. Working with Lumiant to uncover commercial and operational opportunities that deliver enhanced value to Advisers.

“Having been in the financial services industry for many years,  I see a lot of opportunity for new technology to assist and serve financial planners. While there are smart investment and managed accounts platforms, there has been very little to support Advisers in nurturing their relationships with clients,” said Hall.

“Lumiant provides Advisers with an extraordinary client experience through its software supported advice process. I am delighted to join Lumiant and be part of its journey in transforming the advice sector.”

Lumiant continues to raise capital to fund its aggressive growth plans in Australia and abroad, with more than $800,000 being raised in its extended Seed equity crowdfunding round to date. David and Jeff bring considerable expertise for Lumiant to execute its plans and deliver value to Advisers and its shareholders alike.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://australianfintech.com.au/lumiant-signs-two-industry-stalwarts-on-its-path-to-success/

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