Conversational AI Startup Marsview Acquired by Fintech Communications Platform Eltropy
Conversational intelligence startup Marsview has been acquired by digital communications provider Eltropy for an undisclosed sum. Eltropy plan to augment its enterprise contact center services for financial institutes with Marsview’s AI to improve its virtual agents and better automate how customer inquiries are handled.
Marsview AI Service
Eltropy already claims to offer an omnichannel customer service platform for its clientele of credit unions and community banks across text, voice, and video. Marsview’s technology will boost the AI behind the chatbots and virtual voice to more quickly and accurately grap what the customer wants, how to help them, and who to connect them to if the AI cannot do so. The improved model will be on-call at any time and day to answer common questions about the bank and authenticate customers by voice and password for more personalized services. Banks could therefore tell a customer their account balance, reset any passwords and complete related tasks without taking away a human agent from more complicated tasks beyond the AI’s capabilities. The system will transfer the customer to a human agent if needed, however, and at least start the process of bringing on a human agent if the conversation happens outside of office hours. The AI will also store and analyze interactions so its clients can see how the system is performing.
“The challenge for financial institutions today is being able to quickly address consumer needs across a variety of new digital communication channels without adding more staff,” Eltropy CEO Ashish Garg said. “That’s where the power of AI comes in. By adding Marsview’s AI technology to our platform, Credit Unions and Community Banks can use Eltropy to automate much of the manual, repetitive work agents handle daily while still escalating conversations to a human representative when needed. It’s a win-win for financial institutions and the people they serve.”
Applying conversational AI to customer service has exploded in popularity in recent years, and the financial industry has been a particularly fruitful area for startups in the space looking for investment or an acquisition exit. Demand led to enterprise AI platform Gupshup buying Active.ai and its finance-focused portfolio, banking conversational AI startup FinnAI’s acquisition by Glia, and financial AI startup Personetics cashing an $85 million check from investors. Eltropy is also not alone in focusing on bringing tech to credit unions. Wisconsin’s Landmark Credit Union began working with conversational AI platform Clinc to create a virtual assistant, and Minnesota’s Wings Financial Credit Union working with Nuance to add voice AI and vocal biometric security to its customers.
“The widespread digital transformation taking place in today’s market offers an opportunity for financial institutions to leverage the power of AI,” Marsview CEO Murali Mahalingam said. “Combining Eltropy’s Digital Communications capabilities with AI will help Community Banks and Credit Unions level the playing field against mega banks while delivering exceptional consumer experiences and growing assets under management.”