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Two California-based fintechs have combined in an acquisition deal by digital communications platform Eltropy of artificial intelligence (AI) company Marsview AI on Wednesday. The acquisition aims to enhance a seamless platform of text, chat, voice and video channels for credit union clients.
According to Wednesday's announcement, Eltropy, a digital communications company that serves credit unions and community banks, acquired Marsview AI to help "financial institutions further streamline responses to common consumer questions, such as inquiries about account balance and routing numbers," which should customize the "digital experience that in turn improves CSAT scores."
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"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," Ashish Garg, Eltropy's founder and CEO, 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."
According to Eltropy and Marsview AI officials, members are demanding a better omnichannel experience.
"The widespread digital transformation taking place in today's market offers an opportunity for financial institutions to leverage the power of AI," Murali Mahalingam, Marsview AI's CEO, 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."
Financial details about the acquisition were not disclosed.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
