Do it for me. That is exactly what more and more credit union members expect from their financial institution. Especially around payments.
Amazon's Alexa is smart enough to remind us that, based on our order history, it's now time to re-order cat food. Why can't my credit union remind me to pay my car lease, my mortgage, and the Discover bill that is always due on the 15th?
The insight of Payrailz, a Connecticut based fintech, is that the credit union in fact probably has all the tools it needs to do those reminders - even to initiate the payments for members that choose.
Enter the world of AI powered payments.
Mickey Goldwasser, chief of staff at Payrailz, said we are entering into an era of "Do It For me" - and AI makes that a very possible reality.
A member forgot to pay his/her American Express card bill - but won't that member welcome a nudge? "Usually you have paid American Express by now? Is that bill due?"
Smart payment rails can also be called upon to actually make the payment.
The beauty is that drudgery is being taken off the member's plate - and smart machines are running with it.
13 credit unions are in CU Railz, a CUSO that owns Payrailz. A few other credit unions, and a smattering of banks, also have adopted the technology. But, says Goldwasser, 90% of Payrailz business is with credit unions.
Size varies from small to the $12 billion Sun Coast.
Listen up. The time is now for smarter payments tools that anticipate what members want to pay and help them do it.
Do it for me is now a reality in payments.
This, clearly, is the next evolution in payments.
Dig deeper into AI and credit unions in earlier CU2.0 Podcasts - with Posh Development and Coalesce, both DCU Innovation Lab companies (our podcast with the Innovation Lab director Vasilios Roussos is here).
A recent podcast with Fahd, the CEO of Abaka, tells more about AI and how credit unions can sell smarter.
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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto