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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
The final month of the year is upon us. And with some of the season’s biggest holidays only weeks away, expect a crush of news from banks, fintechs, and other financial service providers over the next several days. We’ll keep you in the know—right here on Finovate’s Fintech Rundown!
Digital Banking
Southland Credit Union choosesEltropy’s unified conversations platform via its partnership with digital sales and service platform provider Alkami Technology.
Digital bank Grasshopper and digital banking platform provider Narmiannounced new enhancements to their Model Context Protocol (MCP) server, including expanded functionality to support ChatGPT and OAuth 2.0-based data access authorization.
interface.aiintroduces agentic AI BankGPT platform purpose-built for credit unions and community banks.
Lending
Nova Creditunveils its Eligibility Compass to modernize eligibility verification for affordable and public housing.
FISexpands its asset finance platform to include US consumer auto finance capabilities.
Insurtech
Insurance payments company SnapRefundlaunches digital claim payments solution ClaimsSnap.
Insurtech startup Pibit.AIsecures $7 million in Series A funding to leverage AI to enhance the underwriting process.
Fraud prevention
DataVisorannounces availability of its DEFEND training, a free, self-pace program to help workers better defend themselves against fraud and AML threats.
Digital banking fraud prevention and payment security company EntersektunveilsEntersekt Orkestrate, which makes it easier to add authentication and real-time decisioning to digital banking systems.
Agentic AI solutions provider for community banks and credit unions, interface.ai, has introduced a pair of new tools to help fight deepfake fraud. The company has launched two flagship products — device biometric authentication and Generative AI (GenAI) bot training — designed to help financial institutions defend themselves and their customers from fraud and unauthorized access.
interface.ai’s device biometrics solution uses device-based fingerprint and facial recognition technology to authenticate users over voice and chat AI. The new technology builds on the company’s risk-based, multi-factor authentication system, combining device and voice biometrics, AI-driven analysis, and caller anti-spoofing to protect users against evolving fraud threats while minimizing friction.
“Security in financial services demands constant innovation,” interface.ai CEO Srinivas Njay said. “With device biometrics, we are not just offering a new authentication method — we are enhancing our already formidable security framework, offering financial institutions the perfect balance of frictionless access and robust protection.”
interface.ai also unveiled a new, proprietary GenAI capability that enhances the speed of training highly capable AI-powered bots. Training AI bots typically involves manual scripts that delineate every question and response. This process is time-consuming and inefficient, insofar as much of the information a bot will provide already exists on the company’s website or within other readily available company resources. Instead, interface.ai’s new offering directs the AI to the company’s content where it automatically learns from the data and is able to provide accurate responses to customers on day one. Further, the AI bots continuously scan company content for updates to ensure that responses are accurate and current, all without requiring manual intervention.
“Our latest Generative AI capability provides a game-changing solution for financial institutions looking to scale their AI capabilities quickly and effectively,” Njay said. “By streamlining the chatbot training process, we are empowering banks and credit unions to harness the full potential of AI at a fraction of the cost and effort, while providing a more dynamic, conversational experience that resolves more queries.”
interface.ai won Best of Show in its Finovate debut at our all-digital conference, FinovateWest 2020. The company most recently demoed its technology at FinovateFall 2023, introducing Sphere, interface.ai’s GenAI-powered, multimodal, ChatGPT-like AI assistant for financial institutions. The solution is available in two iterations: Sphere for Customers and Sphere for Employees. The former replaces online mobile banking with an AI assistant that provides intelligent guidance and personalized assistance. The latter replaces up to 15 applications typically managed by frontline staff, boosting efficiency by 10x.
interface.ai’s latest launches are part of the company’s fall 2024 product release, which also features an expansion of its biometric consent options now offering integrations with DocuSign, IMM eSign, and Acrobat Sign. interface.ai also announced enhancements to its platform’s content organization that improve both efficiency and ease of use. This includes support for direct synchronization with SharePoint.
In other recent big news for the company, interface.ai secured $30 million in funding last month in a round led by Avataar Venture Partners. The first major investment for the bootstrapped-since-inception firm, the funding makes interface.ai “the most valuable AI company in banking” the company noted in a statement.
“This funding will allow us to accelerate the transformation of self-service in banking through agentic AI, delivering unified and hyper-personalized experiences that empower financial institutions’ customers and employees,” Njay said. “Our AI agents don’t just react — they anticipate needs, providing tailored advice and autonomously guide individuals toward long-term financial wellness.”
Headquartered in Covina, California, interface.ai was founded in 2019.
A look at the companies demoing at FinovateFall in New York on September 11 and 12. Register today and save your spot.
interface.ai’s Sphere is a generative AI-powered multimodal ChatGPT-like AI assistant for financial institutions. It provides both customers and employees with unparalleled banking experiences.
Features
Universal channel to enhance customer and employee experiences
Personalized and proactive guidance to achieve financial wellness
Increased revenue via upsell & cross-sell
Why it’s great
ChatGPT-like universal channel that replaces online mobile banking with an AI assistant providing intelligent guidance, innovative plugins, and personalized AI assistance.
Presenters
Srinivas Njay, Founder & CEO Srinivas, Founder & CEO at interface.ai, has 10+ years of experience in AI research and led a digital strategy from scratch for a financial institution to scale it to several billion in assets. LinkedIn
Bruce Gillooly, Sr. Sales Engineer Gillooly has 30 years of problem-solving experience in banking. He has led teams and understands the pain points organizations face from both a member-facing & employee-facing standpoint. LinkedIn
A look at the companies demoing at FinovateFall on September 13-15, 2021. Register today and save your spot.
interface.ai is the leading intelligent virtual assistant provider. They will demonstrate an AI-powered call center that automates a majority of calls in 60 days while ensuring the best customer experience.
Features
Automate majority of calls in just 60 days with AI handling 100% of the calls
Respond instantly to pre and post-authentication questions
Save $2.5 million annually as an FI with a $1 billion in assets
Why it’s great Automate a majority of calls in 60 days with an interface.ai AI-powered call center.
Presenter
Srinivas Njay, CEO & Founder Njay has decades of AI-research and experience leading digital strategies to scale. Banks inspired Srinivas to embark on a mission to enable financial wellness through AI, with interface.ai. LinkedIn
The 43,000+ members of Dover Federal Credit Union (DFCU) are the latest beneficiaries of the marriage between AI and customer care that has been a growing feature of the customer experience in financial services. The Delaware-based institution, with more than $600 million in assets, has teamed up with interface.aito leverage the company’s Intelligent Virtual Assistant (IVA) in its call center operations initially, before expanding the technology to DFCU’s website, online, and banking services.
“The IVA will enable us to create a seamless experience for members across all of our contact channels,” DFCU VP of Marketing & Digital Experience Tyler Kuhn said. “It will also help to continue to create efficiencies across the organization. With the ability of the technology to continuously learn and improve, we will be able to adapt to new member needs and evolve. Working with interface.ai also allows us to retain our personal touch in every conversation through their neutral voice-enabled system that makes every voice-interaction with the IVA, human-like.”
In the partnership announcement, Kuhn recalled pandemic-era call center volumes that were twice as large as usual and had a major impact on DFCU’s ability to serve its members at a time of crisis. Finding no traditional solution to the challenge, Kuhn said that interface.ai’s IVA had a number of key features that DFCU needed in order to effectively respond to its members. Focusing on these critical issues – eliminating support bottlenecks, improving operational efficiencies, and enhancing the overall member experience – according to Kuhn, is what led DFCU to interface.ai.
“In our search, we discovered that interface.ai’s IVA would enable us to instantly respond to member inquiries around the clock, while maintaining high service levels – ultimately leading to enhanced member experiences and further optimizing our operational costs by creating efficiencies across the organization,” Kuhn explained.
NetGuardianspartners with the University of Applied Sciences and Arts in Western Switzerland to improve ML and AI software for financial fraud detection and prevention.
Brewin Dolphin, one of the U.K.’s largest wealth managers, selectsAvaloq’s software as a service solution for its back office infrastructure.
The Paypers: Worldlinerolls out payment solution for online marketplaces.
Payjo relaunches as Interface.ai with a new interface, a new brand, and a platform for intelligent virtual assistants.
TurnKey Lenderreceives accreditation from the Singapore government’s IMDA, a certification that enables companies to expand into international markets easier.
Mambuto open a second North American-based office this year.
Authority Magazine interviews Ed O’Brien, CEO of eMoney Advisor.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
