Financial communications firm Eltropy, which specializes in credit unions (CUs), has acquired video banking relationship startup POPi/o, according to a Wednesday (June 8) press release. Terms of the deal were not disclosed.
The acquisition supports Eltropy’s digital communications platform and will deliver solutions to more than 400 CUs to help them meet members’ needs online and in person at a branch, the release stated.
With POPi/o’s video banking and contact center technology, Eltropy can deliver to CUs a single platform that provides automated text messaging powered by artificial intelligence (AI) as well as video banking and secure chat. In addition, the acquisition means Eltropy can offer CUs chatbots, co-browsing, live observe, screen sharing capabilities, eVerify, eNotary, eSign and video check deposit, according to the release.
“During the pandemic, credit unions faced the twin challenges of finding new ways to connect with their members remotely while continuing to streamline in-branch services,” Eltropy Co-Founder and CEO Ashish Garg said in the release. “By joining forces with POPi/o, we’re empowering credit unions to build robust virtual branch capabilities and serve members anytime, anywhere, in the channel of their choice.”
Garg added in the release that Eltropy’s solutions can help CUs “deliver on the promise of digital transformation” and offer their members a better experience whether online or at a branch while also providing for “rapid expansion in new markets without the need for a physical presence.”
In last month’s study, “Credit Union Innovation: Product Innovation as the Key to Membership Growth,” a PYMNTS and PSCU collaboration, PYMNTS surveyed more 4,800 United States consumers, over 100 CU decision makers and more than 50 FinTech leaders about payment innovation.
The results showed CUs are redoubling their focus on partnerships and new products to fight off rivals.