Introduction to Fintech and Regtech
Fintech, regtech, and cybersecurity vendor, CSI, has partnered with HuLoop, a provider of an AI-powered, no-code automation platform. This partnership aims to help banks improve efficiency by presenting CSI’s NuPoint Core Banking System to financial institutions. The NuPoint Core Banking System is designed to help companies manage accounts, transactions, and other banking operations.
The Partnership and Its Benefits
NuPoint customers will have access to HuLoop’s Work Intelligence platform, which is designed for community and regional banks. The solution is intended to help them address regulatory overheads and running costs. The partnership will enable banks to streamline banking operations, unifying productivity discovery, process automation, workflow orchestration, document processing, and automated testing in lending and collection workflows.
Challenges in the Banking Sector
Challenges in the sector include customer onboarding and document-based workloads that are prone to errors and can create approval bottlenecks. Employee fatigue from repetitive, low-value tasks in environments with strict compliance necessities can put strain on staff. HuLoop’s approach combines humans and AI, where intelligent software agents oversee repetitive and mundane tasks.
How HuLoop’s Approach Works
HuLoop’s no-code platform allows banks to automate back-office tasks and improve operational efficiency. The platform enables banks to focus more on delivering exceptional service to their customers. According to Todd P. Michaud, HuLoop’s approach ensures that automation enhances people’s work instead of replacing it. Community banks and credit unions are under pressure to grow without adding headcount at the same rate. By integrating HuLoop into CSI’s NuPoint ecosystem, institutions can deploy the power of AI automation quickly, securely, and in a regulator-friendly way.
Real-World Applications
Jeremy Hoard, EVP & Chief Banking Officer of Legends Bank, said, "It’s helping us automate back-office tasks and improve operational efficiency, which allows our team to focus more on delivering exceptional service to our customers." The ultimate goal, according to Jason Young, vice president of product management at CSI, is to help banks get the most out of their core banking systems.
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Conclusion
In conclusion, the partnership between CSI and HuLoop is designed to help banks improve efficiency by leveraging AI-powered automation. The NuPoint Core Banking System and HuLoop’s Work Intelligence platform can help community and regional banks address regulatory overheads and running costs. By automating back-office tasks and improving operational efficiency, banks can focus more on delivering exceptional service to their customers.
FAQs
Q: What is the purpose of the partnership between CSI and HuLoop?
A: The partnership aims to help banks improve efficiency by presenting CSI’s NuPoint Core Banking System to financial institutions and providing access to HuLoop’s Work Intelligence platform.
Q: What are the benefits of HuLoop’s Work Intelligence platform?
A: The platform helps community and regional banks address regulatory overheads and running costs, and enables them to automate back-office tasks and improve operational efficiency.
Q: How does HuLoop’s approach work?
A: HuLoop’s approach combines humans and AI, where intelligent software agents oversee repetitive and mundane tasks, enhancing people’s work instead of replacing it.
Q: What is the ultimate goal of the partnership?
A: The ultimate goal is to help banks get the most out of their core banking systems by extending NuPoint with proven AI-based automation capabilities that simplify operations and help institutions deliver exceptional service.
