This Member Relationship Management solution is our leading solution in the Credit Union Space, that we’ve developed in collaboration with the MDC Credit Unions. It is a truly transformative platform that helps the Credit Unions maximise Member Experience in a practical, effective and feasible way. This MRM Solution has 6 core modules which are CRM, Business Trouble Ticketing, Apps/Forms/Workflows/eSignatures, Knowledgebase, Chatbots and Robotic Process Automation. The current status with most credit unions is having multiple systems with data silos that don’t integrate with each other, which presents a lot of challenges in managing an optimal Member Experience for the Credit Unions. The MRM solution addresses this issue by being a platform that can truly present a Member 360 view, by pulling relevant information from multiple system silos and presenting it within MRM. This MRM platform is positioned as the foundation or plumbing over which the other NextGen Credit Unions solutions can be deployed.
We are currently in work-in-progress and implementation mode for a Fraud Management Solution at the Credit Unions that can significantly improve their fraud detection and mitigation options, and also reduce their risk of fraud in the future. We expect to release initial versions of this platform in Q4 2020. The Fraud Management module has two key functional areas, one is a Fraud Management dashboard for Fraud Team users, where this system uses RPA to pull in data from multiple systems that are related to investigating any fraud alert, to ensure that the fraud teams spend their time reviewing information to take their subjective decisions, versus spending most of their time, as they do today, logging into multiple systems to investigate fraud alerts. The second functional area for the Fraud module is to allow the Fraud team to intervene in real time for suspicious Member activity at the Branch or at the ATM, for applying holds on accounts and executing related actions, based on business rules that get triggered on Member activity with the teller and/or ATM/s.
This is another strategic Credit Union specific platform that we are working on, to address the key challenges that Credit Unions face today in authenticating Members calling into the Contact Centre, and/or interacting with the Credit Unions online and through other digital channels. The COVID-19 situation is going to accelerate the need for Credit Unions to engage more actively with Members through Digital channels, and solving the Member Authentication issue to reduce fraud is critical going forward. Our current initiative is in two specific areas, one is to authenticate and identify Members through nextgen Voice Biometrics and the second is to authenticate and identify Members through Face Biometrics. The Biometric authentication option will reduce the stress levels of frontline staff, who currently are stressed about accurately identifying and authenticating Members, to instead focus on delivering the great Member Experience that Credit Unions are known for. This module is also being designed as a loosely coupled module to ensure it can plug and play with the existing digital solutions that the Credit Unions already have in play.