TUKWILA, Wash.–BECU has acquired EarnUP, a fintech that provided financial tools aimed at helping people improve financial well-being, along with the firm’s generative AI capabilities.
It has brought onboard the company’s 13 employees as it builds out its AI-based offerings, including EarnUp’s former CEO and co-founder, Nadim Homsany, who is now SVP of AI strategy and innovation with BECU.
According to BECU, Homsany and his team are developing a generative AI tool for BECU.
In a posting on a BECU blog, Homsany said the credit union is now preparing to launch “AI Advisor,” which will provide “more personalized guidance and real-time advice.”
The $29.4-billion credit union did not provide a date for when it expects to rollout the new offering for members.
In the blog posting, Homsany, who responded to questions from Katie J. Skipper, community content manager with BECU, said that when it comes to the personal finance questions generative AI has the potential to solve, “The broad answer is that AI can increase access to personalized financial products and services for more people to support them in improving their financial health. It can increase efficiency and streamline processes for employees, and that reduces costs.
Right Advice, Right Time
“I think the more specific, narrower answer related to financial health is that if we can get people the right financial guidance when they need it, then they can make better financial decisions for themselves to improve their financial well-being,” Homsany added, noting that “…if you can get the right financial guidance at the right moment in time, people make really, really good decisions.”
For BECU, Homsany said AI can also bring a lot of efficiency to the table, reducing the cost of providing those services while also helping to process existing regulations and adapt to new regulations faster than the credit union otherwise would be able to do.
In offering a preview of AI Advisor, Homsany said the tool is being developed to “deliver sound, unbiased financial guidance that helps members achieve their financial goals.
Example Offered
“Let’s say you’re applying for a loan,” Homsany offered by way of example. “You’ll be able to ask what steps you need to take, and AI Advisor will talk about different factors, based on your specific financial situation, that you might need to consider. If your credit score needs to be higher to help you get a loan, AI Advisor will suggest different ways you can manage your expenses or other debts to help you get a better credit score and set you up for success.
You can ask the tool to break down what your actual expenses are and make recommendations for where to cut costs or suggest steps…”
The full interview and discussion can be found here.