Payrailz, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, has launched Action Insights, an integrated product offering that helps financial institution users proactively manage their finances.
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Action Insights leverage data-based intelligence and AI to serve highly personalized recommendations to users based on their unique payment history and transaction data. Action Insights are presented proactively to prequalified users on the platform via notifications to help them stay on top of their finances. This value-added service helps users save money, manage bills effectively and reduce their financial stress by allowing AI to do the work for them. By making transactions simple for the user, Action Insights also builds a strong digital relationship between the user and their FI.
The “Lower My Bills” Action Insight, saves money for financial institution users who are overpaying for their household bills. Users are prequalified by Payrailz and shown a bill reduction Action Insight that includes an estimate of the actual savings they can achieve. If interested, the user can accept the offer and lower their bill without changing their provider or the level of service they receive. Lower My Bills is powered by a backend API integration with Billshark, a bill negotiation service that will negotiate with service providers on the user’s behalf to lower their bill.
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“Action Insights are unique in that they use the power of artificial intelligence to target individual people and meet their specific needs,” said Kavita Singh, VP of AI Product Management at Payrailz. “Data-driven solutions like Action Insights are the key for adding value to relationships between financial institutions and those they serve.”
Indiana-based Evansville Teachers Federal Credit Union deployed Lower My Bills for its members in December 2020. “Making our members’ lives simpler is a huge competitive advantage for us, however, allowing them to save money every month is even better,” said Bill Schirmer, President & CEO of Evansville Teachers Federal Credit Union. “After what has been a challenging year economically, we are thrilled to put solutions in place that help ease the financial burden for our members.”
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