What is eMACH.ai, And Why Does It Matter to Credit Unions in the UK?
There are approximately 240 credit unions in the United Kingdom1, with members across the nation—and the number continues to rise. While they perform critical banking functions, they often face several challenges along the way. These include meeting the demand for comprehensive, quick, and seamless member experiences while controlling operational costs.
Credit unions are organisations that work on a membership basis, and members can participate in their functioning and receive profits from the organisation. They also offer affordable loans to members and work similar to co-operatives2.
Let us explore how eMACH.ai can help credit unions in the UK embrace technological changes and keep up with member demands.
What is eMACH.ai?
eMACH.ai stands for:
1. Event-Driven Architecture
2. Microservices
3. Open API Framework
4. Cloud-Native & Cloud-Agnostic
5. Headless Capability
6. Embedded Artificial Intelligence3
Our structure allows credit unions access the world’s largest and most comprehensive Open Finance Program.
What is eMACH.ai, And How Does It Work?
eMACH.ai is a revolutionary technology designed to simplify the banking and insurance sectors. Designed using the First Principles Thinking, the platform zip-codes 535 events, over 1757 APIs, and 329 Microservices. Its offerings make it one of the most comprehensive Open Finance Vaults used by financial institutions for designing traditional product-pivoted solutions and customer-desirability-based solutions.
Financial institutions typically arrange their offerings based on events like retail, HNI, SME, financial, or regulatory and compliance events. eMACH.ai platform’s intelligent functioning helps keep the customer in focus, enhance member satisfaction, and ensure regulatory compliance.
eMACH.ai is a comprehensive and versatile platform for financial institutions that harnesses the power of AI, streamlining and optimising operations4.
The 5 Principles of eMACH.ai
1. Configurability: eMACH.ai’s first principle is configurability. It efficiently handles the configurability of lending solutions and core baking processes.
2. Composability: It allows organisations to combine different AI technologies and factors to meet their specific requirements.
3. Richness: eMACH.ai is packed with innovative and intuitive features. Its interface gives businesses the tools needed to optimise their operations and helps them harness the power of AI.
4. Easy Integration: eMACH.ai’s user interface is intuitive and comes with easy-to-use tools. This makes the process of implementing it with existing systems much quicker and easier. Additionally, it can be customised to cater to individual needs.
5. Scalability: eMACH.ai has the capability to gauge AI operations and meet organisational requirements. Some examples of this include the ability to accommodate changes in data, storehouse conditions, and computing5.
Additionally, eMACH.ai accelerates the onboarding process, allowing financial institutions to onboard customers within 3 minutes. It also allows integration with fintechs and offers credit card services (like buy now, pay later, or BNPL). It also enables users to choose their preferred payment methods and supports a variety of payment rails.
How Can eMACH.ai Work with Credit Unions in the UK?
eMACH.ai addresses numerous challenges faced by credit unions in the country. Like many other financial institutions, credit unions strive to offer members the best possible contextual and personal experiences. Having existed for several years, their systems need updating to keep up with increasing customer demands and rapid technological advancements. Intellect Design’s eMACH.ai can help credit unions step into the future.
With eMACH.ai’s structure, credit unions can leverage the largest and most comprehensive Open Finance Platform to compose a unique member experience. Intellect Design offers a suite of products built on eMACH.ai, covering lending, cards, digital banking transformation, core banking, treasury, and central banking. Credit unions have the option of customising their services and selecting services that align with their members’ journeys, product structures, member needs, and growth.
In terms of security, it also complies with compliance regulations across several areas. They deal with anti-money laundering (AML), data privacy, messaging standards, and consumer protection. This platform can be used across the EU, Nordic regions, and the UK.
The CEO of Intellect Global Consumer Banking, Rajesh Saxena, describes the platform as a means to “democratise the financial services space,” levelling the playing field for financial institutions across Europe and the UK. It helps banks and other financial institutions drive value creation for customers and connect with partners6.
Intellect’s end-to-end digital banking solutions have been carefully designed for connected ecosystems. Its future-focused solutions mean credit unions can now partner with other fintechs, rapidly launch products to help drive revenue, and attract a newer, younger audience.
Focusing on the Future
Credit unions play a central role in the lives of their members. Usually run as non-profit organisations, they are owned by members who live or work in a particular area or industry. Many rely heavily on volunteers for their functioning, and they offer financial solutions (like small loan amounts) for members, particularly those who are less well-off.
The UK’s credit unions provide crucial services to the communities they serve. However, financial strains, outdated technology, member demands, security concerns, and operational issues have heavily affected their functionality over recent years. eMACH.ai’s platform provides solutions that can help UK credit unions step into the future.
Intellect is committed to enhancing credit unions’ daily operations and improving member satisfaction so they can provide essential services to the community for years to come. We make it easy for you to choose and customise your banking solutions platform powered by cutting-edge AI technology.
To learn more about our capabilities and offerings, request a demo today!
References
1https://www.theguardian.com/money/2024/feb/04/uks-credit-unions-face-uncertain-future-amid-cost-of-living-crisis
2https://www.fairshare.uk.com/about-fairshare-credit-union/credit-unions/
3https://www.igcb.com/blogs/world-credit-union-conference/
4https://emach.ai/
5https://ibsintelligence.com/ibsi-news/intellect-launches-emach-ai-a-revolutionary-open-finance-platform/
6https://www.fintechfutures.com/2023/04/intellect-launches-new-open-finance-based-core-banking-platform-emach-ai/
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