Urban FT : Empowering Banks, Credit Unions, and Neobanks to 'Dream Big, Deliver Exceptional' with Intelligent Automation

Artificial intelligence (AI) is a powerful ally for banks, “neobanks”, and credit unions looking to differentiate. It will analyze and learn in real-time to deliver an enhanced user experience (UX). And that’s great, but what is AI exactly? AI is a system’s ability to analyze information and learn without ongoing human intervention. These AI-based systems are making decisions based on highly trained models educated through Machine Learning. Creating an AI-based system to make decisions isn’t hard, it’s easy. Developing one that makes educated and informed decisions? Fundamentally different.

Leading FinTech company, Urban FT, based in New York City and serving Financial Institutions (FIs) throughout the US, is focused on empowering FIs–especially local and regional banks, credit unions, and neobanks–to scale continuous innovation so they can gain a competitive advantage. The company’s vision is succinct and powerful: “Dream Big, Deliver Exceptional.” By helping CIOs of FIs benchmark their current infrastructure against top industry standards, Urban FT identifies the areas ripe for transformation, including where there are opportunities to use AI-driven solutions to challenge the status quo in financial services, tackle problems, and delight users.

Now is a pivotal time for AI innovation to fundamentally improve money movement

With the transaction landscape in rapid flux, the COVID-19 pandemic has accelerated the need for real-time payments (RTPs). But even though RTPs spiked 41 percent in 2020, according to ACI Worldwide, they still represent less than a tenth of the world’s payments. Most FIs still take several days to process a transaction. Now is the time for local banks, credit unions, and neobanks to cut in and fill the gap. Apart from being more efficient and less expensive, RTPs have also been fully embraced by many–especially younger consumers.

As FIs look to deploy next-gen RTP solutions, they must also find creative ways to improve the efficiency of legacy systems to support their users’ ranging needs. Paper checks, for example, are expensive to support at nearly $3 per check. FIs must re-engineer traditional services to deliver better end-to-end experiences that increase confidence, reduce costs, and increase operational efficiency.

Delivering agile money movement solutions

Urban FT’s Quick Money Movement™ product suite allows the smallest of FIs to adopt in-demand solutions, such as RTPs and Remote Deposit Capture (RDC), and compete with the deep pockets of multinational banks and the innovation of big tech. For example, RDC is “table stakes” for FIs in 2021 but now requires systems to be far more intelligent than previously imagined. It must support a multitude of key indicators, including improved image quality analysis, better optical character recognition (OCR) capabilities, and increased risk mitigation measures.


By helping CIOs of FIs benchmark their current infrastructure against top industry standards, Urban FT identifies the areas ripe for transformation

Quick Money Movement delivers FIs with solutions that engage more users by meeting their specific needs. The bottom line is that this enables users to deposit checks quickly and easily while saving time and money for the FIs that support them. What makes Urban FT’s AI system so valuable is the access to data that the majority of FIs simply don’t have. With more than 500 clients, their platform currently supports 5 million monthly mobile banking sessions, $26 billion in annualized transactions, and 22 million items processed each year. This data has been leveraged to train our models, which unleashes a highly refined AI system for FIs, both big and small.

Urban FT’s full suite of check imaging solutions, paired with its back-office risk mitigation tools, can be fully customized with APIs, or deployed as a pre-configured solution.

Guiding FIs with the industry’s first FinTech Core

Driven to continually evolve, Urban FT believes that innovation requires endless discovery so that FIs can break free from fragmented and over complex banking, payments, and FinTech ecosystems. That’s why the company has launched the world’s first FinTech Core, X-35, which is powering more than 500 FIs to rapidly adopt AI and other FinTech innovations they wish to implement.

As an API-first, developer-friendly, and cloud-based technology hub, X-35 operates in tandem with an FI’s Banking Core or Payment Processor to unite all the solutions it wants to ingest into one centralized platform. This streamlines API integration for CIOs of FIs, offering one vendor relationship governed by one contract.

Urban FT is committed to helping transform AI innovation from impossible to possible, providing both the foundation and the plumbing so that FIs can deliver tomorrow’s FinTech innovations today.

Company
Urban FT

Headquarters
Brooklyn Park, MN

Management
Richard Steggall, CEO

Description
Leading FinTech company, Urban FT, based in New York City and serving Financial Institutions (FIs) throughout the US, is focused on empowering FIs–especially local and regional banks, credit unions, and neobanks–to scale continuous innovation so they can gain a competitive advantage. The company’s vision is succinct and powerful: “Dream Big, Deliver Exceptional.” By helping CIOs of FIs benchmark their current infrastructure against top industry standards, Urban FT identifies the areas ripe for transformation, including where there are opportunities to use AI-driven solutions to challenge the status quo in financial services, tackle problems, and delight users

Urban FT