Global Recognition for Fern Software’s Quantum AI
At the September 2024 Global SME Finance Forum, organized by the IFC and World Bank in Sao Paulo, Brazil, Fern Software’s Quantum AI was awarded the prestigious Gold Award for Product Innovation. Competing against over 250 global entrants, Quantum AI stood out for its ability to revolutionize loan decision-making. This breakthrough technology reduces loan processing times from hours or days to mere minutes, providing credit unions with a significant competitive edge in both efficiency and cost savings.
Transforming Credit Union Lending with AI
Fern Software’s Quantum AI automates loan decisions, enabling credit unions to deliver faster services to members while reducing operational costs. By cutting decision times to just minutes, credit unions can offer superior service compared to competitors like Revolut and traditional banks.
Since its implementation in partnership with Metamo and Irish credit unions last year, Quantum AI has facilitated over €1 billion in loans to thousands of members. Fern and Metamo are expanding the AI-driven solution to additional credit unions, adapting to the evolving needs of both customers and the market.
Next-Gen Financial Technology for Today’s Credit Unions
Quantum AI integrates artificial intelligence with open banking, SMS, and e-documentation, creating an agile, comprehensive solution that meets member expectations at lightning speed. In today’s competitive lending environment, innovation is key to survival. With Quantum AI, credit unions can address critical industry needs like cost reduction, regulatory compliance, and risk management.
AI: Shaping the Future of Credit Union Personnel
The introduction of AI to streamline processes will inevitably transform the roles of credit union staff. Fern Software anticipates that staff will transition to more strategic, decision-making roles as they are trained to fully leverage artificial intelligence. Quantum AI includes built-in training and support, ensuring that credit union staff can seamlessly adapt to this new technology.
Supporting Regulatory Compliance
Quantum AI also supports evolving regulatory requirements. Its comprehensive audit trail feature records every interaction with prospective borrowers—from initial meetings to digital communications—ensuring full transparency and compliance in the era of AI-driven lending.
Looking Ahead: Fern’s Vision for the Future
As a first-mover in AI applications for the financial industry, Fern Software has a clear roadmap to embed artificial intelligence across its entire product range. Future innovations will encompass core banking, analytics, insurance, and customizable dashboards, ensuring that Fern continues to drive industry growth.
With new clients in Canada and Singapore, and a growing presence in Asia, North America, Europe, and Africa, Fern is poised for global expansion. The 2024 SMEFF/IFC award underscores the company’s commitment to delivering cutting-edge solutions that help credit unions meet and exceed member expectations in an evolving financial landscape.
