US-based fintech startup Cognerium, which offers artificial intelligence (AI) powered digital banking solutions, has launched a new software platform aimed at credit unions and small-medium banks.

Cognerium’s new platform is aimed at allowing these financial institutions to digitise their operations and launch new offerings to meet dynamic customer demands. 

The platform is equipped with features such as digital lending, wealth management and anti-money laundering (AML). 

The digital lending services cover the entire process of loan origination and disbursement to management. 

For the wealth management service, banks and credit unions have access to a robo advisor app that allows them to offer automated and personalised services to customers. 

Cognerium’s AML feature leverages real-time analytics and machine learning models to screen volume transactions for money laundering and to detect hidden patterns.

Other services offered by the platform include an AI-powered CRM and a current expected credit losses (CECL) solution. 

The CRM can be used by the sales and marketing teams to grow the secured and unsecured loan portfolios and the CECL allows clients to meet compliance requirements and address credit impairment concerns.

Cognerium CEO Assad Shaik said: “In an age of digital transformation, small-medium banks and credit unions are being left behind because they lack the resources to keep up with the large banks.

“With Cognerium, they can quickly digitise their operations and launch new financial products, as well as provide banking services to new market segments such as the cryptocurrency market.”