Company's growth reaffirms mission to bridge information access gaps between small and mid-sized banks and credit unions with unrivaled AI abilities
AUSTIN, Texas, June 18, 2024 /PRNewswire-PRWeb/ -- Today, Hapax, an unprecedented AI for the financial services industry, announces the enterprise version of its purpose-built generative AI solution and introduces its executive team, officially entering its next phase of company growth.
Just a few short months after the company's launch, Hapax has introduced the availability of Hapax Enterprise, a custom AI solution that enables financial institutions who are struggling with a lack of resources and expertise to keep up with an ever-changing regulatory and competitive environment. Hapax Enterprise is trained on more than 20,000 documents, 10,000 hours of video, and 230,000+ banker conversations, while also integrating data from over 100 industry-trusted sources to ensure regulatory compliance.
Hapax Enterprise is purpose-built to meet the needs of financial institutions and requires no additional training, fine-tuning, or resources. The solution makes it possible for this highly regulated industry to gain access to data that deeply understands the nuances and complexities of banking instantly. In addition to providing insights based on a vast amount of third-party banking data, Hapax Enterprise allows users to upload their own documents, so every output is tailored to each institution's unique needs and policies.
To lead the charge, Hapax has thoughtfully curated its executive bench and brought on industry leaders to lead this transformative time in the company and turn the promise of generative AI into a reality for financial institutions. Hank Seale has been named CEO in addition to his current role as Board Chairman.
"The work we're doing at Hapax aligns with my lifelong mission to create parity among small and big banks through the availability of information and collaboration," said Hank Seale, newly appointed CEO of Hapax. "I am excited about developing new opportunities for banks to better serve their customers and communities. The potential of Hapax's revolutionary technology has already been demonstrated, and the team is eager to build on this momentum by bringing Hapax Enterprise to the financial services industry."
Seale is an industry veteran and visionary who has spent his career building successful financial services software companies that bring innovative solutions to the community bank and credit union marketplace. Alongside him joins Aaron Kwan as Chief Revenue Officer, whose prior experience partnering with banks and credit unions gives Hapax the ability to connect with financial institutions in authentic, meaningful ways, empowering the entire industry. Together, Seale and Kwan have more than 60 years of experience in bringing innovative solutions to market for banks and credit unions. Kevin Green has also been named Chief Operating Officer and Connor Huddleston as VP of Product and Engineering.
Hapax's expert leadership combined with the platform's unique dataset equips community banks and credit unions with AI-powered:
- Regulatory Monitoring: Hapax Enterprise enables institutions to create a custom solution for regulatory monitoring without the need for advanced data and engineering resources. Now, all institution employees can easily access internal policies and procedures to accurately deliver on customer expectations with speed and precision.
- Proactive Notifications: Notifies institutions of proposed rule changes and shares recommended policy updates that can be instantly added to existing documents to ensure compliance.
- Regulatory Preparedness: Allows banks and credit unions to stay ahead of regulatory changes and requirements, make changes before proposed rules are implemented and train staff ahead of pending changes so that they are ready to adapt once the rules are in place avoiding delays in implementation.
- Multi-functional Activation: Acting as a custom GenAI solution, Hapax Enterprise learns the tone of voice and standards for each individual institution, enabling the creation of new documents that sound exactly like their brand. From external marketing and communications functions to internal training manuals and technical documents, the solution optimizes staff workflows making it easy for them to meaningfully engage with customer needs, troubleshoot issues, and learn new technologies instantly.
- Enhanced Accessibility: Provides every employee with instant access to the information they need, increasing effectiveness and reducing internal inefficiency.
These features deliver on Hapax's mission of leveling the AI playing field for banks and credit unions. Hapax is already making a difference at banks including Texas First, and Bank of the West.
"We are eager to implement Hapax Enterprise and see the power of the tool transform our banking operations," said Cynthia Blankenship, Vice Chairman and Corporate President of Bank of the West. "Traditionally, our employees have spent a significant amount of time looking for guidance internally or externally to comply with specific regulatory requirements. This process is not only time-consuming but takes away from our employees' ability to serve customers, which is our first priority. With Hapax Enterprise, we are confident that this will no longer be an issue, and we can serve our customers better by having access to an always-on AI platform that will keep us compliant and help us streamline internal processes."
This announcement follows Hapax's closing of just over $2.6 million in funding led by RHS Investments. To learn more and request a demo visit, https://www.askhapax.ai.
About Hapax
Hapax is an unprecedented AI for the financial services industry. Leveraging an exclusive partnership with CBANC, it utilizes 13 years of proprietary data, consisting of 20,000+ documents, 10,000+ hours of videos, and 230,000+ strategic conversations between bankers. This allows the product to deliver accurate and validated responses needed by the heavily regulated banks. Via its product, Hapax aims to bridge the information gaps between big banks and smaller banks by making access to complex information ubiquitous and immediate. To learn more, visit https://www.askhapax.ai.
Media Contact
Rebecca Reese, Kickstand Communications, (603) 305-4155, [email protected], https://www.askhapax.ai/
SOURCE Hapax
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