Customer expectations when it comes to convenience is higher than ever. Without having to look up from your screen or even leave the house, life is happening right at your fingertips. Swipe here, touch there, within seconds groceries can be delivered, appointments can be scheduled, and reservations can be made. Convenience has been raised to an art form and more and more consumers are becoming accustomed to a smooth customer experience.
We all know that big banks have cashed in on technology. Customers can make deposits from their phones and get real time information round the clock. But what about credit unions? How can they maintain their traditional business models that emphasize community focus and still meet the growing needs of today’s member?
In the past, credit unions have found success by maintaining a passion for serving its members face to face. But with mobile banking quickly becoming the channel of choice, traditional credit union methods won’t be enough. In the view of these smaller community banks, enabling anything automated seems to be perceived as a contradiction to their mission. However simply defining good member service and looking for ways to deliver it consistently should be reason enough to look further into why and how they can catch up with the times. To address changing member preferences and needs, credit unions will need to develop new capabilities.
Implementing chatbots in credit unions should not be perceived as cold and heartless, but as efficient and cost effective. A member calling in to ask routine questions is probably not wanting a 30-minute chat with a teller about their weekend, but instead, just wants the facts quickly. Chatbots can respond to questions with real answers simulating the experience of chatting with a human. The information they provide is accurate and in real time ensuring members are getting exceptional service 24/7. The cost of delivering the consistent member service is significantly reduced and could even solve hiring, staffing, and technology challenges for the credit union.
In order for a chatbot to work well and provide good service in a Credit Union, it would need to be able to handle the gray areas common in banking. For example, not all fee reversals are equal. A member in good standing that experiences their first overdraft fee in 5 years might be seen as an easy reversal as opposed to an individual who has had them a few times a month. Consequently, to setup a chatbot, a credit union would have to muddle through all of the small gray area decisions that its employees are given the power to make on their own.
It doesn’t seem like a big leap to have a chatbot do the heavy lifting and enable the existing staff to elevate their delivery and focus on the next tier of member enhancing services. With bots that can interact with customers, credit unions can build on the member focus they are known for. Currently, the industry is experimenting with how they can deploy these intelligent systems. In theory, AI can help members learn more about their spending patterns, make more savvy investments or simply resolve customer service complaints in a more seamless fashion.
The real challenge is not whether credit unions will use chatbots but when. Contact Blueworx today to find out how we can help you on your AI journey today.