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Five Things Every Credit Union Should Consider When Using AI-Powered Bots and Live Engagement to Create the Ideal Member Experience

Digitization and mobile banking continue to expand and alter the traditional branch-based model for credit unions. AI-powered BOTs are transforming online customer interactions for all industries and are behind improved user experience in all corners of the financial services industry, including credit unions. BOTs can do everything from quickly helping customers find basic product information, to starting the process of opening a new account, or handing a customer off to a verification agent in case it cannot successfully complete an anti-fraud test. AI-enabled BOTs help live agents provide fast, personal service to online members.

AI BOTs, and live engagement technologies are the key to an exceptional online experience for credit union members. As the demands of today’s members change and expand, credit unions need to embrace a robust online presence to be able to maintain a personal connection with them, provide them with service that meets their expectations, and build brand loyalty. Here are five tips every credit union should consider as they build out their online branch and try to create the ideal member experience with the help of AI, BOTs and live engagement.

#1 – Live engagement with AI-powered BOTs can be the key to excellent member service
There is no question that banking has changed. Banks have fewer branches and members are doing more and more banking online. Credit unions build their brand by establishing a very personal connection with members and are under pressure to have an online presence that serves them on their own terms. Today’s members want to be able to conduct business outside of regular branch hours and engage with a credit union when and where they decide to do so.

AI, BOTs and live engagement technology can help credit unions connect with members on their terms, while still providing a level of personalized service that people expect from a credit union.

There are a wide variety of BOTs available to credit unions that want to enhance the online member experience. Member AssistBOTs can handle FAQs, help after-hours visitors, set up an appointment with a mortgage specialist online or in-person, or help with simple tasks such as a PIN change. Agent AssistBOTs equip busy agents with vital customer knowledge so customers will have a seamless experience. Proactive NudgeBOTs ‘greet,’ ‘meet,’ or ‘complete’ a process. You can target actions from a nudgeBOT based on a Google Ad or an email campaign.  The NudgeBOT can “meet” the customer when they land on the targeted page so, there is an action that is enhancing the expected customer journey from your ad or email – Driving better conversion rates. AI-powered BOT technology holds a lot of promise and potential to help credit unions deliver high-end service, increase net revenue and build customer loyalty.

#2 – Complex websites can be frustrating for casual members looking for a quick answerMore and more features are being added to digital channels to meet member demand, lower the cost of servicing members and provide responsive service to visitors and potential members. Credit union members want to be able to access a full range of services online, at their convenience. The added complexity to the overallmember journey is taking a toll on the user experience, however. credit unions need to be able to better support the range of member needs outside standard business hours while helping navigate a complex online offering.  

AI ChatBOTs offer a great way to address the needs of both the member and business, in terms of delivering efficient and timely customer service. MwemberMember AssistBOTs have a friendly conversational style that allows them to get answers efficiently, without having to spend a lot of time wading through a complex site.  They can help answer a question quickly (like hours of operation or the credit union branch’s street address).  As part of the conversation, they can lead members directly to the right webpage through co-browsing, bringing the user immediately to the information they are seeking. Members expect this approach to finding information on websites and can get frustrated with sites that do not offer this conversational option. 

#3 – Make BOT tasks simple

A popular misconception is that the key to ChatBOT success is to build a BOT that understands the intent of a complex multi-part communication from a member. That approach can result in disappointing and frustrating user experiences and less than optimal business results. The here and now of business success with BOTs is simplicity
The goal of a ChatBOT should be efficiency. BOTs should be built to handle volume, not complexity. The simpler the question, the better suited it is for automation with a BOT. The focus should be on making the experience simple for the customer. Businesses need to identify the most common member questions and build the BOT to answer those. For complex or infrequent questions, BOTs should be trained to quickly transfer to a human agent without wasting the caller’s time. Focusing on simplicity will result in high member ratings and a real business ROI.

#4 – Use live agents to meet complex member needs.
Credit unions can boost member satisfaction by equipping their online site with capable live agents that can help members with difficult questions or complex tasks without requiring them to go to an actual branch office. 
Let’s say, for example, a member has relocated to a new city and has decided to move their accounts to your credit union from another financial institution. This process demands that detailed forms be filled out. In the past, a member would need to travel to a branch for help, since providing all the forms and the guidance to fill them over the phone was too difficult. Thanks to live engagement with co-browsing and co-form fill technology, live agents can now help credit union members navigate complicated paperwork online. Jointly filling forms and thus saves them time and delights them with superior service. This kind of improved memberr experience builds member loyalty and can further bolster the credit union’s reputation for fast, personal service.
#5 – Combine Virtual Agents with Human Agents for an unmatched user experience .
Organizations need to understand the needs o fmembers and deploy effective ChatBOTs to meet those needs. An effective BOT will power the member journey with data and analytics that allow it to understand the member BOTs need to be integrated with a company’s knowledge base and transactional systems so members will get a seamless, personalized experience. Virtual agents and human agents need the capability to co-browse so members can get a guided tour of information or products they are interested in. Perhaps most importantly, BOTs need to be able to make a seamless transfer of a qualified member to a human expert who can handle complex issues or complete a process when appropriate. By leveraging all the benefits of AI and live engagement, credit unions will have all the tools to provide the kind of robust, responsive service that will give them a competitive edge.

Conclusion: AI and BOT technology is already widespread across the internet, and BOTs of all varieties are having an impact on the credit union member experience. Savvy organizations can embrace the promise of these new technologies as they evolve to better serve their members, build brand loyalty, and increase sales.

Priya Iyer, Chairman, and CEO, Vee24

With over 25 years of diverse international experience in nearly every facet of software, Priya is a proven, high-growth entrepreneurial CEO with a leadership philosophy centered on engaging clients and employees to build industry-leading SaaS software platforms and delivering exceptional stakeholder value to achieve sustainable competitive differentiation.

This content is for CU BUSINESS eMagazine + WEB ACESS and THE TEAM BUILDER (GROUP SUBSCRIPTION) members only.
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