Credit unions are turning to chatbots and AI for member services

Credit union call centers and other lines of support for members are under heavy strain since the start of COVID-19 in 2020. But industry leaders and experts believe the artificial intelligence can answer.

For organizations that prioritized digital solutions versus the closure of physical branches during the pandemic, many were motivated to integrate chatbots and other tools for machines into a hybrid work environment.

Some believe that even though workplaces are bringing employees back to self-employment, these tools are essential for reducing the burden on front-line workers – and are starting to do so. large investments in the market through new organizations.

“As artificial intelligence and chat technology evolves, we’ve seen an increasing demand for conversational AI as a way to facilitate traditional research,” said Dan Michaeli, founder and CEO of Glia. a financial technology company based in. New york.

“A large percentage of contact center applications are traditional transactions, and AI presents a great opportunity for financial institutions to allow chatbots to handle these inquiries while freeing up their live agents to focus their time and power over the war, complex questions from their representatives. ,” he added.

Glia specializes in consumer computing offerings such as artificial intelligence chatbots, also known as conversational AI, search-driven tools and other things and is expected to incorporate this process with its recent credit union organization.

Officially launched in December, CUSO enlists the financial support and expertise of many credit union members from a variety of asset classes. It provides an opportunity for those organizations to work closely with Glia’s top management while establishing an advisory board of professionals that the company can draw upon for additional insight. .

From left: Ryan Brogan, senior director for Cornerstone Advisors, Dan Michaeli, co-founder and CEO of Glia and Eli Vazquez, CEO of Bank-Fund Staff Federal Credit Union. “The pandemic has accelerated a trend we’ve already seen – the move to digital customer service as a way to meet existing people and share information to accelerate business and improve knowledge members,” said Michaeli.

Institutions that invested in the new organization include the $6.4 billion-asset Bank-Fund Staff Federal Credit Union in Washington DC, the $16.4 billion-asset First Technology Federal Credit Union in San Jose, California, the $1.1 billion-asset Harvard University Employees Credit Union in Cambridge, Massachusetts, the $795 million-asset SkyOne Federal Credit Union in Hawthorne, California, and the $1.8 billion-asset Unitus Community Credit Union in Portland, Oregon.

Glia found through feedback from customers that there is a need for a unified platform that can manage various communications with members and support access to devices through AI, Michaeli said.

“The pandemic has accelerated a trend we’ve already seen – the move to digital customer service as a way to meet existing customers and provide experiences that accelerate business and improve the common experience of the saints,” said Michaeli, who added that social interaction was the cause. Many credit unions offer a wide selection of digital service providers.

For many organizations that still use a hybrid work environment, the use of AI-powered chatbots and other tools to help automate lengthy processes that remain top of mind.

A Cornerstone Advisors latest report A survey of nearly 300 bank and credit union leaders found that 30% of credit union respondents have already invested in or deployed chatbots by 2022, and an additional 25% plan to do the same in the 2023.

Experts agree that digital customer experience can help reduce the burden on physical workers and better allocate resources for more complex applications, and many credit unions are investing in technological improvements after the effects of the disease.

Ryan Brogan, senior director for Cornerstone Advisors, showed how traditional call centers are overwhelmed by simple requests that could be addressed by an AI conversation – freeing up staff for more complex issues.

“In our work, we see contact points that are still struggling with a lot of communication that is normal in nature,” before the pandemic, where credit unions were reluctant to use tools to learn eat machines for personal service. they now know that relying on manually handling every interaction “is very expensive in terms of scale,” Brogan said.

Eli Vazquez, CEO of Bank-Fund Staff Federal Credit Union and Glia customer, said his organization is always looking for ways to better use technology to serve people. He hopes that being part of Glia’s CUSO will help with that by providing opportunities for accurate information to credit unions use automation such as chatbots and search guidance tools for support staff.

“Through CUSO, we are joining a community of credit unions that share a common mission – to use leading technology to better serve our customers and create a stronger competitive advantage,” the Vasquez said. “Those involved are committed to innovation and continuous improvement to foster loyalty and human growth.”

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