Source: Shutterstock.
It's no secret that U.S. consumers have increasingly adopted and preferred digital credit union solutions. More than 70% of customer engagement interactions will start in a digital channel and be resolved entirely from there, according to a recent Javelin webinar. Likewise, PwC issued a consumer survey that found 61% of consumers interact with their financial institutions on a weekly basis via digital channels.
While consumer expectations continue to trend further toward seamless digital experiences, so too do the needs and demands of your employees. The pandemic has ushered in new hybrid workforce models for many organizations.
Recommended For You
This transformation goes beyond installing traditional platforms that simply facilitate remote work and communication. Effectively supporting your workforce while creating the delightful experiences your members expect may require accelerating your digital roadmap and service strategy to align your offerings and capabilities with both your members' and employees' journeys. Many financial institutions are already using conversational AI technology within authentication and virtual assistance solutions that are removing friction for customers in both digital and phone contact channels. Leading institutions are also increasingly deploying these technologies within their advisor console to free employees further from effort and help them resolve issues more effectively.
Reimagining Member Engagement With AI at the Center
Let's explore an example. In the wake of COVID-19, as more members began accessing online or mobile transactions, many credit union employees were flooded with questions about these services, such as how to reset passwords, transfer funds and even access their money without visiting a branch location. Institutions discovered they were unprepared for these interactions, but they were able to adapt and respond through the range of engagement channels – phone, live chat and email – to meet members' needs.
Many credit unions achieved this by adopting biometric solutions that transformed authentication strategies to bolster security while enhancing both the member and employee experience. Other institutions implemented conversational AI-powered customer care solutions that not only automated some aspects of customer service, such as checking balances and making payments, but also helped reduce operating costs. Others did both.
Accelerating their digital roadmaps proved to be successful and timely for a variety of reasons.
With biometric authentication, conversational passphrases like "My voice is my password" replace the traditional (and frankly less secure) password-based login process. So instead of call center agents challenging customers on forgotten out-of-wallet questions, the authentication process happens seamlessly, automatically and in the background. Not only did this prove to be a more satisfying experience for the credit union member, it was also more rewarding for employees, who were free to get to the important business of simply helping the member.
In terms of member care, institutions that implemented credit union-specific chatbots, or virtual assistants, could leverage conversational AI to address members' most common digital credit union questions. These solutions are ideally suited to handling basic requests, such as "I'd like to check my balance" and "I want to make a payment."
With those members' requests handled, call center agents could focus on advising and assisting members with more challenging needs and/or in ways that increase share of wallet. Additionally, if the virtual assistant didn't know the answer to a member inquiry, or if the member required additional support, they would be routed to a live agent whose skills match the member's needs.
Creating Meaningful Experiences for Members and Employees Alike
At the same time, conversational AI solutions can do more than create meaningful, rewarding experiences for employees and members. These solutions are also well-suited to training and coaching, even in real-time. By analyzing each member encounter as it happens, the conversational AI can prompt the agent with next-best responses and actions.
The nature of these AI-powered tools means they're available across multiple channels – however, members choose to engage with the credit union. Perhaps more importantly today, this is true whether employees work remotely or within a physical branch location.
Seb Reeve Seb Reeve works in intelligent engagement market development for Nuance Communications based in Burlington, Mass.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
