July 31, 2024
“People helping people” is at the foundation of the credit union movement. Therefore, any and all CU decisions or changes are based on keeping this value strong. While artificial intelligence (AI) doesn’t (and shouldn’t) overshadow human interactions in the CU industry, it’s important to note how AI actually boosts your CU’s “people helping people” ability.
As AI becomes more mainstream, credit unions tend to fall behind, fearing that it won’t properly represent “people helping people.” What’s important to realize, however, is that by utilizing AI, you can get members the responses they seek more quickly, thus freeing up employee time to help with more complicated inquiries.
By utilizing an AI-powered chatbot, your members can get answers to simple questions, at any hour of the day, leaving member service representatives free to assist other members.
One of the best ways to boost your CU’s “people helping people” ability is by learning when your members need financial support. Credit unions that utilize predictive analytics can learn when certain members are at risk of financial hardship based on market trends. This allows for recommendations to be made so the risk can be mitigated, and members can feel better prepared.
Instead of thinking that AI is replacing human interaction, realize that it can enhance it. By gaining access to a member’s account history and preferences, staff can make more informed recommendations in a timely manner. For example, AI can ensure that you are advertising a product to members who don’t already have it and who are most likely to use it.
Crafting relevant and timely content can be time-consuming, and many credit unions have limited manpower to keep up with marketing demands. AI can help your CU improve communication with tools like auto-generated text or suggested rewording of content.
A/B testing is a great tool for enhancing your credit union’s outreach strategies. It provides CU staff insights into what messaging is most effective.
By leveraging AI for marketing, you ensure that your membership receives helpful, timely, and relevant information.
AI can simplify loan and account applications by speeding up the approval process. It can also verify documents and credit scores much faster. By streamlining the application and approval process, CU employees can focus on finalizing a member’s account or loan, thus boosting their “people helping people” ability.
Fraud is an ongoing concern for financial institutions, and bad actors are always thinking of new, clever ways to steal money. That being said, it is important to leverage AI technology that can quickly spot and remedy fraudulent transactions.
By utilizing this technology, you can stop fraud more quickly, avoid further financial damage, and help the member with the next steps.
In addition to all of the factors highlighted above boosting member satisfaction, AI can also provide a level of consistency that is nearly impossible via traditional methods. Members today expect an omnichannel experience. This means that they expect the same level of member service no matter how they choose to connect with your credit union. AI can help your CU achieve this by ensuring that each individual touchpoint is interconnected and the level of service and communication remains consistent.
Implementing an omnichannel experience will allow your CU to create a guide for employees on how to interact with and better serve members. This guide can assist with onboarding and ongoing training for your staff.
Although Artificial Intelligence may be a new concept for your credit union, it is becoming more and more commonplace among financial institutions. To ensure you’re keeping up with your competition and providing members with the service they expect and deserve, now is the time to learn about AI and how it can boost your CU’s “people helping people” ability!
