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Welcoming Credit Unions and Banks into the Digital Age with Conversational AI


Credit unions and banks have ramped up their digital product offerings in recent years, partly due to Covid-19 and partly due to consumers seeking more convenient methods of engaging with financial institutions. Now, instead of having to queue at the bank, customers can sign up for credit cards and mortgages with apps on their phones. While this has dramatically increased the level of convenience for many types of transactions, these same customers may experience difficulty and a familiar feeling of sinking when they encounter an issue with their digital financial profiles.

The fact is, member-serving institutions offering the ability to perform simple and complex transactions of all shapes and sizes must also offer digital solutions that provide the same support experience that customers are accustomed to receiving at their branch. local. The ideal and readily available solution to this service gap comes in the form of next-generation virtual agents. These chatbots, powered by truly conversational AI platforms, are bringing credit unions and banks into the digital age of customer support faster and more efficiently than any other tool on the market today.

Even before the pandemic, consumers were looking for products that offered digital-first avenues of engagement, driving a digital transformation that hasn’t slowed down at member-serving organizations across all verticals. Covid continues to impact the operations of financial institutions serving their members, with banks and credit unions experiencing a higher volume and scope of interactions than ever before, and many consumers are finding that achieving online transactions is simply the easiest option.

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When applied in the banking and credit union space, conversational AI (CAI) can handle customer interactions similar to a live support agent. Queries and account management complemented by interaction with a virtual agent should be just as easy for members, if not more so, than the traditional phone call or face-to-face chat. CAI can also meet the needs of internal employees and is at the point in its development where partnerships with the right organizations produce high-performing chatbots that provide help wherever needed.

Thinking about the next wave of change in the customer support experience, credit unions and banks need to focus on digital advantage. For example, if a credit union hopes to implement a chatbot to help their support staff, they need to ensure that it is truly conversational. Programs that aren’t able to respond to inquiries from a range of topics or answer those questions with deeper information than a surface-level answer actually don’t help at all. ‘client experience.

Chatbots can be deployed in as broad a niche or service situation as banks or credit unions require. While contributing best to the end-to-end customer experience, in employee-employee or employee-member contexts, CAI programs learn and identify points in those respective journeys where users need help the most. . Achieving this next generation of customer or employee experience reduces costs, improves the overall experience for all members and provides better service.

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AI-driven virtual agents, like those offered by boost.ai, can integrate with various platforms already operated by financial institutions. As these institutions continue to develop their digital customer experience, all should consider implementing some form of conversational AI. These virtual agents are designed to be a scalable and rapidly deployable way to improve support services on a rapid, long-term basis.

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