How U.S. Credit Unions Are Transforming Customer Engagement with Smart Chatbots

​Consumers welcome the digital trend at banks and credit unions. Gen Z and Millennials want instant service from anywhere and on any channel—they want a self-service experience. They want financial services providers to be involved in every aspect of their financial journey to understand exactly what they need and provide a seamless experience.

#In response, credit unions, which typically differentiate themselves by offering better local and customized community engagement services, are seeking to be intuitive and intelligent through personalization, interactivity and always-on engagement. ways to connect with customers. However, doing this at scale is a challenge, as millions of consumers may be contacted in real time. This is where conversational engagement technologies, such as AI-enabled chatbots, play an important role.

AI-enabled chatbots can create a real human-like conversational experience for customers while engaging them. The key is developing consistent experiences for a truly omnichannel world. Most customers prefer to have their financial needs met through unstructured micro-conversations. Using smart chatbots, some credit unions are creating richer, more engaging conversational experiences for customers. By enabling intuitive, two-way interactions with customers in real-time on their preferred channels, America’s credit unions can bridge the gap between their need for convenience and personalized service while delivering a simple and trusted relationship.

Having conversational engagement solutions as your first line of defense is good business sense. Through conversational AI-driven automation, credit unions can free up critical resources for more strategic, higher-value tasks and increase overall productivity. For example, shifting traffic from call centers, email agents, and live chat support to conversational AI chatbots/voicebots can help credit unions save costs while continuing to serve customers efficiently.

Here are three ways America’s credit unions are transforming their businesses and continuing to improve customer satisfaction:

1. Make banks smarter and better Personalized

Industry experts believe that 40% of problems managed by bank call centers are routine inquiries. Credit unions can resolve customer inquiries faster and more efficiently with conversational AI chatbots, including voice bots. Frequently asked questions can be automatically organized (and regularly updated) and made immediately available to customers, along with intelligent suggestions. Complex or nuanced customer requests can be transferred to a customer service representative from the same chat session in seconds for a seamless experience.

Additionally, conversational AI solutions can serve as personal banking assistants for customers. Through conversational banking, credit unions can track and monitor user activity on their platform and provide smart, actionable financial recommendations and insights for informed decisions.

2. Improve customer loyalty and increase customer conversions

Conversational AI solutions can help by keeping the cycle consistent and real-time to help traditional banks and financial institutions obtain accurate customer feedback. According to a study by Uberall, 80% of respondents who engaged and interacted with a chatbot said their customer experience was positive. Chatbots demonstrate the potential to enhance user experience and customer loyalty. This increases sales conversion rates and reduces operating costs.

3. Fintech companies keep pace with the new era

CUInsight predicts that by 2029, fintech companies are likely to become global The largest bank. A Bain & Company report shows that 73% of Americans would consider banking with a technology company. The trend is clear. Credit unions need to enable customers to independently discover products and services and complete their buying journey from their favorite channel via chat.

For example, customers can start interacting with a credit union on its website and then easily transition to a WhatsApp or Facebook chatbot with the help of conversational AI. By leveraging omnichannel chatbots, U.S. credit unions can contact customers anytime, anywhere, achieving higher customer conversion rates and greater sales efficiency.

Why the future of banking is conversational

An Accenture survey found that 79% of bankers believe that artificial intelligence Soon will be working alongside humans as colleagues, collaborators, and trusted advisors. Conversational AI is becoming a catalyst for growth. Many credit unions are already leveraging chatbots to streamline operations, automate customer support, and provide a more convenient customer experience. As these institutions increase revenue and reduce operating costs with the help of chatbots, expect more credit unions to join the conversational banking bandwagon and stay competitive.

Ultimately, banks and credit unions leveraging conversational AI solutions can increase customer engagement and resolve customer inquiries faster. They can quickly roll out services across multiple channels, improve support team efficiency, and optimize costs to achieve faster, sustainable growth and profitability without losing sight of the goal of improving customer experience.

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