By Sarah Snell Cooke, Cooke Consulting Solutions

Was that really just four words because the hyphens are throwing me off. Anyway…

The point is, credit unions don’t just have a chatbot strategy and a phone center strategy and a video strategy and branch strategy. All combined, this can and should be viewed as a holistic end-to-end interaction strategy.

Wise words from Glia Chief Product Officer Jay Choi. As we break through our silos, we can begin to serve members based on their needs – not just a credit union’s product lines or communication methods.

“What kind of experience do we want to deliver depending on the need a member has?” Choi posed to credit union leaders.

Although credit unions have been slow to warm up to digital transformation – not as much the idea of it as figuring out the steps to make it happen – they’re hungry now, Choi said. As a newcomer to credit unions, he’s been impressed with how credit union executives have evolved and are ready to leapfrog some of the initial phases of digital transformation to get to where they need to be.

CFPB Addresses Risks & Chatbots

The biggest questions Choi has heard from credit union leaders he’s speaking with are questions surrounding security and fraud, which is natural as credit unions work to maintain members’ trust. They are proper questions, too.

And they aren’t the only ones asking questions. Just last month the Consumer Financial Protection Bureau issued a “new issue spotlight” regarding the use of generative AI chatbots, like ChatGPT, in banking. “A poorly deployed chatbot can lead to customer frustration, reduced trust, and even violations of the law,” CFPB Director Rohit Chopra said in announcing the spotlight. Potential problems outlined include noncompliance with banking laws and regulations, inaccurate information that could lead a consumer to select the wrong product or service for their needs, and general frustrations.

Choi acknowledged good and bad ways exist to deploy generative AI-powered chatbots at credit unions. The best is to ensure humans provide checks and balances in the process.

Rewards of Enhancing Credit Unions’ Digital Communications Capabilities

The benefits of improved digital communications with members are numerous. Choi said when properly implemented, credit unions can expect to see decreases in average handle times. That’s better for the member and credit union team members; members are on to the next task on their to-do list and that saves credit union employees time, too.

Choi added that credit unions are also seeing twice the conversion rates, which translates increased revenue. Think about a member having difficulty completing an online loan application, but a member service rep can jump online with them and walk them through it, seeing the same thing the member is on their screen, to resolve the issue. Otherwise, the member might just abandon their efforts.

For more insights from Jay, view the full discussion here!

SHOW NOTES

0:00 Introductions

1:49 Digital communications & member service (Yes, digital can personalize member service!)

5:02 I test Jay’s Spidey Senses regarding the CFPB’s spotlight on chatbots. Will credit unions get caught in the web?

10:20 Digital transformation and breaking down strategic silos

15:07 What’s keeping credit union execs questioning moving forward with technologies? You’ll guess 2 out of 3

17:47 Benefits from enhancing digital communications

20:25 Final thoughts -This one critical piece of credit unions’ orientation really impresses Jay…