Redefining the Member Experience: Why Consistency Is Key

Right now, credit unions are fighting to stay relevant in one of the most competitive markets to date. Consumers crave personalized, frictionless experiences, and companies are sprinting to deliver them. It’s clear digital is here to stay for the long run. That said, now is the time for credit unions to start mapping out what that experience is going to look like for their institution and members. To transform the member experience, credit unions must embrace the digital era and focus on ensuring consistency across all engagements.

By leveraging artificial intelligence, credit unions can create a consistent member experience. Thanks to its widespread industrial applicability and cross-sector adoption, AI has created significant opportunities for value creation in both products and experiences.

Consistency Through Experience

Transforming the member experience will set credit unions apart from their competitors. However, it can be difficult to stand out when there are so many financial institutions to choose from to satisfy one’s banking needs. Founded on the philosophy of “people helping people,” credit unions are certainly headed in the right direction. Unlike the big banks juggling a plethora of account holders, credit unions are at an advantage because they can devote time and resources to delivering a personalized experience to their members.

People like to be recognized as individuals, rather than just another number. As a basic human need, being known requires both information and empathy. But this is most easily achieved when demonstrated in a relevant, helpful manner. To offer a memorable experience, credit unions need to develop a true understanding of their members’ needs and implement processes to fulfill them. Consistently personalizing member engagement will lead to an exceptional experience at every point of interaction, helping credit unions to successfully attract and retain members.

But in this digitally driven era, credit unions are challenged by the “always online” culture their members have grown accustomed to receiving in their daily lives. To truly transform the member experience, it requires credit unions to offer an easy, intuitive way to meet members’ needs on their terms, which is increasingly occurring in an online or mobile environment.

Embracing the Technological Transformation

Immersive experiences, such as augmented, virtual or mixed reality, are starting to play a bigger role in how people experience the world around them. Merging these technologies to create a mixture of physical and virtual experiences can translate back to financial services by allowing credit unions to engage members on a deeper, more meaningful level.

Rather than dreading the impending technological transformation, credit unions can embrace these advancements to strengthen their digital offerings and drive a personalized experience. Investing in solutions and technology that transform the member experience will ultimately help credit unions set the stage for future success.

Simplifying the Complex

Between mobile banking apps, automated marketing emails, online bill pay and analytical insights into financial wellness (the list goes on and on), consumers are inundated with digital tools intended to improve their interactions with financial institutions. We can only expect to see this list grow exponentially during our lifetime. But when too much tech is involved, even completing the simplest of tasks can become overwhelming and derail the member experience.

Credit unions must be selective when determining which tools to implement and which will ultimately drive away members. Finding the sweet spot might take some trial and error, but credit unions can start this process by using intelligent technology designed to make the complex simple.

Adding AI Behind the Scenes

Imagine a world where members enjoy opening their credit union’s website or mobile app and truly value the information delivered through this channel. With AI, credit unions are empowered to make even the most complicated and daunting tasks manageable and, dare I say it, kind of fun.

Here’s a scenario to mull over: One of your members needs to open a credit card but doesn’t know which one to choose and doesn’t want to make the trip to a branch location. Turning to their credit union’s digital resources, the member begins to research the laundry list of options but stops once the information becomes too much to process. Your member is left feeling defeated and now associates this negative experience with your credit union.

Decision tree science can turn this situation around by helping credit unions build dialogues unique to each member based on their responses that provide real-time insights and recommendations. Through the dynamic conversations, powered by AI, credit unions can accurately match members with the necessary product or service to fully satisfy their financial needs. The member that was once drowning in credit card offerings and information can now work through a guided, self-serve conversation at their own pace from virtually any location, all through their mobile phone or PC.

AI-enabled technology creates consistency while streamlining member engagement, regardless of whether a member walks into a branch or picks up their phone. With AI, members are offered the same personalized experience without the physical connection. As a result, credit unions can deliver a better member experience and increase their bottom line.

The survival of every financial institution is dependent on its ability to engage members at every point of interaction, making it crucial for credit unions to implement technology that ensures consistency across all channels, but most importantly, digital. As the industry focuses more intently on technology that supports and drives outstanding member engagement in the digital realm, credit unions should take advantage of solutions that empower their members to take charge.

Members don’t need to know what is going on behind the scenes to make it work. Instead, members just need to know that it is working for them. Adding AI to your arsenal will help your credit union achieve this goal and boost the overall member experience.

Whitney Loe is Director of Business Development for Credit Unions for Ignite Sales, Inc., a customer engagement technology provider based in Dallas, Texas.