Preparing Your Credit Union for Unforeseen Events

Back in February, areas around the country were severely impacted by inclement weather. In Texas alone, 3.5 million people went without power for several hours in freezing temperatures. With frequent power and internet outages and most people still working from home, credit unions across the U.S. struggled to operate and meet their members’ needs.

The harsh weather caused credit unions to shut down branches, leading to call center queues growing and call center employees feeling overwhelmed. Additionally, because of the long wait times and complications caused by outages, members were left frustrated when they were without support from or access to their credit union.

While natural disasters are inevitable, credit unions can future-proof themselves against unforeseen circumstances.

Artificial Intelligence: A New CX Staple for CUs

Credit unions have been increasingly using artificial intelligence to enhance the member experience and ensure 24/7 personalized support for members.

For instance, AI is being used by credit unions to streamline and optimize call centers. Whether it is to instantly respond to calls from members, create more self-service options or free up the bandwidth of call center staff to support members in need, AI can be utilized by credit unions to better meet the needs of members.

With AI solutions hosted on the cloud, credit unions can offer uninterrupted services to members, enabling members to get their issues addressed even during the most vicious storms.

Furthermore, with AI having the ability to function 24/7, members can seek solutions and bank with credit unions during times that work best for them rather than adhere to traditional banking hours.

Simply put, with AI, downtime is a thing of the past.

How CUs Are Utilizing AI Today

So if you have decided to improve member experiences by combating issues related to outages and overwhelmed staff by leveraging AI, let us look at the most used AI-driven initiatives being taken by credit unions today.

The most used form of AI in credit unions today is the Intelligent Virtual Assistant (IVA). These are available on all member interaction channels such as websites, mobile apps and the call center, and serve as personal assistants for members, assisting them in finding responses to questions and helping them to complete tasks. For instance, an IVA could help members with something as simple as finding branch hours and ATM locations, or help them solve more complex problems like applying for a loan or opening an account.

The use of IVAs in call centers is rapidly on the rise due to call center departments facing issues with ever-increasing call volumes, overworked and overwhelmed staff, and high staff turnover. With these issues exacerbated during an unforeseen event, IVAs provide much-needed relief to the credit unions, their employees and their members by handling the majority of incoming calls. This enhances the member experience by eliminating wait times and ensuring they instantly get responses to questions. It also reduces the stress on the call center staff and frees them to engage in high-touch activities.

In addition to the above benefits, IVAs can be set up within a short few weeks and have a negligible ramp-up time. These solutions can be swiftly programmed to answer new questions, making them apt first responders in unforeseen circumstances. Their responses to questions are about 90-95% accurate – on par with credit unions’ best performing staff. These factors make IVAs a very attractive proposition for credit unions.

Recent circumstances, such as the harsh weather, the pandemic and challenges of remote working, have made many credit union executives look at current initiatives and explore how they can build robust offerings, incorporating plans for unforeseen events.

Intelligent virtual assistants enable credit unions to enhance their efficiencies and consistently provide a better member experience. With AI now being affordable to most credit unions, there is no better time than the present for credit unions to incorporate AI and evolve their offerings from digital to AI-first.

Srinivas Njay is the founder and CEO of interface.ai, a Walnut, Calif.-based provider of an Intelligent Virtual Assistant for banks and credit unions that acts as a “personal banking teller.”