Are IVAs the Answer to Members’ Post-Pandemic Digital Expectations?

In recent years, customer service demands for immediacy and personalization have shifted, raising the bar for customer satisfaction standards across all industries. Credit union officials are wisely working to meet these needs by turning to artificial intelligence-powered virtual assistants to evolve member service in the industry.

A recent McKinsey study demonstrated that heightened digital adoptions during the first 60 days of the pandemic pushed companies to then begin rapidly employing new strategies to keep pace with growing customer demands. Yet, even with evolving technology sophistication in this sector, many institutions were hesitant to adopt because of regulatory factors and the lack of trust and reliance in new technologies.

That may be changing.

Businesses’ understanding and adoption of AI continues to burgeon, which should help build the technology’s value and efficacy. With the emergence of AI-powered virtual assistants for finance applications, for example, these organizations can deliver significantly more personalized and efficient customer banking interactions, including tailored payment reminders or customized messages based on a member’s history with a credit union. These customized service features can do much to help credit unions build and improve experiences and trust with their members – here’s how.

IVA, Defined

Intelligent virtual assistants (IVAs) are a type of AI-powered tool that delivers personalization, which boosts customer experience and satisfaction without jeopardizing security. IVAs are software programs powered by AI, voice-recognition technology and machine learning that enable businesses to better engage with customers. Credit union IVAs can wrangle a wide range of industry-related questions and transactions, empowering officials with the tools to personalize and improve service. Below are a few ways these tools improve customer service so credit unions can better engage and serve members.

Enhanced Quality of Experiences

Some 66% of customers expect businesses to understand their needs, according to Salesforce Research, which speaks to a strong desire for personalized banking experiences mentioned above. However, employing IVAs can also help mitigate typical customer service stressors – including long wait times, constant transfers and other inconveniences.

With an IVA in place, credit union members get their calls answered immediately, rather than waiting on interminable hold for the “next available” human agent. If further support is required, well-designed IVAs can ask a series of questions that help the technology better understand the caller’s needs, reducing the need for constant transfers. The technology can also transfer members to a human representative, providing the agent with necessary context so the member doesn’t have to repeat details.

IVAs tied into a company’s document management systems and appointment scheduling tools can greet a returning member, pull up account information and schedule appointments with minimal effort. This creates a level of familiarity where customers and members feel as though they are valued and not forgotten. Combining and streamlining interactions greatly improves the customer service experience, which translates to a better quality of member service and improved credit union employee experiences, including allowing those employees to handle other support needs.

Stronger Communication and Building Better Relationships

IVAs understand what callers are saying, as well as the emotional tone when speaking. This remarkable technology can decipher between a happy or frustrated caller, enabling the IVA to take a unique approach when asking questions and providing care. IVAs use machine learning and natural language processing to continue to “learn” with every customer interaction and build on those responses to better understand the nuances of human communication. Understanding a customer’s emotion during a call can help identify the specific issue that needs to be solved and how best to approach it.

This level of sophistication allows credit unions to authentically offer more empathetic communications to their members. With something as private, personal and impactful as one’s finances, these levels of personalization can significantly impact member satisfaction and trust – important steps for credit unions to build lifelong member relationships.

Self-Service Capabilities = Fast Resolutions

IVAs dramatically improve credit union call traffic management, handling tasks that include, for example, checking account balances, confirming payment status and issuing transfers. IVAs afford a new standard of self-service and efficiency, when members can swiftly get the answers they need without speaking with a human agent. As importantly, IVAs don’t need sleep like humans do. It’s easy for financial service institutions to resolve commonly asked questions through tools like chatbots, FAQ pages or interactive voice response solutions any time, day or night.

With the flexibility of self-service, members have the power to contact customer service representatives whenever it’s most convenient for them, and credit unions can provide fast and efficient service. Speedy resolution paired with the option for self-service improves member satisfaction by meeting members’ needs for immediacy.

It All Leads to Increased Trust, Loyalty and Retention

Forrester research showed that personalizing banking experiences can build and nurture member trust and loyalty – which is vital given that customers’ trust in banks has decreased over the past two years. Thankfully, most financial service institutions collect significant amounts of customer data, which IVAs can leverage to fuel understanding and action. Armed with data, IVAs can tailor a strong, consistent member experience that builds trust and rapport between the member and the credit union. As credit unions use modern technologies like IVAs to tap into the data available to them, members will feel more like a priority and less like just an account number.

We’ve all been trapped in treacherous call-waiting rooms, with continuous loops and endless, unproductive transfers. Intelligent banking assistants such as IVAs can help improve the speed and efficiency of credit union member responses, often generating valuable feedback as they palpably sense more engagement and connection to the organization. As credit unions use technology to provide personalized service, they will see an increase in lifelong member relationships.

Rhonda Gibler is SVP and GM of Customer Experience for Intrado, a cloud-based, global technology partner based in Omaha, Neb.

Patty Watson is President of Cloud Collaboration at Intrado.