Humans and waiting? Not a great combo. 

We’re wired for instant gratification. Just look at how we react to Netflix buffering, if that little spinning wheel pops up, it’s like the world’s ending. We want things fast – No more two-day shipping, we want same-day deliveries

So why should credit unions’ contact centers be any different?

Why should a consumer wait on hold or be tossed from agent to agent just to enquire about their account balance? It’s their money in their accounts, and they should have access to it anytime and anywhere. 

But why do credit unions make their consumers wait?

Credit unions would need to simultaneously optimize three foundational building blocks – people, information, and leadership – to provide instant resolution 24/7 across channels.

• People: The first step would be to employ enough contact center staff to manage all incoming communications across all channels 24/7. 
• Information: If you have adequate staffing in place, the next step is for your team to know all the answers instantly, from simple account balance inquiries to complex loan-related questions. 
• Leadership: Lastly, for the above two to actualize, necessary support from solid leadership is crucial. This includes investments in staffing, technology, training,  and ongoing development, fostering an environment where customer service excellence is a shared goal.

Let’s be honest, optimizing these three elements, especially given the resource constraints and staffing issues faced by credit unions will be a mammoth undertaking. 

Or is it? 

How about looking into a friendly neighborhood AI?

Recent surveys show that around 50% of customers prefer AI chatbot interactions for quick resolutions, and even the research giants like Gartner Inc. are predicting chatbots to become the primary CX channel by 2027.

It’s clear that the future of AI-driven contact centers is already upon us.

Read along below to explore the transformative potential of AI chatbots in greater detail, discussing how they can elevate customer service and provide the instant resolutions that today’s consumers expect. 

What do AI Chatbots do?

Look at the bottom right corner of any consumer service-heavy industry website, and most likely you’ll find a chatbot waiting for you to ask questions. 

At its core, an AI Chatbot is a software program that uses AI to simulate human-like conversations. It uses Natural Language Processing (NLP) and Machine Learning (ML) to analyze and understand the user’s intent to provide a relevant response. In other words, AI chatbots are capable of having conversations with a human just like bank personnel would.

Don’t worry, you don’t need to be an AI expert to appreciate what these virtual agents can do for you. Just know that, unlike a traditional live chat, where a consumer interacts with a human agent in real-time, AI chatbots handle inquiries by sourcing information from your knowledge base. 

Now, let’s have a look at how these chatbots are revolutionizing service experiences and operational efficiencies for credit unions.

1. Solving FOR PEOPLE: Instant Access, Anytime

Manual or human-led intervention, especially when you factor in growing scale and on-demand service, throws efficiency out of the window. These virtual agents empower consumers to interact digitally anytime, and enjoy quick, on-the-go interactions – especially when they can’t make a phone call, in between meetings, or late at night.

It can proficiently handle a wide range of queries, from sharing account details to checking loan information, and much more, allowing consumers to get instant support without waiting for human assistance.

Ultimately, what matters most to your consumers is the experience and convenience of their interactions, and it doesn’t matter if that comes from a human agent or an AI chatbot. Your consumers should feel supported and valued, no matter when or how they reach out.

2. Instant Access to Information FOR AGENTS

Let’s be real: in contact centers, standard, template responses just won’t work anymore. 

Every consumer has their own unique request and history when they interact with your credit union. Manually gathering all that historical data to provide customized responses takes up a lot of time for your agents. But an AI chatbot is fed large volumes of ‘ data, interaction history, and much more –  helping them understand user intent accurately and provide the best answers. 

But we have just scratched the surface of what AI can do to personalize experiences.

Did you know these virtual agents are also trained to chat with consumers in their preferred language? So if your consumers want to speak in their native language, like say Spanish, your chatbot will not just respond but can also understand cultural differences to make them feel right at home, familiar, and valued.

Contrary to what some might think, embracing AI chatbots doesn’t mean you are alienating consumers; instead, you are boosting your capabilities to offer more personal and genuine experiences.

Embracing AI is about doing more, not less!

3. Boosting Productivity FOR CFIs

These virtual AI agents can easily handle more than half of the consumers’ inquiries – 79%, and in much less time than a human can.

They are trained on specific datasets and can quickly process routine questions, such as account balances, interest rates, and so on. This means less work for your human agents, freeing them up to focus on more complex requests that really need their attention, all while reducing the long wait times.

And if the consumers need more help, the virtual agents can easily escalate the inquiries to a human, as and when they need.

TruStone Credit Union is living proof of how these virtual agents can truly make a difference in contact centers. Their AI chatbot Ruth handles about 46% of all interactions on her own, leaving the staff to focus on the trickier requests. And guess what? Their consumer satisfaction scores have soared to an impressive 9.4 out of 10!

So let your staff tackle the meat while the AI agents quickly manage the rest! It’s a win-win for your credit union to thrive in today’s demanding world.

Looking Ahead

But this is just the beginning of the difference the AI chatbots can make for your consumers.

While this innovation is still in its early days, credit unions are already relying on chatbots to help consumers get instant answers – without the tussle of managing people, information, and leadership.

As Saahil Kamath, Head of AI at Eltropy, puts it, “The world is in the middle of a technological revolution, and AI is at the forefront right now. In just 12 months from now, we might find ourselves leveraging AI in ways we can’t even imagine today.”

But how will this technology work for your financial institution? Talk to Eltropy’s experts here and learn how you can deliver timely, accurate, and helpful support anytime, anywhere. Eltropy is committed to helping credit unions automate those simple conversations and empower their teams to seamlessly handle complicated interactions.

The best part? They have effective AI guardrails in place to avoid AI biases, ensuring their virtual agents provide accurate responses and carefully handle sensitive conversations.

So what are you waiting for? Partner with Eltropy to leverage groundbreaking AI digital agent support, allowing your consumers to voice their concerns and helping you build a strong, loyal consumer base that will be looked upon for years to come.