3 Reasons to Embrace Chatbots for Credit Unions

What if your website could understand all of your members’ financial goals and give them customized advice on how to achieve them? Breakthrough technology in artificial intelligence (AI) is making this feasible even for small credit union and banking websites. This technology has led to the creation of advanced chatbots for credit unions, and is an evolution of the call center as another piece of your overall unified communications solution.

Chatbots  are designed to help members access difficult to find information on websites, and direct them on the right path. Much like what advanced call routing does for incoming customer support calls, this technology will allow your credit union or bank to cut expenses, and free up member service reps’ time for more intricate and personalized member problems. These chatbots mimic human interaction, so members won’t even know they’re communicating with a bot.

If this sounds too good to be true, or perhaps out of your league as a smaller financial institution, think again. Quickly these chatbots are going to start becoming more affordable for big banks and small credit unions alike. While the industry is still in an early adopter phase, if you’re thinking about implementing AI in your credit union down the road, here are 3 reasons you should add this to your future planning budgets:

  1. AI can decipher users’ goals: You can’t help a member if you don’t know what they’re trying to achieve. AI’s first step is asking questions to pinpoint the user’s goal. This way the bot can understand the user’s problem and direct them to the best solution. This is especially helpful when members don’t know exactly what they’re looking for, which would hinder them in finding a solution on your website.
  2. AI eases member’s apprehension regarding financial advice: Many people are embarrassed about asking “stupid questions.” The average member doesn’t fully understand complex financial language, or the steps it takes to achieve financial success. Credit unions aim to help people achieve their financial goals, but members often feel intimidated to ask important clarifying questions. Chatbots for credit unions can help the education processes because members will be comfortable enough to type questions, and the bots will answer and outline their financial options.
  3. AI facilitates a better member service routine: Member service representatives often get flooded with the same questions each day. These questions can be redirected to chatbots who would be able to answer customer questions, meanwhile, the MSR’s will be free to solve more complex problems. Users often prefer to find answers to questions online, which may be why they turned to your site in the first place. Chatbots can helps streamline the member service process so the right questions are going to the right place.

Chatbots for credit unions are going to change the way people use your website and online services. Credit unions using this technology will put themselves a step ahead in enhancing the member experience. Work with your technology partners to start asking the questions about how AI may work for your credit union. Altigen is here to help and will be happy to discuss any technology plans or concerns you have and provide trusted advice.