3 Lessons from CUNA GAC to Enhance the Member Experience

March 6, 2018

We had the pleasure of attending and exhibiting at CUNA GAC 2018. It’s the annual conference where the credit union industry comes together to advocate for issues that matter, such as tax status, common-sense regulation, security standards, and more. This event brings the entire credit union community together in a very meaningful way.

CUNA GAC
Great hanging with our customer Jim McCarthy of Trailhead CU who we helped launch an Alexa Skill.

CUNA GAC 2018: Focus on Member Service

All credit unions want to provide excellent service to their members. Whether that’s through self-service channels such as web and mobile or call centers, the objective is to always help members resolve their needs quickly. However, this isn’t always as easy as it sounds and the experience isn’t always the most pleasant.

During our time spent at CUNA GAC 2018, it became very clear how dedicated the industry is to serving members in ways that are efficient and convenient. After 100+ conversations with credit union presidents, executives, board members, and other technology service providers, we identified three major ways in which they are trying to enhance member service.

Here are 3 major ways #creditunions are trying to enhance the member experience. #CUNAGAC. Click To Tweet

How to Ease Into Voice Banking With Amazon Alexa and Google Home

Voice-enabled Smart Speakers

Several credit unions are beginning to explore how the use of voice can be used to service members. Nearly 25,000,000 smart speakers, such as Amazon Alexa and Google Home, were sold in 2017 and the Consumer Technology Association (CTA) projects unit sales of just under 44,000,000 units in 2018. These devices are becoming ubiquitous and changing how consumers consume information. The key difference underpinning this shift in information consumption is that the voice-centric experiences are not limited to those who own a voice-enabled smart speaker.

For instance, anyone with the Alexa app can use voice to invoke Alexa Skills. The Alexa app is being updated on Android apps, and a similar update is eventually expected for iOS devices too.

What does this mean for you?
Credit unions can take advantage by implementing a voice banking strategy that reimagines how they serve their members by creating Amazon Alexa Skills. As we saw with the iPhone and creation of apps, when any device presents a different kind-of-way that provides fast and convenient self-service, people will adopt.

A Better Call Center Experience

With advancements in Natural Language Processing technology, a lot of attention is being focused on the member experience when calling a branch and how that can be streamlined. For instance, imagine if members could call and simply state why they are calling and either receive an immediate automated answer or get routed to the most appropriate person who can help. This eliminates the frustrating experience where members are asked to “press 3 for this or press 4 for that …”

What does this mean for you?
Credit unions should understand that not all Natural Language Understanding technology is equal. You want to find a solution that’s capable of recognizing semantic similarity and allows for a robust dialogue.

Open Innovation Mindset

The pace of technological innovation is only accelerating and it’s the vendors who embrace change and collaboration that will create new methods of delivering value to credit unions and their members. Those who embrace a protectionism mindset and put high costs around integration will eventually find themselves isolated. Once those contracts are up, credit unions will eventually leave to seek a more closely connected technology partner.  

What does this mean for you?
Credit unions should consider evaluating technology vendors, such as core processors, based on their attitude towards open innovation and collaborative connectivity with 3rd party vendors. A more collaborative and connected partner will empower credit unions to quickly leverage the latest tools to provide a better service experience.

Credit unions play a vital role in the economy. This past year alone credit unions helped 2,200,000 people buy a car, 750,000 people realize the dream of owning a home, and 175,000 people pay for higher education. We’re proud to operate in the credit union industry and use the latest advancements in technology to power faster, smarter, simple, and convenient experiences that help credit unions and their members grow financially strong together.

Click here to learn how we can help your credit union get started on the fastest growing voice and messaging channels today.  

This slideshow requires JavaScript.