Having a perspective on the future is only valuable if credit unions know what technology they need to adapt to. From improving the customer journey, to building a seamless integration of channels and using data analytics to know more about each member, the financial impact on credit unions is determined by specific actions taken to prepare or react to industry trends.
Below are the top technologies that credit unions should consider when adapting to new technology.
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Although outbound calling is a classic tactic in many industries, it has recently solidiﬁed its use case as a necessary strategy for credit unions. When conducting outbound calls, credit unions have the ability to better connect with members by using cutting-edge contact center software. Quite often, when contacting customers who may not be familiar with credit unions, agents are met with surprise and gratitude that a banking institution has taken the time to follow up with them and learn more about their needs. Making members happy, treating them like they’re appreciated, and building genuine connections all help and allow organizations to run like a well-oiled cog.
Call Back Queuing
Call abandonment is an epidemic that’s becoming increasingly more problematic for credit unions. As call centers and/or customer service representatives face call volumes that increase at a rate of approximately 20% per year, call back queueing is an emerging trend that allows credit unions to conduct better business. When members are on hold, there is only so much elevator music and repetitive “we’re experiencing a high call volume” / “a representative will be right with you” someone can handle before hanging up. With call back queuing, members can choose to receive a call back when an agent is available without losing their place in line. The call back trend has been shown to reduce abandon rates signiﬁcantly and thus lead to more success in credit union member satisfaction surveys.
Live chat is increasingly more important in community banking. With web chat, credit union members can ask questions about loans, interest rates, overdraft fees, and personal financial information. Beyond general questions about credit union services, there are technical glitches and banking issues that people may not fully understand. “How do I access my routing number online?” “How do I order a new debit card?” “I just got a new job. Can I set up direct deposit online?” are a few of the most common questions credit unions encounter. Additionally, bank hours are typically during the work day. Web chat allows credit union members to handle their banking needs on their own schedule with discretion.
Additionally, web chat is efﬁcient for guiding members (and potential members) to the proper page by dropping a link in the chat that allows them to navigate the organization’s website. Web chat can make online banking more manageable for members while making customer service more controllable for the credit union.
Proactive Outbound Alerts
Being proactive in the way credit unions service their members leads to a better customer experience overall. Adding outbound alerts is a great way to deploy technology in a technology focused world. Addressing questions such as “Am I facing overdraft fees?”, “Could consolidating a loan through the credit union offer me savings?” and “Are there bank fees I should be aware of?” can be addressed proactively through email messages, SMS, and pre-recorded voicemails.
Interactive tellers are a newer implementation that has made banking easier and more personalized that a traditional ATM. Instead of pressing buttons and screens exclusively, members have the option to talk to an agent through video. Local community banks, particularly credit unions, have adopted this technology with great success as it offers personalized service in real time and beneﬁts the branch and customer as a hybrid ATM and human teller service.
Enghouse Interactive takes a fresh approach to providing contact center solutions that keep up with the emerging trends discussed here. When it comes to improving the communication and technology use in the credit union, there is a reason Enghouse Interactive is becoming one of the most recognized names in the industry.