The first wave of artificial data technology for chatbots was introduced in 2016. Today, companies like Facebook, online retailers and, of course, financial institutions, have incorporated modern chatbot technology as a staple to everyday business operations because chatbots can sift through vast reams of data to provide relevant results to customer queries. In fact, some financial institutions have even named their chatbots to make them seem more realistic as they emulate human conversations.
The use of chatbots within the banking industry has grown exponentially over the past few years and it’s important to understand why this technology is so useful.
The benefits of chatbots far outweigh any limitations. Having chatbots integrated with your credit union’s digital banking strategy enables benefits such as:
- Automated 24/7 digital support for members
- Improved brand credibility and perception
- Increased time-efficiency and cost savings
- Member retention support and helps attract new prospects
- Reduces member service costs
- Improves customer satisfaction
- Increases sales by addressing specific challenges such as application abandonment
Chatbots can be an incredible resource for your credit union if leveraged correctly. If your organization wants to stay competitive with big banks, you must prioritize investing in technology like chatbots. That’s where we come in. Our goal is to help your credit union make digital integration, including enhancing your current app and website, an easier process by connecting you with our fintech partners who develop these new technologies tailored specifically for your credit union and member needs.
For example, our fintech partner Atando is using its AI-powered chatbot technology to educate credit union members about adjusted services amid the coronavirus pandemic and provide data for credit unions to share information about digital banking offerings. Chatbot technology like this can be used to share specific messages around your credit union’s offerings all the time, but also during times of crisis and uncertainty. This technology helps to alleviate your employees from being backlogged and/or inundated with frequently asked member questions.
While chatbots can be a great tool for retaining and attracting members among all generations, it’s no secret that Millennials and the up-and-coming Generation Z prefer to do things digitally vs. in person. In fact, according to a report by the American Bankers Association, Gen Zers are three times more likely to open a chat message via chatbot or another digital chat forum. And, Millennials are three times more likely to open a new account on their phone vs. in person.
In conclusion, if your credit union does not currently offer chatbot features available either in-app and on your website, it’s important to integrate this technology as soon as you can to compete and adapt to the digital world we’re living in. Plus, there is a plethora of new opportunities that your credit union can take advantage of by offering chatbots to members.
Contact us today to learn how you can integrate chatbots and other modern technologies into your current business strategy.
“You can’t stop the change, any more than you can stop the suns from setting.”
— Shmi Skywalker