Once upon a time, chatbots and interactive voice response systems were generally ineffective at meeting a need for automation and enhancing the credit union member experience. They were slow, inconsistent, and often stumbled through answering questions. Even worse, they frustrated and alienated credit union members. Fortunately, that time is gone. Today, we've finally entered the era of conversational AI, transforming how automated frontline technology performs and, consequently, how it serves the interests of credit unions and their members.
Conversational AI, or conversational artificial intelligence, is technology that can simulate a natural human conversation in both voice and chat. In other words, it takes what the old-school bots were supposed to do and does it much better, creating a realistic, conversational, intuitive interaction experience for members.
Conversational AI for Credit Unions
This advancing technology is shaking up industries all over the world, and that includes financial services. For example, Curql portfolio company Posh provides conversational AI technology built especially for financial services, so it's adept at managing conversations about finances and banking.
Posh's technology serves up an interaction that nearly rivals true human engagement throughout various situations. Rather than boxing in callers by insisting they use predefined phrases or topics, the solution engages in natural dialogue, easily identifying the caller's intent and offering solutions and additional information via text throughout the conversation. Posh is a purpose-built AI for banking use cases, with products built specific to the needs of credit unions. The technology can quickly and easily authenticate the caller according to security protocols, access multiple data points through a secure integration with the core banking system and contact center system, and seamlessly switch context scenarios using Posh’s patented technology to help members get answers and accomplish complex tasks. It can also cross-sell additional products and services and provide further details by text or connect callers to credit union specialists. The implications of integrating with Posh’s product include improved accuracy, better training data, increased efficiency, and configurability.
Your members are accustomed to having 24/7 access to information in today’s digital world. For members calling in or chatting online with your credit union, you can meet their need for on-demand service by integrating with conversational AI to provide the information they seek in a matter of minutes, no matter the time of day.
For credit unions, conversational AI can accomplish much more than enhancing member satisfaction with self-service. It can achieve a variety of bottom-line and tangible benefits and relieve many pain points. Some of the challenges credit unions are wrestling with are high costs, staff shortages, lack of after-hours support, and long wait times at call centers. By enhancing automated self-service options, credit unions deploying conversational AI can redirect many points of member contact to self-service, lowering operating costs and wait times for call centers. Conversational AI can guide members through various questions and transactions to help fill gaps associated with staffing shortages and after-hours member communication.
A great example of Posh’s technology in action comes from Hudson Valley Credit Union. Hudson Valley implemented Posh’s Web & Online Banking Concierge. Hudson Valley named their digital assistant Lee and deployed Lee within their website in partnership with Posh, their live chat vendor, and their online banking provider. The results below impart tremendous impact Hudson Valley has experienced by integrating with Posh’s technology. You can read about their full experience here.
Thanks to its improved performance over earlier generations of technology, conversational AI can accomplish more and do it faster while engaging with your members in a natural, friendly way – all while lowering costs and improving service for your credit union. Conversational AI has gone viral and it's easy to see that its time has come.
There is a lot more to explore about this complex and evolving topic. Experts from Posh dive into more detail in their webinar, “ChatGPT for Credit Unions: Promises and Pitfalls of Large Language Models”. Listen here.
Want to learn more about opportunities to collaborate with innovative fintech like Posh through the Curql Collective?