4 ways fintech can exceed expectations to create member loyalty

As a credit union, you need more than excellent financial services to wow your member base. You also need exceptional member satisfaction. One way to do that is by partnering with fintech companies to provide over-the-top support.

Great member service builds trust between members and organizations. Credit unions can supplement their high-quality member service with technology to further encourage member retention and higher engagement.

We’ll explain why member experience matters more than ever in today’s economic environment and share four ways fintech can help enhance member experience; with a cost-effective, agent-friendly solution.

Why the member experience matters

Building an exceptional member service experience is essential for growing any business. Excellent member service builds brand loyalty and encourages your clients to recommend you to others — ultimately adding to your base of members. You probably already know this. After all, credit unions traditionally pride themselves on delivering personalized service and being active members of their communities.

Members, for their part, have said this kind of member focus is essential to them. According to a recent study by The Motley Fool, when it comes to choosing a financial institution, 92% of people say quality member service is important. In addition, 91% say digital banking is essential.

By strengthening your member service team with fintech solutions, you can provide your clients the best of both worlds while optimizing agent efficiency, managing costs, and meeting these modern member expectations.

With so many financial institutions to choose from, when a credit union can differentiate itself by providing remarkable member service, it’s one of the best ways to attract new members and beat the competition.

But how can your support team leverage financial technology to serve new and existing members better?

How credit unions can use fintech for member service

Now that you know the importance of technology and member service to attract and retain members, what can you do to combine the two? Many big financial institutions today have large budgets and seemingly endless resources to monitor feedback and social media channels for member concerns, using proprietary mobile apps and chatbots.

Even if you’re a smaller credit union, does that mean you can’t compete if you don’t have a tech development team on staff? Can you enhance your member experience with the latest technologies without building it yourself?

Absolutely. By partnering with a fintech provider, you can rely on their technological know-how and solutions to enhance your member service, and better meet their needs.

Here are four ways a credit union can integrate technology into its existing processes to create a superb member service experience:

1. Offer multiple ways for a member to reach you

You likely already have full-time member service representatives answering phone calls, responding to emails, or meeting with members at branch locations. But of course, those aren’t the only ways a potential or existing member may want to get in touch.

More and more people regularly use text messaging, FaceTime, Zoom, and other video tools. They’re comfortable with communicating in those ways and usually prefer it.

By subscribing to a digital conversations platform, you can add multiple methods of communication to your member service arsenal. This can include text, secure chat, and chatbots.

Plus, for support requests that require a little more personalization, you can offer video banking support with co-browsing and screen-sharing functionalities so that you and the member can work together on their issue.

By offering multiple ways for your member to reach you, they can choose the most convenient and comfortable method. It also removes any barriers that might be stopping them from reaching out. This personalized communication can go a long way toward member acquisition and retention, especially with Gen Z and Millennials.

2. Digitize your in-person member and financial services

A member-centric digital communication platform can do more than add text and chat options. It can also make it possible to offer financial services digitally — even those that have traditionally taken place in person.

For example, what if it’s not convenient for a member to visit a branch location, but they need to meet with you to take out a loan? With video banking, your loan officer can meet with a member face to face — without being in the same place.

You may be asking, “But what about when it’s time to fill out the application or sign loan documents? The member will have to come into a branch location then, right?” Actually, video banking integrations like esign, Document Exchange, and Video Notary make it possible to handle the entire process online in real-time.

This is just one example. The more you can meet your members where they are, the more you can make an impression and turn them into loyal fans.

3. Embrace automation

Automation can reduce your average handle time (AHT) metric and even provide after-hours service.

For example, through the power of artificial intelligence, a virtual agent can field phone calls, texts, and chats. The intelligent virtual agent (IVR) can answer common questions and even handle simple banking transactions, like paying bills and transferring funds.

During business hours, the virtual agent can free up your staff to handle more complex cases. After business hours, it can keep your lines of communication open.

And for members who want to speak with a member service rep, you can automate appointment scheduling. Instead of calling during business hours to make an appointment, your members can schedule online with just a few clicks.

4. Make it easy for your members to find answers

One of the best ways to help your credit union members is to make it easy for them to find answers to their questions. You can do this by providing a thorough FAQ section on your website with all the answers to your members’ most pressing and common questions. You can also arm your chatbot with FAQs and solutions so the member doesn’t have to go far to get the answer they need.

Build up your knowledge library to troubleshoot any question a member could have, no matter how simple or complex it seems. Provide as much information upfront so your members are empowered and can troubleshoot issues independently, any time of the day. Ensure it’s easy to access and spot on your apps and website. This can help your members find their solutions before seeking help from your member service team, saving you time and money.

Improve the user experience by adding fintech to your service

Standing out in the crowd of financial institutions goes beyond the banking products you offer. You need to provide your members with excellent member service as well. And in today’s tech world, that means using fintech in your member service to give them digital solutions.

Investing time and money into a great service experience can build your members’ loyalty and trust in your credit union while giving them the support they need. And in turn, that member’s trust can help you grow your business.

A fintech company like Eltropy can provide a digital conversations platform to offer text, chat, video banking, and more without additional staff. You can even embrace automation with appointment scheduling and the Eltropy Intelligent Virtual Agent.

Eltropy would love your opinion regarding member experience. Let’s start a conversation! www.eltropy.com