Build experiences your way
The “Credit Union Difference” is all about the human touch. It’s in creating experiences that members enjoy and make them feel personally valued. It is built on a commitment to helping members achieve more in their everyday lives.
Even though this difference is all about people helping people, member experiences are not built purely on human-to-human interaction, as idyllic as this may sound. Here, we all know that modern technological conveniences help us humans provide members with a more seamless, frictionless experience.
Take merchant payments, for example. In bygone days, members shopped and paid merchants by writing checks and using cash. The introduction of debit and credit cards – technological advances, to be sure – revolutionized merchant transactions, making it infinitely easier for members to shop and make payments. Instead of having to fill out a check and enter information in a checkbook register, a customer can simply swipe or tap and go. The effect was a more seamless, frictionless experience for the member.
Building member experiences your way is an ongoing task to be approached from a variety of fronts. Of course, personal service is one – but implementing the right technology is undeniably a vital strategy.
Technology wins for the member
Taking the payment card example further, traditionally, when a member was faced with a fraudulent debit or credit card transaction, the member was also faced with a labor-intensive process for having the transaction investigated and resolved. It may have involved spending a great deal of time on the phone, being transferred to multiple departments, and even filling out lengthy forms.
Today, technology paves the way for a smoother member experience with even debit or credit card disputes. For example, with an MRM debit or credit card module, credit unions can use its business rules to easily create a robotic process automation (RPA) “bot” that can automatically identify suspicious transactions in real-time. The bot can alert the member, requesting authorization of the transaction and providing an opportunity to dispute it. If the member disputes the transaction as fraud, the bot can block the card, generate dispute forms, capture an eSignature, and reissue a new debit or credit card, guiding the member through every step quickly and efficiently.
In other words, the member can be proactively notified of an issue and guided through a seamless resolution process – all with the help of technology. Examples like this shine a light on how the human who matters most in these experiences is the member, and sometimes technology can best create a stellar experience for members.
A win for the credit union
With technology like RPA bots, members are not the only people gaining exceptional experiences. Credit union teams also reap many benefits. Using a credit card dispute bot as an example, credit union employees can gain back valuable time to spend on priorities while the credit union reduces costs. In one CU NextGen use case, automating just 25% of a client’s card dispute process resulted in 98,800 saved employee minutes in just one year, producing a projected return on investment through 2025 of 1,344%.
With this insight, it is easy to see that the temptation to veer away from technology in order to build better member experiences your way is a misguided one. With technology, such as MRM modules and RPA bots, credit unions have a unique opportunity to meet members where they are, providing immediate, responsive solutions to create outstanding experiences.
