Let’s be honest—some credit unions have been dominating the omni-channel game in recent years, providing members with easy access across branches, online portals, mobile apps, and call centers. But here's the catch: these multiple channels—while helpful (and had their moment)—often lead to fragmented experiences, disconnected systems, and (let’s face it) frustrated members.
And the worst part? Your credit union isn’t just being compared to other institutions, you’re now up against everyone in the digital space like Netflix, Amazon, and Apple. People are watching and now is the time to be on your member experience game!
The wall
If you embraced omni-channel—great! That’s what you were supposed to do! But omni-channel has now, to put it bluntly, hit a wall. Despite the initial benefits, traditional omni-channel strategies have exposed several cracks in that wall, such as:
- Siloed systems & member experiences: Ever had a member complain about repeating the same info across multiple channels? That’s called a silo. Members get frustrated when they’re forced to bounce between channels such as online banking, branch visits, or call centers—frequently having to repeat information at each step due to disconnected systems (or silos).
- Inconsistent service quality: Do you have a great app, but offer a poor call center experience? Variations in service quality across channels can cause confusion, dissatisfaction, and decreased trust from members.
- Operational inefficiencies: Managing and maintaining multiple disconnected systems increases complexity and can cause more work (and headaches) for employees, both leading to higher operational costs and resource allocation challenges.
- Fragmented data: Member data is scattered across multiple channels, impeding the ability to gain insights into their behaviors and preferences, making personalized interactions more challenging.
A recent PYMNTS.com study found nearly 8% of credit union members switched financial institutions due to inadequate experiences and insufficient online and mobile banking services—bringing to light the need for more integrated and intelligent digital platforms.
Introducing omni-AI: The intelligent solution
Transitioning from an omni-channel strategy to an omni-AI strategy truly puts the member first. Omni-AI takes the omni-channel foundation you’ve built and supercharges it with artificial intelligence (AI), creating one intelligent, member-focused experience across all channels. Some key features of an omni-AI strategy include:
- AI-driven virtual assistant: A single AI-driven virtual assistant and system manages interactions across all channels, such as online banking, mobile apps, and call centers—ensuring consistent service and eliminating redundancy.
- Real-time integration: Combining and leveraging data in real-time helps your institution to anticipate member needs, personalize interactions, and deliver custom, tailored services and products to your members.
- Increased operational efficiency: A centralized AI solution reduces call center volumes by efficiently resolving routine queries, automating processes, and routing complex (and rewarding) interactions directly to human agents.
- Continuous learning: AI platforms only get better over time! These systems evolve by continuously learning from member interactions and can adapt to changing member bases and expand offerings without compromising service.
According to The Financial Brand, today’s consumers demand a high level of service and personalization. AI-driven personalization allows financial institutions to anticipate needs and offer targeted solutions at critical moments.
Okay, we’re sold—but where do we start?
You know by now that an omni-AI strategy will elevate your member experiences and improve retention (not to mention it will give you a competitive advantage over those still stuck in silos), but you find yourself asking, “Where do we start?”
Moving to an omni-AI strategy is more than choosing new technology—it’s building a framework that will take your institution into the future as it integrates AI into every aspect of your ecosystem. But this advancement will require some strategic thought, preparation, investment, and a good partner or two—but don’t worry, you don’t have to overhaul your entire operation overnight!
To help get you on the path to successfully transitioning your institution, here are five steps to help you begin your omni-AI journey:
- What’s working (and not)?: Assess your infrastructure and evaluate existing systems to identify any gaps and determine AI capabilities. Ask outsiders as well to get a well-rounded evaluation.
- Invest in tech: Partner with technology providers who specialize in AI and can develop and implement custom solutions that align with the needs of your institution and its members.
- Data governance: Establish strong data governance practices that protect both you and your members for security, quality, and compliance. It’s not optional, it’s essential.
- Empower your people: AI is here to help, not replace. Equip your staff with the tools and training they need to be confident when using the AI platforms (Tip: Use AI video to teach AI!)
- Monitor, refine, repeat: Track the performance of your AI systems and gather feedback from your members and staff, making adjustments where needed.
Embracing omni-AI will give your institution the power to go beyond the traditional limitations of omni-channel. It’s not about staying relevant, it’s about becoming exceptional! By offering consistent, intelligent, and personalized experiences, you’ll not only increase operational efficiency and enhance member satisfaction, you’ll be setting your institution up for a future of sustainable growth in a competitive financial landscape.
