Tech Time: Real talk about voice banking and the omnichannel experience
Debunk the hype around conversational banking services to ensure this channel is functional, familiar and safe for members.
Credit unions recognize that their relationship with members is the cornerstone on which they have built their success. This loyalty stems from members’ connection to the branch experience over the years and sometimes across generations. Thus, credit unions are better suited to anticipate and meet members’ expectations for new innovative banking services they will use however, whenever and wherever they live, work and play.
These business and technology trends should be on your credit union’s radar in order to meet evolving member expectations and maintain that loyalty and competitive advantage:
Voice and Conversational Banking
More than 26% of U.S. consumers own a smart speaker and/or voice assistant of some sort, according to a 2019 report from Voicebot.ai and Voicify. Voice interaction capabilities built into phones, speakers, cars and other devices mark a paradigm shift in the way people interact with their devices. With predictions that 50% of all searches will be done by voice and 30% of searches will be done without even a screen by 2020, now’s the time for credit unions to consider how they meet members’ and prospective members’ expectations for voice and prepare for conversational banking services. It starts with being able to secure and protect voice banking and voice transactions from any wrongdoing (or from doing it wrong):
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