Today’s omnichannel environment allows consumers to transact digitally and physically. However, the goal is the same: To make the consumer feel important and engaged with their best interests, we want them to feel known. Although many branches have seen a decrease in traffic and an increase in the number of member transaction requests, the goal remains the same: To provide the best customer engagement model regardless the channel.
Credit union members are more likely to use the branch for complex transactions and issue resolution. As a branch’s advisory and member service roles decrease, so does their role. Members want self service, banker-assisted or full-service options. And the ability to seamlessly transition between digital channels and human ones.
Credit unions are changing the role of the contact center, branch and banker. To meet member requirements, they are now using a variety human-asset methods, including branch-based and centralized bankers as well as mobile bankers. This requires an omnichannel solution capable of optimizing human asset utilization to engage members effectively, strengthen their member relationships, provide advisory service and handle complex member requirements.
In this digital business model, it is crucial to provide a high-quality member experience while still being able to support all banker touchpoints. Credit unions often lose the personal engagement that comes with face-to–face contact. Credit unions miss out on the opportunity to identify and quantify member needs without technology.
Credit unions that use digital sensory technology are able to detect member interest and quantify propensity-to-purchase, routing well-timed and relevant engagement through digital and human channels. Credit unions are able to access additional member information via intelligent surveys and other tools such as a self service personal financial planning tool. Digital and human channels can work together to engage the right banker at a time that suits you.
In the new digital world, the role of the contact center remains important. The contact center staff often bridges the gap between branch and digital banking by offering issue resolution services and support for digital channels. With the right technology, contact center agents can directly access digital account applications in the system to answer questions and resolve problems. This allows them to be more focused on the member and provide faster service, increasing satisfaction and decreasing call time.
Tomorrow’s winners will be those who can engage customers in a proactive manner and provide the right advice, as the consumer preference shift has been to digital channels first. We must find ways to engage consumers digitally as more people engage digitally. There are powerful technologies that can detect and calculate your propensity for purchasing based on website navigation, time spent on the page, and call to actions. Credit union staff can now work with mobile devices. Also, they can offer omnichannel solutions to their members and open accounts in remote locations. This makes it possible to complete complex transactions such a business and commercial fulfillment or servicing. This service is a great option for high-value transactions that can be done in person. Credit union staff can meet members at their convenience and do not require them to travel to a branch.
In this new digital model, the branch still plays a vital role. Credit unions are able to take advantage of their branch assets today, especially because members still want financial advice. Digital banking offers many advantages, but trust is the only thing it cannot address. Trust is built on human interactions and is highly valued by members. Branch and contact center staff play an important role in member acquisition, clarifying options, and offering guidance and support. They can also be more focused on meeting the needs of larger groups that require a consultative approach. A holistic approach supports financial well-being of members by focusing on major life events, such as marriage, home purchases, and saving for college tuition. A member’s loyalty is enhanced and profitability increases.
Credit unions can provide better service to their members by using technology solutions that offer seamless omnichannel access. This allows staff to access monetary transactions, sales functionality, fulfillment, advisory support, and more from one point. This allows members to perform tasks such a resuming of a partially completed account application that was started through digital channels and completed with the assistance by branch staff. It also eliminates the roadblocks associated switching applications or moving from one physical station to another. Credit union staff can then focus on the member’s needs and minimize friction by engaging with them.
Credit unions that are diligently studying and refining their strategies and investments around member acquisition, member experience, and revenue drivers will be relevant in the omnichannel delivery environment within the financial service industry will continue to be relevant. Those who invest in the technology solutions that are available to aid in this evolving landscape will be able to offer a unique experience in this highly competitive market.
Todd RobertsonTodd Robertson is the SVP of Business Development at ARGO in Richardson Texas.