“We believe once a year credit union leaders should press the pause button to look at what is happening on the road ahead. We need to take emerging technology and apply it to our business to make credit unions the choice provider for financial services. At a time of rapid change, why not us? Why can’t we be the ones to harness the power of digital transformation to power credit unions forward? THINK was founded to find that inspiration.”
Samantha Paxson, Chief Experience Officer at CO-OP Financial Services, explained at THINK 18: “Our biggest competitor is member expectations. We have to consistently exceed member expectations every day. Excellence does not live in a single moment, but it is moment by moment, every day. In the credit union evolution/revolution, we do not have to wait to bring innovative technology. We can advance credit unions through artificial intelligence by applying technology while keeping our human touch.”
Studies have found people define successful customer service by a friendly welcome, not up-to-date technology, Paxson continued. Further: one-third of customers indicate they will walk away from a brand they love after just one bad experience.
“We can use data to optimize engagement, but then we need to anticipate the needs of members and deliver things they might not even realize they want,” she counseled. “We have to be digitally accessible. We have to reach into channels we do not fully control. AI can uncover insights that help us drive innovation, but it still needs to be member-centric. AI can change the game for fraud detection, so credit unions can focus on the human touch.”
Integration is a “key concept,” Paxson said, adding CUs need to integrate channel experiences. She said all the pieces must work together in an integrated way.
“Integrated channels means the website knows what the member did via their phone. Members choose the channel that is easiest and most convenient for them at that time, but there needs to be consistency across all channels. This might be the most important strategy to improve the member experience right now. Integrate to innovate. Open banking is an ecosystem. We share with each other – which is a very credit union philosophy.”