Business to human (B2H) interactions aren't just a big deal in the credit union industry—they're arguably the foundation upon which everything else is built. Because of that, it may seem counterintuitive to leverage automation, artificial intelligence, and similar tech advancements. You may be worried that this would take away from the humanity, but when leveraged strategically, it can actually add to it.
It would be a missed opportunity for credit unions not to utilize AI in particular, but they just need to do it with an eye towards B2H along the way.
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B2H
What Is It?
In an over-arching sense, B2H is all about paying attention not just to what members say and do during an interaction, but how they feel when they interact with a financial product or service.
Why Is It Important?
B2H is important because it's one of the key ingredients that determines whether someone ultimately likes or dislikes your credit union. It also contributes to whether they trust you and if they decide to become a member or if they look elsewhere for what they need.
How Do You Do It?
B2H is all about a series of small but meaningful steps. You need to work to identify member pain points, map out their overall member journey with your credit union, and proactively reach out to them with solutions. They may not even realize they need those solutions, but doing so can significantly help with larger goals like funnel stage conversion rate optimization and more.
Automation
What Should I Automate?
Many credit unions find success in automating loan decisioning, compliance monitoring, fraud detection, data entry, and reporting. As automation technology becomes more sophisticated, you can expect to see that list grow.
By automating routine tasks, like data entry and account management, your credit union can experience many benefits.
What are the Benefits?
Increased efficiency is the biggest benefit of automation, but not the only one. In addition to enhanced accuracy, a more satisfying member experience, and improved analytics, automation also offers the advantage of an enhanced employee experience and the ability to reduce fraud and avoid fines.
Balance
In order to truly excel in the credit union industry, it is crucial to strike a balance between automation, AI, and a focus on B2H interactions. Automation and AI play a vital role in offering fast and convenient products and services to your members, while B2H ensures that your credit union remains member-obsessed.
By utilizing automation and AI, you can enhance efficiency and provide a seamless member experience. However, it is equally important to prioritize B2H interactions, as they allow for a more personal and effective engagement with your members.
To achieve this balance, it is essential to understand the needs and preferences of your members. By automating repetitive and mundane tasks through tools like chatbots or voice bots, you can free up valuable time for your staff to focus on the areas where the human touch matters most.
By continuously monitoring and optimizing both automation and human touch strategies, you can ensure that your credit union consistently delivers exceptional member experiences.
Enhancing Member Experiences with Automation and AI: Explore Our Digital Lending eGuide
At FLEX, we believe that digital advancements like automation and AI can absolutely complement the human experience you're offering to members. In fact, we've recently written an eGuide that discusses this within the context of one of our favorite modern-day solutions: digital lending. Click the button below to download your copy and start reading.
