The Customer Experience is the Key to Surviving (and Thriving) in Challenging Economic Times

• Mar 14, 2023
• By Jeremy Smith

As if the pandemic didn?t throw enough challenges at financial institutions, we now face uncertain economic headwinds that are creating issues for credit unions. Spending is slowing and demand for revenue-generating products, such as mortgages, is dwindling. Credit unions are suddenly tasked to convert a higher percentage of opportunities from a shrinking pool. Surviving difficult economic times means closely aligning to members and helping them prevail through inflation, uncertainty and their financial pressures. While credit unions can try to remain competitive with lower rates for loans, mortgages and credit cards, and by offering higher returns on CDs, margins continue to shrink. Making the most of each opportunity is crucial. The real differentiator has become member service and the ability to not only support, but also guide members to solutions that meet their financial needs. This makes the member experience more important than ever. Today, that is a primarily digital experience. Shift from Phone-Centric to Digital-First Members expect convenient online and mobile options to connect with their credit union via SMS, chat or video. Interestingly enough, most financial institutions still favor phone-based call center support even as their membership embraces a digital-first lifestyle. In an attempt to keep pace, many have simply bolted digital features, such as chat, onto the call center. This is commonly called omnichannel, designed to augment phone service with digital options. Unfortunately, this band-aid approach is a short-term fix, and a poor one at that. Barely adequate for members who have simple requests, such as getting their account balance and completely problematic for members needing support for more complex inquiries?to explore mortgage options, for example. What happens when a member needs to speak with a credit union representative, perhaps to gain clarity on what income to list or other sensitive personal information required for the mortgage? Or what if the member would like a more personalized video experience? The omnichannel approach would force that member to end the chat engagement, make a phone call to the credit union and start all over again to continue with the mortgage process. This creates a significant friction point, which often leads to a high abandonment rate. In this economic climate where every opportunity counts, credit unions can?t afford a digital disconnect that drives members away, potentially to a competitor offering a better experience. Members shouldn?t have to worry about which channel they use to connect with their credit union and they should never face limitations based on that choice. The experience should be effortless across all channels for a single, continuous engagement that feels ?channel-less.? Rather than tricking out the call center with digital features, credit unions should explore digital-first platforms that deliver a seamless experience without breaking the digital connection (and driving members away). The ChannelLess Architecture is emerging as omnichannel?s successor, offering a true digital-first approach that can fully resolve issues online. Don?t Just Meet Members Online, Keep Them There Instead of breaking the digital connection by forcing a member to call back into the credit union and start an engagement all over again, credit unions can keep the member online with a ChannelLess approach that allows them to easily transition across any channel. Members can easily move from chat to on-screen voice or video, for example, with the same representative. This reduces friction points where members typically abandon an opportunity, often to find an easier resolution. A seamless digital experience does more than keep a member engaged, driving them toward conversion. It also greatly improves member satisfaction, which builds long-term loyalty. In fact, 65% of consumers complain about having to repeat or re-explain information to different representatives, according to a recent Salesforce study. Guide Them Online More complex processes, such as applying for a loan or new credit card, require a more hands-on approach. This is an area where Digital Customer Service really shines. CoBrowsing technology allows a service representative to share a member?s screen and proactively guide them online. The ability to show a member where to find a loan application, open it for them and even help to fill it out can greatly accelerate the engagement and increase the likelihood of conversion. The ability to see where a member is within the digital domain can be helpful for reps too. Understanding that a mobile user needs to scroll up to access information on credit card offerings, for example, enables a service representative to provide a swift resolution. Helping members find the resources they need enhances the overall experience and keeps them engaged. The member experience a credit union provides is foundational to long-term growth and even more crucial to short-term survival during challenging economic times. The omnichannel call center is rapidly reaching the end of its lifecycle, as members increasingly prefer digital-first solutions. Credit unions should make it easy for members to connect, get the information they need and efficiently resolve any issues they have. Credit unions that adopt Digital Customer Service, powered by a ChannelLess Architecture, will be well positioned to increase conversions, drive up member satisfaction and easily survive?even thrive?through a difficult market. About Author: Jeremy Smith, COO of�Glia, the leading provider of Digital Customer Service.�

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