Identify how chatbots will help you

  • Share:
technology

intelligent, chatbot, fit, chat, automation, app, application, tech

Before investing in this technology, financial institutions should review the possible benefits and drawbacks to rolling out an intelligent chatbot. Do they fit with the needs of your organization? How, specifically, will it help?

According to Lauren Fogarty, Chief Strategy Officer for Christian Financial Credit Union, the benefits of the chatbot technology can be varied and numerous.

 

A want for technology

“I can definitely identify with the desire for such technology,” Fogarty told CU TrendScan. “Some of the mundane tasks involved in day-to-day account management could be simplified even further through use of this technology.  Many of the reasons members contact us could also be streamlined this way.  Imagine asking an intelligent personal assistant such as Alexa to send travel plans from your calendar to your credit union. It could trigger a series of actions by the financial institution to execute without requiring the member to find our phone number and wait to speak with a human, or logging into our system and typing a message. Additionally, maybe it could remind you of the travel benefits that come with your card(s) so it remains top-of-wallet as you navigate your excursion. There are infinite possibilities of ways we can refine our interactions from basic to complex with this sort of technology.”

 

consumers, available, 24, 7, need, communicate

In a survey from Personetics, survey participants indicated that the greatest expected benefits of chatbot technology were two-fold: increasing customer satisfaction and engaging young customers. In fact, a significant portion of respondents (34%) believed that chatbots will take over as much as half of all customer conversations by 2021. This means that chatbots will not only be an important channel for millennials, but also generation Z.
 
What chatbots won’t do:

 

  • Share:


« Return to "Trends"
TrendScan logo
<< Back to Articles

Latest Trends

  1. Identifying Marijuana-Related Businesses
  2. Cut Through the Noise and Deliver Value Members Want
  3. 3 Key Factors for Creating Good Content
  4. Preparing a Transparency Communication Plan
  5. A Content Management System Will Make Your Life Easier
  6. Opportunities and Risks of Banking for Marijuana-Related Businesses
  7. You Know You Need an LMS — Now What?
  8. Why You Need ERM in Your Strategic Planning
  9. Enterprise Risk Management — Where to Start
  10. Just How Distracted Are Consumers?
  11. Credit Unions Could Replace Predatory Lenders
  12. The Quickest Way to Understand Enterprise Risk Management (ERM)
  13. Are You Properly Rewarding Your CEO?
  14. Omnichannel Delivery: Banking Based On Members
  15. The Easiest Way to Deliver Content for Employee Development
  16. What Borrowers Wished Credit Unions Knew
  17. Bankers associations’ opposition to mergers does a disservice to member banks and to consumers
  18. Is Your Credit Union Supported by the Four Pillars of Digital Banking?
  19. Consumer Attitudes Toward Digital Advertising
  20. Three ways to up your social media game
  21. Keep content relevant, short, iterative and engaging
  22. Are You Ready to Adopt a Continuous Performance Management System?
  23. Credit Unions Have an Opportunity to Help Their Members Through Tax Season
  24. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  25. The Quest for a One-Stop Shop Financial App
  26. 5 Things Credit Unions Can Learn from Cyber Attacks
  27. Preparing for Compensation Transparency
  28. The Quickest Way to Find the Right (and Safest) CMS
  29. 2 Big FinTech Goals for Credit Unions
  30. Americans Trust Their Financial Institutions for Tax Advice
  31. Become a Tax Resource for Members
  32. The Process of Crafting a Relatable, Moving Brand Story
  33. Learning Management Systems: What Credit Unions Should Consider
  34. Predict the Future of Mortgage Lending with Analytics
  35. How Useful Are Member Personas for Credit Union Marketing Teams?
  36. Three Ways to Enhance Compensation Strategy for an Age-diverse Workforce
  37. Achieving the Golden “Narrative Transport” in Brand Storytelling
  38. Remaining a Player in the New Home-Buying Experience
  39. Experience Company Growth and Discovery with Employee-Driven Communication
  40. Identify how chatbots will help you
  41. Popular DDoS Mitigation Methods in 2019
  42. What's Hot in Performance Management Technology
  43. The Secret to Future-Proofing Your Organization
  44. Should You Still Be Concerned about ADA Website Compliance?
  45. Leverage the Resources of Trusted Experts for Tax Season 2019
  46. Common Mistakes in Compliance
  47. You Might Already Have the Solution to Your Current Talent Competency Gap
  48. Conversational Commerce and the Rise of the Chatbot
  49. Do you need a new compensation strategy for multigenerational staff?
  50. 6 Factors for Choosing the Right ESS System
  51. The Best Compliance Training with New Topics You Will Need
  52. Credit Union Compensation: Philosophy or Strategy?
  53. Volunteer and Young Board Members Need Development
  54. Prepare for integration
  55. What others are doing
  56. The Member Service Experience
  57. Americans' Lack of Financial Literacy Is an Opportunity for Credit Unions
  58. The Planning Process - Improved
  59. Do You Know Why Payday Loans Are Used so Much?
  60. Don't Get Snagged on ADA Compliance Requirements
  61. Building a Website with the User in Mind
  62. The Role of HR and Hiring Managers in the Candidate Experience
  63. Why HR Should Take Advantage of Employee Self Service
  64. Continuous Performance Management is Disrupting HR
  65. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  66. Content Marketing: Well Worth the Effort
  67. 7 Tax Changes Your Members Need to Know About
  68. 3 Succession Plans Your Credit Union Needs
  69. People Analytics: Bringing HR and Data Together
  70. Anticipating Change with a Succession Plan
  71. Your Social Media Accounts Deserve Quality Content
  72. Empowering Employees and HR with the Latest Technology
  73. The Win-Win Results of Prize-Linked Savings for Credit Unions and Members
  74. The Performance Management Conundrum: Structure vs. Creativity
  75. Consumer Appetites in Mobile Innovation
  76. Shifts and Trends to Know About in E-Learning
  77. 3 Website Design Trends for 2019
  78. Are You Missing Out on the Power of Video?
  79. The Website Audit Your Credit Union Needs
  80. Prioritizing the Credit Union Employee Experience
  81. Content, Tools, and Channels to Capture Consumer Attention
  82. 5 Guideposts to Measure Your Brand Promise Against
  83. Optimizing Websites for Voice: What You Need to Know
  84. The Importance of Creating Quality Content
  85. Serving the Underbanked and Millennials
  86. What Credit Unions Should Do with Ambiguous ADA Standards
  87. How to Identify What You Want in an ESS
  88. Why You Should Invest in an Applicant Tracking System
  89. Is Your Executive Compensation Still Appealing?
  90. Making Sure You Have the Right Leaders in the Right Seats
  91. Selling Payments and Wealth Management Services
  92. 4 Steps to Increased Social Media ROI
  93. Build Up Membership Through Supportive Savings Programs
  94. The Credit Union Advantage for the Digital Customer
  95. A Simple Way to Unify Your Marketing Efforts
  96. Wanted: Apps for Clarification and Simplification
  97. Are Your Landing Pages up to Snuff?
  98. Is Your CMS the Right Fit?
  99. Protect Your Credit Union with a Website Accessibility Response Plan
  100. Don't Undervalue Your Brand Promise
  101. The Dream Team for Successful Online Customer Interactions
  102. Credit Unions Can Compete with Shadow Banks
  103. Caution: Customers Don't Always Ask for What They Want
  104. What the C-Suite Wants out of Social Media
  105. 3 Brand Promises Credit Unions Can Learn From
  106. How Credit Unions Can Formalize the Branding Process
  107. Keeping Up with Digital Lending Convenience
  108. How Credit Unions Can Embrace Storytelling in Marketing
  109. Don't Underestimate the Power of Financial Education
  110. How to Generate Content with Fewer Resources
  111. Underestimate the Onboarding Process at Your Peril
  112. Leveraging Social Media for Member Engagement
  113. 3 Factors Impacting Credit Union Compensation Plans
  114. Finding the Best Platform for HR Technology
  115. If Your Site Isn't Mobile Optimized, You're Losing Out

Related Trends

  1. Conversational Commerce and the Rise of the Chatbot
  2. Identify how chatbots will help you
  3. Prepare for integration
  4. Remaining a Player in the New Home-Buying Experience
  5. Predict the Future of Mortgage Lending with Analytics
  6. Is Your Credit Union Supported by the Four Pillars of Digital Banking?
  7. Omnichannel Delivery: Banking Based On Members
  8. The Quickest Way to Find the Right (and Safest) CMS
  9. A Content Management System Will Make Your Life Easier
  10. Credit Unions Could Replace Predatory Lenders
  11. 5 Things Credit Unions Can Learn from Cyber Attacks
  12. Do You Know Why Payday Loans Are Used so Much?
  13. What Borrowers Wished Credit Unions Knew
  14. Serving the Underbanked and Millennials
  15. Should You Still Be Concerned about ADA Website Compliance?
  16. Don't Get Snagged on ADA Compliance Requirements
  17. Consumer Appetites in Mobile Innovation
  18. The Quest for a One-Stop Shop Financial App
  19. Wanted: Apps for Clarification and Simplification
  20. What Credit Unions Should Do with Ambiguous ADA Standards
  21. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  22. Building a Website with the User in Mind
  23. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  24. 3 Website Design Trends for 2019
  25. The Credit Union Advantage for the Digital Customer
  26. Optimizing Websites for Voice: What You Need to Know
  27. Is Your CMS the Right Fit?
  28. 2 Big FinTech Goals for Credit Unions
  29. Caution: Customers Don't Always Ask for What They Want
  30. The Website Audit Your Credit Union Needs
  31. Keeping Up with Digital Lending Convenience
  32. Protect Your Credit Union with a Website Accessibility Response Plan
  33. Credit Unions Can Compete with Shadow Banks
  34. Popular DDoS Mitigation Methods in 2019

Industry insights
to your inbox!

Subscribe