Prepare for integration

To be blunt, very few people expect chatbot technology to have a dominating effect this year. But in the next few years? The naysayers begin dwindling the further out you go. Preparation is key, and that may require some help outside of your credit union. Partnering with fintech companies provides credit unions with a reliable partner that can focus on the technology while credit unions focus on members. Larger FIs will look to hiring new talent, including developers and AI interaction designers, a fancy word for the writers and programmers that will create the dialogue for new bots. Other banks and credit unions will begin to look for ways to integrate chatbots with their current customer service apparatus, such as implementing a live chat module on their websites that in time, will also host a chatbot or similar service. It is also important to keep in mind that chatbots have their limits, especially while the technology is still in its infancy. One way to mitigate this is to ensure that any automated system always has a human backup. What can chatbots do today? Right away:

• Contextual engagement
• Work seamlessly with other modes of communication
• Real-time data access and retrieval

Needs development:

• Learn over time
• Hold intelligent conversations
• Anticipate needs smartly

Hedge your bets

Don’t just jump on the bandwagon. Keep in mind that chatbots have been around for some time and adoption continues to be slow. The appeal of intelligent personal assistants and their related chatbot capability is the promise of great potential. That doesn’t make it a reality, at least, not today. Chatbots have plenty of hurdles to overcome, not the least of which is privacy and security concerns. Additionally, a poorly-implemented chatbot system could mean frustrated customers.