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Consumers are always looking for ways to get more done in the same amount of time. As a result, many consumers have turned to self-service channels to accomplish the tasks on their list whenever they have time. Nice released their 2022 Digital First Customer Experience Report in which 81% of consumers stated that they wanted more self-service options. And consumers are looking for smarter service options that handle more complex tasks and understand requests faster. These rising consumer expectations mean credit unions need to embrace products and services to meet those needs. Artificial intelligence is an innovative technology that can help credit unions improve the member experience by efficiently responding to inquiries, personalizing the information provided, and providing upsell opportunities. Let’s take a look at how artificial intelligence can help credit unions achieve their service and sales objectives.

The holidays are here, and it is estimated that US holiday retail sales will reach $1.3 trillion. Of that $1.3 trillion, eCommerce sales are estimated to be $236 billion. While that is great news for retailers and will deliver interchange revenue for a financial institution’s card program, it also means the holidays could be a windfall for fraudsters. In fact, Transunion reported a 4% increase in fraudulent e-commerce transactions between Thanksgiving and Cyber Monday in 2021, compared to the same period the previous year. Additionally, the number of phishing domains increased by 397% in the run-up to Black Friday last year. Let’s discuss how virtual cards can increase consumer card convenience while mitigating this ever-growing problem of holiday fraud.

The account opening process is critical for new account and loan acquisition. While that’s true, it’s important to realize that account opening is often seen as a process by financial institutions while consumers consider it an experience. This account opening experience is often the make-or-break stage for a consumer relationship with a financial institution. If the consumer hits roadblocks and becomes frustrated with a negative account opening experience, they will open the account elsewhere.

Location, location, location! That phrase has morphed over the years. “Location-based” marketing strategies have focused on physical location, newspaper ad placement, billboard location, postcards or mailers sent to targeted zip codes, and even SEO. The main drawback of those strategies is that they require a lengthy analysis period and can be costly. Even SEO, which was thought to be a lower-cost alternative to traditional marketing media, can accrue expenses quickly based on ad category and click-through rates. In addition, all of those methods utilize passive marketing campaigns. Yes, even SEO marketing is passive, despite being digital, because the end-user must enter a search term and scroll to where a credit union is listed in the results.

Today, almost every company website and app use passwords to authenticate customers. Credit unions are no different with their requirements for strong passwords, authentication challenges, enhanced security measures such as multi-factor authentication, and blocked usage of easily obtained data such as date of birth as a password. In addition, members are prompted to change their passwords at intervals such as 30 or 45 days. These security protocols, however, are often a point of frustration for members. With so many passwords to manage, they will often use the same easy-to-remember password across multiple sites.

While common fraud attempts such as vishing and phishing are well-documented, Social Media fraud is an often-overlooked topic. Seen as a soft target, the social media space is public and more relaxed, so most people tend to let their guard down. However, just like many soft targets, social media lacks supervision, and with few restrictions and relaxed rule enforcement, it leaves businesses open to attacks.

Life doesn’t stop while on vacation. It may be more hectic. Members are looking for (expecting) convenient access to those essential applications for assistance while juggling transportation, itineraries, travel disruptions, and general travel-induced stress. Checking their account balances, monitoring and making payments, accessing funds, freezing, canceling, and reissuing cards are all part of members’ daily routines whether or not they are on vacation.

In this period of high inflation, members are looking for ways to conveniently monitor their financial activities. Where in the past this may have been a periodic activity every few days, members now feel the need to stay constantly informed about their finances. Financial peace of mind is a requirement as members deal with pricing pressures and budgeting in every aspect of their lives. In fact, 73% of Americas rank their finances as their number one stressor.

Spring is here again, which means it is time for spring cleaning. Members get themselves in gear to clean out closets and tackle home repairs that arose during the winter, such as roof leaks and cracks in the driveway. Spring is an opportune time for credit unions to offer loan promotions such as home equity and personal lines of credit. We know that members can avoid high-interest rates from most lenders by taking advantage of loan products through your credit union.

Credit unions require faster and more efficient contact touchpoints servicing and onboarding new members in today's digital world. Traditional phone support and email are no longer sufficient. Credit unions need chat. As more consumers move into the digital channels, their requirements are shaped mainly by their experience with their preferred digital businesses. The primary communication for digital business is chat.