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03Aug

Why your Credit Union needs a voice application

Why your Credit Union needs a voice application

 

By John Best

 

Voice assistants are fast becoming the way we interact with everything from our banks to our cars- we're already watching this transition play out in real time. The technology isn't limited to humans either, with artificial intelligence (AI) also being embedded into voice interactions to aid decision making and improve customer experiences.

 

Voice services are only one step on the AI roadmap, but an important one. Voice services stand to impact credit unions’ bottom lines, enabling more revenue generating opportunities while also helping member services teams more smartly focus on value added duties.

 

In addition to improving customer experience, voice services can also help credit unions gain competitive advantage by "shifting the conversation" with members. According to Clay Christensen, founder of the Harvard Business School's Executive Education program, "Shifts in conversations drive the volume of value creation." Shifting the conversation from standard transactional based communication to personal engagement with a member’s financial needs will create deeper, more trust-based relationships and allow credit unions to stay ahead of the curve by providing products and services custom built for members’ needs.

 

These customer and member benefits come with a cost, however. Voice services can be pricey- especially for smaller institutions not yet equipped to address the infrastructure requirements- so it's essential not to get caught off guard. Because voice assistant fee structures vary greatly, it's important to understand the details in order to make informed decisions.

 

This is why Best Innovation Group developed the Fast FIVE platform, a unique approach to launching voice services at a low price point with a built-in process allowing for seamless growth as a credit union’s need for voice services evolves. 

 

In keeping with its name Fast FIVE can be implemented remarkably quickly. In less than 60 days your credit union can be providing balances, account transfers and transaction history via the Alexa platform for as little as $600 a month.

 

Voice is AI and AI is the future- that doesn't mean it has to be expensive or difficult, however. With Fast FIVE your credit union can start its voice service journey with the flexibility to add new services and features as they become available at minimal additional cost or effort.

 

The first step in this process is to reserve your credit union’s brand for voice platforms. It’s very much like the early days of the internet- remember how many companies eventually realized they needed a web presence, only to discover that by then a squatter had reserved the URL associated with their name. The voice landscape is playing out in a similar fashion-www.voicenameregistry.com offers an easy and free way to confirm availability. We strongly suggest you stake your claim now, even if you’re not yet prepared to roll out a service.

 

For more information on how your credit union can get started with a voice application please contact us at FIVE@big-cu.com or by visiting our website, https://www.big-fintech.com/get-five.

 

About the Author

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