Why your Credit Union needs a voice application - Best Innovation Group > Media > Blog

Please Wait a Moment
X

Blog

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

Related

Confessions of an Inflation Hawk

Confessions of an Inflation Hawk

With each passing day, fewer business practitioners have direct experience dealing with the disrupti...

Read More >
The 4th Industrial Revolution: Will your Credit Union go the way of Saving Banks or grow like a FinTech!

The 4th Industrial Revolution: Will your Credit Union go the way of Saving Banks or grow like a FinTech!

A new paradigm, the 4th industrial revolution, BIG data, AI, deep learning, robotics, self-driving c...

Read More >

SetIt And Citadel Federal Credit Union Join Forces To Improve Cardholder Experience

As consumers increasingly shop online and pay bills with debit and credit cards, it’s more importan...

Read More >

Fiduciary Responsibility: A Golden Credit Union Opportunity

It’s a fundamental premise of the credit union movement, and one that received plenty of attention ...

Read More >

3 Social Media Strategy Mistakes for Credit Unions

It is imperative that your Credit Union has a social media strategy in today’s digital climate. How...

Read More >

The State Of The Credit Union: Analytics Adoption – Part II

In our last blog, we explored results from The National Survey on Credit Union Data Analytics and De...

Read More >

About Us

Best Innovation Group, Inc is a technology innovation and development company catering to the financial industry. We invite you to join the hundreds of financial institutions that have already worked with our team of experts in designing technology solutions to fit their growing needs.

Contact Us

Toll Free:
877.244.4964
Office:
813.377.4963
Fax:
813.425.2390

To Subscribe To Our Mailer