The Cloud

News, trends and insight on driving growth through consumer engagement

Why Digital Self-Service is Critical

Why Digital Self-Service is Critical

By Amber Robinson

Members are looking for ways to easily connect with their credit union through a variety of different channels; ranging from branch interactions to digital service points. They are not only asking for, but expecting reliable and accurate self-service solutions.

According to the January 2014 McKinsey Quarterly, 75% of members prefer online service for member interactions and information. Meaning, institutions that are taking a holistic approach to member service with the help of digital self-service technologies are validating the needs and expectations of their members, while successfully gaining trust and facilitating businesses growth.

With the adoption of a robust, intelligent knowledge base solution, your credit union could be greatly reducing overall call volume, delivering highly rated, instant member experience 24/7, and meeting new members’ expectations through your digital channels. When fully integrated through each of your digital channel assets, this digital member services solution will deliver thousands of instant and accurate answers to your members every month, vastly improving and maintaining their overall member experience.

This technology also adds an opportunity for your credit union to drive revenue through providing potential product and service solutions to members’ inquiries.

Robinson-Op-Ed-Chart_largeThe advantages of having a digital knowledge base solution continue to surface when you look at the kinds of data this member services technology can collect. Your credit union can leverage the analytics provided around these member interactions to encourage innovation and strategic decision making. Analyzing trends in the data can also lead to an increase in the volume of lending opportunities for your credit union, through development of one-to-one, targeted marketing campaigns based on the unique interactions and inquiries of each member.

What tends to happen when banks and credit unions implement self-service technologies is that they neglect to take an all-inclusive approach. If the technology is not widely accessible across channels, not available in the languages members require, and/or not made available for employees, the maximum ROI expectations will fall short.

Innovation requires aligning traditional banking channels with technology to improve the experience for the member and translate this engagement to revenue growth at the organization.

This means that in order for your credit union to retain current members and promote growth, the front line of your institution must have a robust digital member services tool on hand to efficiently and effectively address the evolving sales and service needs of your members.

Amber Robinson is director of marketing with SilverCloud, Inc., and can be reached at