This article was originally published on CUToday.
The pandemic is leading more credit unions to employ AI-driven call centers, which is saving cooperatives time, money and boosting service ratings, according to one company.
Behind the growing shift, not surprisingly, is the growing demand on call centers as more members stay home and instead of visiting a branch pick up the phone, said Charlie Peterson, SVP of strategic initiatives at Allied Solutions.
According to Peterson, AI-backed call centers can be implemented in less than a week given existing APIs and within 90 days can be handling 60% of the financial institution’s call volume.
AI call centers are cloud-based systems supported by computers and artificial intelligence that can mimic human intelligence. Whether the contact is voice, chat, text or other online methods, AI call centers make decisions, recognize speech, adapt to circumstances and solve problems. The AI-driven systems learn from data and make decisions with minimal human intervention.
“Eighty percent of calls have a successful call to action,” Peterson told CUToday.info, referring to credit unions that have used Allied Solutions’ digital call center solution during the pandemic. “These centers show a 500% improvement in loan application conversion—that’s a big number.”
Peterson contended the digital centers also deepen relationships and make members more profitable, an issue he noted credit unions have been facing for more than 10 years. As CUToday.info recently reported, member profitability continues to slide at many credit unions.
“The CUs using AI-supported call centers are increasing the average revenue per consumer by 30%,” Peterson said, again citing Allied Solutions data.
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