The financial services industry is continuously evolving, and it is essential to optimize collections strategies to maintain liquidity and minimize risk. One of the most critical choices for credit un...
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Integrating technology into modern contact centers isn’t just a trend, it’s a necessity. For credit unions, leveraging tech is essential for enhancing contact center operations and improving member experiences. The right tech can also ease staff burdens, boost job performance, and increase overall employee satisfaction.
A recent study from Future Forum found that investing in technology has a positive impact on employee performance. Their findings showed that tech-enabled workplaces have employees who reported levels of job satisfaction almost three times higher than employees who identify their workplaces as tech “laggards.” Employees of companies that leveraged tech also reported:
- 6 times higher scores on productivity
- 2 times higher scores on ability to focus
- 2 times higher scores on sense of belonging
- 8 times higher scores on overall satisfaction
Credit unions must ensure they can meet the evolving demands of the digital age by tapping innovation. Explore these crucial technologies your contact center should have to empower your members, improve operations, and stave off negative workplace energy.
Artificial Intelligence (AI)
Everyone is talking about AI lately, the technology that has the potential to revolutionize processes across all industries (and is currently doing so for some). When leveraged appropriately, AI can help contact centers reduce call volumes and wait times, driving greater cost savings while limiting errors.
By implementing chatbots and virtual assistants, credit unions can automate routine inquiries, creating more time for nuanced issues that require the expertise of a live agent. Furthermore, AI-driven analytics can provide deep insight into member behaviors and preferences, allowing credit union leaders to make data-driven decisions that optimize staff allocation and service quality.
AI’s ability to effortlessly—and instantaneously—manage repetitive tasks and process vast datasets frees up live agents to focus on complex member interactions, creating a seamless blend of technology and human expertise that’s essential for delivering outstanding member service in today’s landscape.
Interactive Voice Response (IVR)
Any tool that lets members help themselves is an unsung hero of a contact center and interactive voice response (IVR) is no exception. IVR greets callers with a friendly automated voice, prompts them to make selections based on their needs, and directs them to the right information or the right department.
More importantly, IVR empowers members to accomplish basic tasks like checking balances or reviewing transaction histories. Having this ability not only reduces their wait times, but also enables contact center agents to focus on more complex and meaningful member interactions.
Call Monitoring
Member calls are a valuable source of information for any contact center. They give contact center managers insight into how well their agents are performing, the types of problems members are having, and even opportunities for improving or creating products and services.
Call recording and monitoring technology allows contact center managers and leaders tap this valuable insight. By reviewing recorded calls, managers can identify areas where agents excel, as well as sticking points that need improvement. Such targeted feedback helps staff members enhance their skills, improve member interactions, and—ultimately—increase member satisfaction.
Additionally, ready access to recorded calls can be invaluable for resolving disputes or verifying transactions, which can reduce operational headaches and save time.
Workforce Management Software
Knowing which agents have which skills and scheduling them at the right times is tough enough to manage at on-site contact centers. Now imagine your teams are fragmented, scattered to the post-pandemic breeze in our new remote-capable labor force. That’s where workforce management software comes in handy.
Workforce management software optimizes staff schedules, ensuring qualified agents are available at times when they will be most effective for your members. The tech considers historical call data, peak call times, and agent skill sets to create efficient schedules with ease. At the same time, workforce management software eases staff burdens by automating your scheduling efforts, time-off requests, and performance tracking.
Effective workforce management also helps credit unions meet member demand by appropriately staffing contact centers during peak times. By aligning staff levels with demand, your credit union can deliver superior member experiences and empower your staff with a manageable workload.
Quality Management
In conjunction with call monitoring, quality management tools can also help leaders ensure consistent service levels across all calls, gain insight into member sentiment and common issues, and measure your contact center team’s overall performance. Quality management tools employ analytics and evaluations to assess agent performance and pinpoint areas for improvement. Using quality management tools to identify training and coaching opportunities helps contact center staff refine their skills while feeling supported and valued by their employer.
Is Tech Worth the Investment?
Yes. Modern contact centers that embrace technology benefit from reduced agent burnout, as automated tasks and streamlined processes lead to manageable workloads. For some credit unions, however, investing in contact center technology can be a costly endeavor.
SWBC’s Total Contact Center Solutions is an affordable workaround for credit unions who not only want to integrate the latest technology into their operations, but also support their existing staff with an additional labor force that reflects the same values and commitment to service. Visit our website to see how Total Contact Center Solutions can help your credit union thrive in a digital era.
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