For every benefit of AI, there seems to be just as much uncertainty and hesitation, especially when it comes to finding a balance with the human workforce. At the surface level, the ability of AI to take over common, mundane tasks that have to do with automation can pose a direct “threat” to those performing these jobs. This perpetuates the common misconception that AI companies want to replace the human workforce. In reality, AI was never meant to replace humans but rather work together with them.
At Posh, we are in the business of empowering credit unions with the power of AI with the specific intent to allow humans to be more human.
AI and human agents are an advantageous pairing that has proven benefits from coexistence without directly imposing competition on the other. Let’s examine the advantages of this nuanced “partnership,” how this balance has already been found within the financial industry, and why it is important to maintain both.
AI And The Human Touch
For financial institution call centers, AI leads to a better user experience between members and their customers. By implementing AI, members benefit from 24/7 service, immediate resolutions to common inquiries, and, perhaps most important, an increase in quality of service and satisfaction. Call center agents and financial institutions can also expect more meaningful opportunities to spend with clients instead of having their time primarily occupied by repetitive inquiries.
The reality is, a majority of call center agent inquiries are occupied with repetitive, simple tasks like paying bills, checking balances, making a payment, or updating information. All of these take time away from making meaningful connections with customers and can be easily handled by AI.
These types of conversations leave little opportunity for call center agents to better engage with their members, which consequently means financial institutions miss out on any lead generation opportunities and the chance to build relationships with members.
Conversational AI can handle the bulk of these common, busywork inquiries, which then frees up time for agents to dedicate to more meaningful interactions. Relationships and personal interactions are integral to credit unions who pride themselves on their relationships. Credit unions are locally operated and deeply embedded within their communities. AI will create a path for credit unions to deepen their ties to the community and foster stronger relationships. Conversational AI cannot replicate these types of interactions, but by working together, these moments can become revitalized and made better.
What Credit Unions Say
While the narrative often pits AI and human workers against one another, the facts often depict a far more harmonious relationship.
Call center agents are experiencing:
- More dedicated time with members.
- Opportunities for lead generation and meaningful conversions.
- Increased satisfaction over their job.
- Agent retention.
Members are provided with:
- Shorter wait times.
- Improved satisfaction.
- 24/7 assistance.
“Agents are happy chatbots are taking on interactions that require no skills,” says Steve Goodwine, assistant vice president of the contact center at Hudson Valley Credit Union ($6.9B, Poughkeepsie, NY). “Our agents now enjoy more engaging conversations with members that go deeper. They’re using their skills and are more engaged, so our agents are more satisfied with the work they’re doing. Happy staff make happy members.”
Likewise, rather than seeing AI as a competitor, Mike Procenko, a member experience center manager at the contact center, see it as an additional resource.
“[Conversational AI] is very helpful,” Procenko says. “We kind of tongue in cheek say Ava is our newest employee for the contact center. I absolutely, 100% would recommend anybody who is thinking about adding AI to definitely do it.”
The Importance Of Balance
The benefits of AI can seem never-ending, but there are myriad things human agents can do that AI cannot replicate or replace. AI works best as an aid to humans and enhances these human interactions.
As conversational AI grows, companies are scrambling to outfit AI for any and all things. They are trying to incorporate AI into every task for the sake of being innovative or forward-thinking.
As part of our commitment to small banks, credit unions, and communities, there is no one that understands the value of the human touch more than we do. We don’t believe in incorporating AI for the sake of it — our use cases for conversational AI come directly from the needs of those within the industry. Conversational AI is a purpose-built platform, not an add-on. Only someone who truly understands this can provide the balance needed to strengthen your credit union in the end.
At Posh, we believe in democratizing access to banking and empowering financial institutions with the benefits of conversational AI. Our suite of AI online, voice, and digital services are designed to provide solutions for issues that keep banks and credit unions from delivering the full benefits of banking to communities. We know better conversations lead to better banking, thus making it our mission at Posh to facilitate change and make implementing conversational AI a feasible reality.
