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What is it that sets credit unions apart when compared to other financial institutions? The answer is undoubtedly their commitment to their members, who have a stake in their credit union’s operations through the cooperative model and access the credit union’s banking services.

Given credit unions’ unique structure, meeting member expectations is perhaps even more important than a traditional banking institution. The over 6 million members in Canada expect service that is efficient, seamless and secure – matching the experience they’re used to in other contexts.

Given the broader market context where technological capabilities are advancing, the service expectations of members are changing. Keeping pace with the rate of change is essential for continued credit union success. While Canadian credit unions take great pride in their service quality, there are a number of roadblocks that are holding back the technological progress necessary for ongoing excellence. 

Whether battling compliance issues, navigating internal organizational structures or dealing with insufficient expertise, the pace of change doesn’t always match expectations. What’s more, as Canadian credit unions compete with traditional institutions for younger generations, the importance of smooth service experience increases. 

What is Conversational Engagement?

Despite the challenges, credit unions must continue to offer next-level support, which means being available when and where members need advice. But achieving this is easier said than done. 

There are different avenues to achieve this heightened level of member support. It could be that a prospective member is interested in finding out more about the credit union and contacts them through a Live Chat channel on the website. Then again, they may have a relationship with an advisor and would prefer to use a texting channel that mimics how they communicate in their personal lives – without putting their data at risk

If there are more complex issues at play, they may require support that matches this level. This could be phone calls, video calls or a high-touch Co-Browsing session that allows both parties to interact with a document, app or web page. 

This is conversational engagement in a nutshell. It means that, whatever help a member requires at a specific moment, your team is able to answer them on the channel of their choice. 

Conversational Engagement for Personalized, Omnichannel Support

Let’s take a second to explore each of the functionalities that make conversational engagement so powerful. 

Support with Co-Browsing & Live Chat

Live Chat is the messaging channel that members can access via the credit union’s website. If a current or prospective member has an issue, they can get in contact directly with a support agent. The agent will then work with the visitor to resolve their issue. 

That said, sometimes Live Chat can fall short when it comes to more complex situations. With no downloads necessary, Co-Browsing allows the agent to guide the member to a resolution as if they were in the same room.

Advise with Secure Messenger

Secure Messenger is a powerful relationship-building channel that emulates the messaging experience of popular apps. It allows advisors to have secure and compliant interactions – while also prioritizing convenience. 

Connect with Video & Voice

In many scenarios, from onboarding to issue resolution to mortgage applications, exchanging messages isn’t enough to guarantee the best service experience. Video and voice capabilities provides a natural escalation channel for more complex queries that also leads to stronger, more personalized relationships. 

Collaborate with Co-Browsing

Co-Browsing offers next-level collaboration capabilities across numerous contexts. Unlike screen sharing, Co-Browsing enables both parties to interact with the same document, web page or application during a session. With whiteboarding tools and the ability to fill out or sign documents, it ensures everyone is always on the same page. Literally. 

Take the mortgage application process as an example. At a certain point in the journey, members need to see and interact with documents, web pages or applications alongside their advisor. Co-Browsing makes this experience as streamlined and interactive as possible, while always guaranteeing security and compliance.

Conversational Engagement is More than the Sum of its Parts

For conversational engagement to work, it isn’t enough to offer each of these channels separately. Each touchpoint needs to act as part of the overarching member journey, guaranteeing experience and security at all times. 

For example, if a member contacts you via Live Chat and then requires a video call a week later, the previous interaction needs to be recorded to avoid repetition. Likewise, when moving from one channel to the next, any friction in the transition – such as having to download software – can lead to increased drop off. 

So, what would a seamless journey powered by conversational engagement look like?

Sample journey: Taking out a loan

Consider a member who is browsing through the credit union website. They have read a number of blog articles and are interested in taking the next step to take out a loan. 

Touchpoint 1: Live Chat

Using the chat icon on the website, they write a message inquiring about the credit union’s options. As this is a Live Chat option, the message is directed to a service agent who replies almost immediately. The interaction, including any personal details, is recorded. 

Touchpoint 2: Video & voice call

Since the member is displaying high levels of interest, the agent decides to escalate the conversation. With just one click – and without leaving the Live Chat channel – the agent launches a voice or video call. The interaction becomes more personalized and interactive, guaranteeing a frictionless experience for the member.

Touchpoint 3: Co-Browsing

The agent realizes that the video call isn’t enough to explain the details of the loan application and suggests launching a Co-Browsing session for enhanced collaboration. Without any need for download and with maximum security guaranteed at all times, the agent shares the information on the web or e-banking application, or browses the documents together in a remote environment.  

The member is happy with the explanation and is ready to fill out the application. As the Co-Browsing session is ongoing, the agent is able to guide them through the process and even get a legally binding signature while on the call. 

No Two Member Journeys are the Same

While the above is just one example of what could happen, it’s far from the only journey a member could take. The Conversational Engagement Platform’s in-built flexibility allows for countless journeys that match the specific needs and channel preferences of your credit union’s members.

This means that members can get the services they need, exactly when they need it – boosting your service experience matches the commitment you have to your members. To learn more about the Conversational Engagement Platform and its features, talk to your Celero Account Executive or contact Celero

About Celero
Celero is a leading provider of digital technology and integration solutions to credit unions and financial institutions across Canada. Clients trust Celero’s proven track record delivering innovative banking technologies, digital and payment solutions, cloud computing, outsourcing, IT and advisory services.

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