3 Strategies to Reduce Member Wait Times with Website Chat and SMS for Credit Unions

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In a recent survey of 150+ credit union leaders, increasing member wait times was noted as the top member engagement challenge while SMS and website chat were selected as the most desirable new digital challenges. In this blog we’ll explore how to reduce member wait time for credit unions and other fintech businesses.

Do More with Less – There are usually two ways to reduce wait times – increase staff or increase efficiency. To service members on the phone, agents must adhere to a 1-to-1 ratio – one service call per agent at a time. Adding a new channel can significantly increase those ratios by up to 500% while offloading inbound call volume. How?

1. Add SMS as an IVR option 

A recent study by research firm, Bain & Company found that the fastest growing segment, millennials, may also be the reason why call volumes are increasing in financial services. In the graph on the right, 18-34-year-olds revert to phone for routine services such as “check account balance” and “check status of transaction” after they cannot solve for this on other channels.

Credit unions can help service this mobile-willing group by offering an opportunity to service their routine calls via other channels such as SMS while deflecting from the IVR.

By enabling members to “Press 1” in an IVR instead of waiting on hold to move the interaction from phone to SMS will allow the agent to service the interaction in a new channel and accomplishes three things with one functionality:

1) Meet member’s channel of choice

2) Minimize live agent inbound call volumes and therefore wait times

3) Increase efficiency of agents by empowering them to simultaneously answer texts and voice calls.

The same study showed that regardless of age, routine services are the driving force behind most calls – as seen in the figure on the left, focusing initial agent training to service these inquiries via SMS will have a significant impact on every member age group.

2. Enable Self-Service on Your Website

A credit union’s website offers one of the greatest opportunities to increase self-service and minimize inbound inquiries. Recent studies* show that website chat has the highest customer satisfaction rating (73%) over phone and email as shown on the graph on the right.

With web chat in such high demand – how can credit unions make sure they make the best use of it? Here are three functions your website chat should encompass:

1) Incorporate chatbots onto your website chat

2) Establish a seamless connection from chatbot to agent by equipping agents with a member’s chat history and account information upon connection

3) Enable the member’s journey to continue by also equipping the agent with Email/SMS capabilities

If successful, credit unions can leverage chat to further accelerate agent efficiency and empowering them to handle inbound phone, SMS, and website chat inquiries simultaneously.

Since member response times vary across channels (e.g. member response over chat may take longer than SMS), agents can handle several service inquiries at once across multiple channels – taking them from a 1-to-1 ratio up to a 5-to-1 ratio.

3. Cultivate Digital Behavior

Finally, the recent Bain & Company study suggests that the biggest reason users, especially millennials fail to leverage digital channels and applications is “Habit” as shown in the graph on the right. By offering new channels and making it easy to use for members, credit unions can begin to cultivate a digital engagement behavior among its members. As digital adoption becomes more proficient, the volume of inbound calls is expected to decrease along with member wait times.

Learn More and See these Features in Action!

LiveVox’s comprehensive cloud customer engagement platform provides the functionality and expertise to develop a simplified path to evolving to a more digitally-focused member engagement. Learn more about LiveVox and see these features live by contacting us at info@livevox.com

Using a platform to improve member engagement for credit unions

In the competitive landscape of credit unions, building lasting connections with members is vital for sustained growth and success. A recent survey of 150+ credit union leaders revealed that increasing member wait times is a pressing challenge, and embracing new digital channels like SMS and website chat is viewed as a desired solution. To effectively address these critical needs, credit union leaders can leverage a dedicated platform to improve member engagement for credit unions.

A comprehensive cloud customer engagement platform, such as LiveVox, is the ideal solution for credit unions to enhance their member interactions and create lasting connections. By building robust digital strategies, credit unions can tackle the member engagement challenge and effectively leverage the most desired new channels.

With LiveVox’s platform to improve member engagement for credit unions, you can enhance staff efficiency and reduce wait times by incorporating innovative features. For instance, adding SMS as an IVR option can offload inbound call volume while allowing members to choose their preferred channel. By enabling members to “Press 1” in the IVR, the interaction can seamlessly transition from phone to SMS, allowing agents to handle multiple interactions simultaneously. This meets member preferences and empowers agents to deliver exceptional experiences efficiently.

Furthermore, the LiveVox platform to improve member engagement for credit unions enables you to unify customer data, creating a single source of truth. This data centralization allows agents to access member information across channels, ensuring personalized interactions and delivering seamless experiences, regardless of the communication channel members use.

By embracing a platform to improve member engagement for credit unions, you can efficiently serve their members, minimize wait times, and nurture strong, lasting relationships that increase member loyalty and satisfaction.

How to Increase Credit Union Member Engagement

If you’re interested in how to increase credit union member engagement, look no further! Certain approaches can prove highly effective in driving success. Credit unions can establish strong connections with their members by embracing a member-centric focus and fostering an environment that prioritizes digital adoption. Here’s how to increase credit union member engagement:

Embrace Personalization:

Understanding members’ unique preferences and needs enables credit unions to deliver personalized experiences that resonate with each individual. By leveraging data insights and segmentation, credit unions can tailor their offerings and communications to create meaningful engagement. For instance, utilizing member data to send targeted offers or relevant information can significantly enhance member satisfaction and loyalty.

Strengthen Digital Channels:

As digital transformation accelerates, credit unions must prioritize digital channels to meet member expectations. Incorporating chatbots on their websites and mobile apps allows credit unions to offer efficient, member-centric support. These AI-powered chatbots can handle routine inquiries. This will free live agents to focus on more complex member needs, reducing wait times and enhancing member satisfaction.

Nurture a Digital Culture:

Cultivating digital behavior among members is essential for long-term engagement. By providing easy-to-use digital channels and fostering a user-friendly environment, credit unions can encourage members to embrace digital solutions. Offering incentives for members to engage digitally, such as exclusive digital promotions or rewards, can further drive digital adoption and reduce dependence on traditional communication channels.

Through strategic adoption of member-centric practices, you can discover how to increase credit union member engagement, improve overall satisfaction, and cultivate lasting relationships that lead to sustained growth and success.

Prioritizing Member Engagement in Credit Unions

As you well know, a credit union’s success relies on its ability to cultivate strong relationships with its members. Prioritizing credit union member engagement involves understanding their needs and preferences and providing them with seamless and accessible support across various channels.

By creating a digital-first approach, credit unions can cater to members’ expectations for omnichannel experiences. The LiveVox platform empowers you and your team to deliver consistent support across every channel, meeting members where they prefer to engage. Whether through SMS, web chat, or voice, you can provide a unified and seamless experience, enhancing member satisfaction and building trust.

Through efficient communication and personalized interactions, you can build lasting relationships with your members. And by leveraging data insights, you can proactively anticipate member needs and offer timely, relevant products and services. This level of personalization and attention to detail fosters member loyalty and advocacy, ensuring members view their credit union as a trusted financial partner.

In addition, the LiveVox platform enables you to gain valuable insights into member interactions, preferences, and behaviors. This data-driven approach will allow you to continuously refine your credit union member engagement strategies, ensuring they remain relevant and responsive to members’ evolving needs.

Prioritizing credit union member engagement is not just a short-term goal; it’s a commitment to cultivating meaningful relationships that benefit you, your team, and your members in the long run. By leveraging the capabilities of the LiveVox platform, you can take significant strides toward becoming the financial institution of choice for your members.

Elevating CX with Omnichannel Member Support for Credit Unions

In an era of increased digitalization, delivering exceptional member support means being present on every channel your members prefer. Embracing omnichannel member support for credit unions will allow you to provide seamless and consistent experiences across various touchpoints. Plus, your members will appreciate your respect for their preferences.

The LiveVox platform empowers you and your team to engage members through their preferred channels, whether SMS, website chat, phone, or others. By adopting omnichannel member support for credit unions, you can streamline member support, minimize wait times, and enhance overall satisfaction.

With a comprehensive view of member interactions across channels, your agents can better understand member needs, leading to more personalized and efficient service. Equipping agents with a member’s chat history and account information upon connection enables a seamless transition from chatbot to live agent, resulting in more efficient issue resolution and improved member experiences. A tool like LiveVox’s 360° Customer Profiles & History can make this easy.

Moreover, the LiveVox platform enables your team to handle multiple service inquiries at once across different channels, taking them from a 1-to-1 ratio up to a 5-to-1 ratio. This increased efficiency allows you to serve more members effectively, leading to reduced wait times and enhanced member satisfaction.

Elevating support with omnichannel member support for credit unions will ensure that every member receives the attention and care they deserve, regardless of their chosen communication channel. By consistently delivering exceptional experiences, you can build trust, loyalty, and advocacy among your members, ultimately driving growth and success.

Streamlining Operations with Self-Service IT Automation in Credit Unions

If you want to optimize your operations and improve member engagement, self-service IT automation for credit unions is a powerful tool. By automating routine tasks and member interactions, you can enhance efficiency, reduce wait times, and empower both staff and members.

Implementing self-service IT automation for credit unions lets your team streamline member support, allowing members to quickly find answers to common queries. Chatbots can handle routine inquiries such as account balance checks or transaction status updates, freeing up live agents to focus on more complex member needs.

Equipping agents with member chat history and account information upon connection allows you to seamlessly transfer interactions from chatbots to live agents, ensuring a smooth continuation of the member journey. This seamless transition enhances agent efficiency, enabling them to simultaneously handle inbound phone calls, SMS, and website chat inquiries.

With self-service IT automation for credit unions, you can achieve greater operational efficiency, increase your staff’s productivity, and provide members with an elevated and efficient engagement experience. By leveraging technology to simplify processes and empower members to find answers independently, you and your team can deliver exceptional service, reduce wait times, and ultimately create a more satisfying member experience.

Incorporating these strategies and leveraging the LiveVox platform can transform your team’s member engagement efforts, creating positive, efficient, and impactful member interactions that foster long-lasting relationships and drive overall success. Let LiveVox be your partner in achieving member engagement excellence—start optimizing your credit union’s future today. For more information, reach out to us at info@livevox.com.

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LiveVox (Nasdaq: LVOX) is a proven cloud CCaaS platform that helps business leaders redefine customer engagement and transform their contact center’s performance. Decision-makers use LiveVox to improve customer experience, boost agent productivity, empower their managers, and enhance their system orchestration capabilities. Everything needed to deliver game-changing results can be seamlessly integrated and configured to maximize your success: Omnichannel Communications, AI, a Contact Center CRM, and Workforce Engagement Management tools.

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Livevox has joined forces with NICE,
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Livevox has joined forces with NICE,
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