Seven Key Benefits of a Knowledge Base Solution

One word describes the nature of credit union member service in today's fast-paced world: more. Members want more channels of communication, expect more effective service around the clock, and desire more efficient methods to reach accurate and relevant answers. It has become increasingly difficult for credit unions of all sizes to accommodate increasing member expectations.

 
 

One word describes the nature of credit union member service in today's fast-paced world: more. Members want more channels of communication, expect more effective service around the clock, and desire more efficient methods to reach accurate and relevant answers. It has become increasingly difficult for credit unions of all sizes to accommodate increasing member expectations.

A strategic response to this challenge at many credit unions has been an increased focus on the ''self-service'' web channel. Open 24x7, this channel allows members to obtain information and find answers to questions at their convenience. But, how effective is the average credit union's website at delivering accurate and relevant information to members in an efficient manner?

Some leading credit unions have used a knowledge base solution to fulfill the diverse informational needs of members. A knowledge base solution, inherently designed to accommodate change, is a central repository of information that continually evolves and is quickly and easily searchable. The tool paves the way for effective digital intelligence by integrating all information and expertise scattered across every channel (call center, in-branch, e-mail, and website).

There are several benefits an effective knowledge base strategy can offer for both the credit union and the member. These include:

  • Consistency- It provides consistent information to employees and staff members by centralizing all customer contact points, employee knowledge, and expertise into one location.

  • Accuracy- It builds on content and priority with a dynamic FAQs list that ranks answers by relevancy and displays the popularity of each answer. It also cross-links articles with other relevant information.

  • Improved member relationships-The tool naturally documents the questions members are asking and the sites they are visiting so credit unions can provide more personalized service.

  • 24x7 access- It is available anytime and anywhere online for members to use at their convenience.

  • Secure connection- Members can get answers securely online, unlike the e-mail and phone channels.

  • Efficient Training- Employees are taught how to quickly find complete information on all areas of credit union service instead of how to retain information relevant to their position at the credit union.

  • Targeted marketing- Credit unions can use the member history for permission-based targeted marketing endeavors.

Successfully implementing a knowledge base can be a great first step in developing effective ''digital intelligence''. Early-adopter credit unions have reported very positive results. Some reports include significantly reduced call and e-mail volume, 15% increase in new member accounts, 75% increase in website traffic, and the elimination of the need for more customer support staff members.

This Thursday, August 7th, Callahan & Associates will host a webinar on Developing Effective Digital Intelligence: An Exploration of the Knowledge Base Opportunity. American Airlines FCU ($4B), Seven Seventeen CU ($500M), and All City CU ($41.5M) will share their experiences, results, and recommendations with regard to the knowledge base solution.

 

 

 

Aug. 4, 2003


Comments

 
 
 
  • Very well written, an insightful piece on a common problem.
    Anonymous
     
     
     
  • Very well written, an insightful piece on a common problem.
    Anonymous
     
     
     
  • Excellent article. Very interesting and informative.
    Anonymous