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
- 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.