AUBURN HILLS, Mich. — When credit union members need answers to questions these days, they want them easily and fast.
A phone call is often too timely and scrolling is viewed as cumbersome. In an effort to expedite the information-sharing process, Genisys Credit Union has opted for IntelliResponse's 24/7 virtual agent technology: Have a Question?
"We have a call center, e-mail, Facebook and chat, but we liked the idea of members being able to find answers when they wanted them without the need for human interaction," said Ray Black, vice president of marketing at Genisys.
With more than 450 clients, 60 of which are CUs, the IntelliResponse Virtual Agent is a customized solution, said CEO David Lloyd.
"We work with our credit union clients so they really know what is top of mind with their members so real, actionable answers can be delivered," he said.
Although each organization is different, there can be anywhere between 250 to 500 or more answers loaded on the system.
The solution works by parsing natural-language questions and matching these questions with a single correct answer, Lloyd said. In many cases, multiple member questions on topics such as debit cards or loan programs can be funneled to one answer.
"Since we see all the questions that flow in from all of our financial institution clients, we can bring templates to the table," Lloyd said. "So instead of chasing the hundreds of questions that are fundamentally irrelevant to members, you focus on the 200 to 300 questions that are relevant."
For example, one question asks: How do I redeem my Genisys Debit Rewards points? The virtual agent provides "our best answer." The member can then rate the call from poor to excellent and is provided with a list of associated questions.
"The way the system works is that you ask your question, and we ask if that met your needs. If not, members always have the ability to contact us directly, too," Black said.
Genisys has the solution operating on its website, mobile website and Facebook page. Prior to launch, there was a two-week internal beta test, which included focus groups.
"We wanted them to ask all kinds of questions to see if we could break the system," Black said, allowing the CU to make key tweaks to the database.
The solution also has a component — VOICES — that gives the CU the ability to determine how many questions were answered correctly.
Although the positive response rate was in the 80th percentile during the first four weeks, that number has recently climbed into the 90s, he said. "A lot of the questions that get answered are pretty straightforward," said Black, adding that to date the CU has about 300 answers logged on the system. "We are also seeing employees using it to help them with their jobs, which is great."
Although social media sites are trafficked, statistics suggest it is better for CUs to focus on website and mobile efforts, Lloyd said.
From one internal survey, Lloyd cited that one banking client was asked 718,126 questions via IntelliResponse. During that same period 78 questions were asked via social media.
