Credit Union Geek

Marketing, Strategy, and The Force by Joe Winn

Tag: member service (page 1 of 2)

How Would You Rate This Experience? (Part 2)

This is a continuation of 3 Ways To Ensure Your Customer Service Doesn’t Suck.

Every interaction with your members results in one of three ratings:

  1. Exceed expectations. (Impress)
  2. Meet expectations. (Satisfy)
  3. Miss expectations. (Disappoint)

Like you, I’m all about exceeding expectations. But it’s tough to do all the time. Let’s take a look at some recent customer service experiences and see what can be gleaned to increase your proportion of #1s. Click the company name to see the experience.

Florida Blue
There was a billing issue with my health insurance, so I reached out for a solution. 24 hours later (an eternity for Twitter), they suggested switching to e-mail. I did so, wherein their reply said they would follow up. A week later with no response, I wrote back. Now they recommended a phone call, which, despite a long conversation and the agent saying it should work, I had no such luck. Their conclusion: The problem is a problem. Work around it.

Rating: 3

 

Intuit
I submitted e-mail feedback for their Mint app on a basic improvement. Their reply came in 3 hours and appeared to be a real person. However, their response had nothing to do with my request, so either it was a bad “machine learning” auto-reply or someone who didn’t read. Two more frustrating exchanges until they seemed to grasp my request, passing it along to their app development team.

Rating: 3

 

Comcast
They feel like a different company whether contacted by phone, in-person, or over Twitter. Also, every person gives a different story, sometimes blatantly lying about system issues or policies. Their Twitter team is the only one which tries to follow through to resolution. For my billing issue, they helped get it resolved…to an extent.

Rating: 2 (anytime they don’t burn down your house is a good support experience)

 

JetBlue
I had two separate issues for them to address. One was a delayed flight, and how it was handled. We eventually got to our destination, but with more frustration than needed. I e-mailed the tale, and they replied with an apology, explanation, and a travel voucher for future flights, no questions asked. Another experience came during a flight, where their in-seat entertainment failed (for me and the row behind). A crew member had us all enter our information in a tablet to send out a voucher. It never arrived. I asked over Twitter a week later and was told it was on its way. Another week later, no luck. I wrote back, and they issued it manually within 10 minutes. Their systems faltered, but the people were empowered to step up.

Rating: 1

 

BrightStar Credit Union

I’ve written about my credit union in the past. They’ve had challenges, and still have a ways to go. However, they are on an upward path. The app security issue? Fixed. Twitter replies arrive a bit sooner. Even phone hold times are 10 minutes or less (yes, that’s a dramatic improvement). But it was with my recent vehicle loan refinance where they shined (Get it? Bright…star? “Yes, I’m a natural blue.” – Dory). The evening of my vehicle purchase, I completed their online forms. Two days later, I had a personal reply from my now-dedicated MSR. I shared all necessary paperwork, information, and signatures. All questions and interactions were answered within a day. If not for waiting on the original lender, she would have had my refinance done in a few days.

Rating: 1

 

What can we learn from these experiences?

  • Florida Blue‘s problem was a lack of follow-up coupled with a technical glitch that no one knew existed (or how to fix).
  • Intuit either used a bad keyword checker to auto-generate replies or their support team has an inability to read the most basic requests.
  • Comcast…who knows. They have so many conflicting systems, departments, and people. It feels built to under-deliver. Don’t let your credit union get that complicated.
  • JetBlue has built their reputation on great service, and even when things go wrong, they are on top of it. I should also mention, that last interaction with them was on a Sunday evening.
  • BrightStar has come a long way. They’re still not my PFI for a few reasons, but I’m happy to have my auto loan with them. It was everything a member experience should be: Timely, personal, and clear. Oh, and they helped me get a great rate.

I read somewhere that all customer satisfaction surveys are meaningless if they don’t ask this one question: Would you recommend this product/service to your friends or family?

Well, what would your members say?

Image credit: http://media.idownloadblog.com/wp-content/uploads/2011/05/customer-satisfaction.jpg

If Your AI Is Only For Chatting, You’re Doing It Wrong

“Ask Our Friendly AI!” Your credit union’s website is excitedly promoting their new chat bot, there to answer questions 24/7. “Cool, so how can it help me save money or time?” Whether they admit it or not, that’s what your members will be thinking. In some cases, such tech is fielding member requests without burdening traditional staff time. And their resolution rates can be similar to human representatives. What are you waiting for? Get Siri, Alexa, Cortana, and friends to every CU! (HAL is not welcome, sorry)

It’s not that simple. “AI” support agents are uniquely programmed to understand financial world terminology. Plus, computers don’t excel at interacting like a person, since we learn and process the world in a different way. One day, I’m certain this will no longer be the case, and all systems will talk to each other in the background, so you could ask Siri (remember that post?) to transfer money from one account to another, explain the tax implications of your specific IRA contributions, and what the score is for your favorite team. But we’re not at that point…yet. And look who spoke too soon…we’re actually getting awfully close.

Readers know my passion (that’s 3 links!) for the “AI Revolution”. With its arrival, a lot of ideas are being thrown around on best use. Right now, the most common answer is: Everywhere!!!

Patience, my young Padawan. A fancy chat bot might seem like the natural first step, but let’s look at it from a member benefit perspective. If they have a question, they don’t care who/what responds. They just want a quick and accurate answer. If your team is currently able to keep members served quickly and effectively (through any medium they contact), then this may not be a fit for you at this time. Unless you have unlimited resources, in which case, yes, do all of this at once. Just make sure you have top-notch project management to ensure the focus is always on the unified credit union goals.

For the rest of us, the AI which makes the most sense, if less “sexy”, is the Big Data side of AI, the machine learning. Here, you have solutions which can analyze a member’s credit (beyond the report) and offer a rapid loan decision with high rate accuracy. You can implement systems to monitor patterns in spending to identify fraud the moment it occurs, saving the institution money and the member frustration. Machine learning is also enabling security of the body, biometrics. You know it as the fingerprint sensor on your phone, but facial recognition is also commonplace on new Windows 10 computers, while retina scanners are the “top level” of security at large financial institutions.

Speed. Savings. Security. Three great reasons to implement aspects of AI in your credit union. A recent post about this topic ended with a wonderful quote:

“When a bank…effectively uses AI, they run more efficiently and are able to connect more effectively with a segment of the population that will never be replaced by machines: their customers.” – Mohit Joshi, Innovations in FinTech

Ok, ok.  I’ve given you way too much to consider.  AI, Big Data, machine learning, algorithmic analysis…yeah, I get it.  Overwhelming when you just want to know, “can this stuff help my credit union?”  So, I had a realization right after writing this post.  Remember that series I did about tech in the financial industry?  As part of it, I mentioned that financial institutions are at risk of becoming “dumb banks” in the same way that ISPs are “dumb pipes”, simply being the corridor for other companies’ information.  You hold the money, but your members use other company services to move, spend, invest, even check on their funds.   The same is the case here with AI.

There will always be a place for information as you manage it now: Raw account balances aren’t going anywhere.  But that’s “dumb data”.  The future is in “smart data”.  Where your credit union and members can find patterns in spending, opportunities in lending, and personalized recommendations for minimizing debt (or maximizing wealth).

How will you become the “smart data” of the future?

Ransomware. What is it and should you be concerned?

If you’ve been keeping an eye on cybersecurity or computer safety news lately, there is a good chance the term ransomware has crossed your vision. So we’ve got phishing (not the band), malware, viruses, worms, and now ransomware?

First, the primer: Ransomware is a form of malware, which in some circles is also considered a virus. Still confused? So am I.

Primer, even more basic version: Ransomware locks your computer unless you pay some bad guy.

Less basic primer: Ransomware is computer code which, once on your system, makes it so that you can’t access any of your files. The creator gives you an option to get the key, or program to unlock all your files, for a fee. This fee goes up the longer you wait, making it no less than a ransom demand. Hence, malware which asks for a ransom: Ransomware.

Who would do such a thing? There’s always people looking to cause mayhem and make a buck as a result. Some of them also happen to be skilled in computer programming. Sure, they’d serve the world better by designing code to help reduce poverty or hunger, but, crime is often easier.

Are you vulnerable to ransomware? Yes. Any computer, which, in a chain of connections, has a link to the Internet, can be infected. Yeah, it can spread from one computer to another in your network on its own. Then it deletes your backups. Even having all security updates installed isn’t enough (Macs tend to block them within 24 hours of discovery). Is no one safe?

How do you get ransomware? One of the more common ways is through an “evil” Word document. You think it’s an executive letter, invoice, or timetable, and you open the e-mail attachment. For you to get infected, Word then prompts that the file has a macro and asks if you’d like to run it. You, thinking it’s an essential aspect of the file, say yes (It bothers me that Office programs don’t display the file before this prompt). And your day just got really bad. Even NAFCU is warning credit unions about this infection strategy.

What can you do to avoid ransomware? The old computer security strategies hold true:

  • Don’t open e-mails from addresses you don’t recognize. If you do, definitely don’t open attachments in those messages. Also, ensure that HTML content isn’t set to automatically load when reading the message (Steps for Outlook 2010/2013, OS X MailiOS Mail).
  • When opening Office documents from those you know, always defer to No if it asks to run macros. If the file seems to need it, ask the sender to confirm.
  • If an e-mail file extension isn’t what you think it should be (JPG, PNG, GIF, PSD for images, as an example), ask the sender to confirm.
  • Ensure all computers within your workplace are current in security updates. And not just for the operating system, but software programs installed, too.
  • Avoid visiting questionable websites, but if you must, use an archaic computer (too old to be infected) or an obscure operating system (ie. BeOS).
    • On second thought, just avoid the suspicious sites. You can also check a reputation monitoring service like Web of Trust prior to visiting.
  • Be extremely careful when using USB drives to transfer data to more secure (ie. non-connected or connected with member data) computers.
  • Train your staff on computer safety…regularly. We can all get fooled. You know those, “A lost Saudi prince wants to share their $400,000,000 with you” e-mails? You still get them because people still fall for them.
  • If your password is “password” or “12345”, change it right now. I’ll wait.
  • Use common sense. If something seems off, your instincts are probably right.

As mentioned in the above article, one ransomware developer brought in a confirmed $45,000 after only 3 weeks of infections. It’s big business and is only going to grow further. Knowledge is power and sharing this information with your members can help them avoid costly headaches as well.

Image credit: http://hackwhiz.com/wp-content/uploads/2014/08/encryption-img.png

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