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CUNA Research Reports

CU Snapshot

 Oct '17Sep '17
# of CUs5,8155,849
Members
(millions)
113.4113.2
Total Assets
($ billions)
$1,389.5$1,390.9
Total Savings
($ billions)
$1,168.6$1,107.9
Net Cap.
Assets
10.8%10.7%
Loans to Savings83.1%82.1%
Loan Delinq.0.8%0.8%

         Credit Union Indicators

Ready your CU for voice technology

'Voice technology is about to run you over like a freight train.'

Voice technology has not hit the tipping point yet, but it soon will and credit unions need to be ready, says Elizabeth Robins, product director at Best Innovation Group, a CUNA consulting partner.

"Voice technology is about to run you over like a freight train," she says.

The good news, however, is that there's still time to prepare, Robins tells AXFI Conference attendees in Minneapolis.

Three ways credit unions can prepare:

1. Think through member adoption. Think about past adoptions of new technologies. Find ways to prepare your members and make them comfortable with the change.

You'll need to create continued good outcomes and experiences for members to continue to use the new technology.

2. Embrace audio branding (such as MGM's roaring lion). Develop a sound palette that is pleasant and concise.

Find ways to introduce the audio brand in your credit union; perhaps when members are put on hold. Members will be oblivious but they will start to associate the sound with your credit union.

This will help connect the member to your credit union when using voice-first devices in the future.

3. Think about retention. How will you make members comfortable with your future voice technology services? How can you reduce friction and make the process of transferring money easy for your members? What compelling reason or content will you provide to keep members coming back to it?

"It won't be long before your members start throwing away their keyboards," Robins says, "and I want you to be ready for it."

(Via news.cuna.org)