ATLANTA—Expect credit unions this year to make greater use of two-way video to get members together with subject matter experts quckly and cost effectlvley.
That’s according to one analyst who is also cautioning that the technology won’t pay off unless a credit union’s staff are well trained.
John Hyche, SVP and principal at Level 5, explained that employees must be trained to have strong interpersonal skills to effectuivley serve members via tele-video.
“Plenty has been written about the impact of digital channels on the delivery of financial services,” said Hyche. “As the industry moves even farther down the technolgical path, we’ll discover that true omni-channel delivery of financial services blends the physical branches with remote channels into a cohesive member experience. Ideally, consumers will be able to traverse these channels with no loss of data or continuity with the institution.”
Omni-Channel
One of the goals in developing an omni-channel member experience is to create efficiencies without the loss of convenience or quality, he noted.
Hyche said that consumers will become increasingly comfortable with tele-video as communications platforms such as Skype and FaceTime become ubiquitous.
Hyche said research shows consumers have a preference for face-to-face interactions for the higher-value transactions (see chart below).
“However, face-to-face communications, particularly with subject matter experts, are costly and cannot be implemented at every branch,” said Hyche. “Studies, too, show t
John Hyche, Level 5
hat consumers perceive face-to-face interactions as better for problem resolution, which raises the stakes for tele-video solutions.”
Hyche cautioned that in the effort to capitalize on the efficiency of tele-video, credit unions can’t lose sight of “true engagement.”
Hyche shared a story about a 58-year old friend who went to the emergency room suffering from classic stroke symptoms. His friend was subjected to numerous tests and asked many questions that ultimately led doctors to videoconference with the on-call neurologist.
“The neurologist looked at the data and determined that my friend was not suffering from a stroke,” recalled Hyche. “But the doctor was wrong, it was a stroke in its earliest stages. The point is data doesn’t always tell the whole story. Sometimes we have to apply experience and intuition to interpret what the data is saying.”
Use Tech The Right Way
Hyche said that technology is a fine tool when used appropriately.
“Whether we offer medical services or financial services, the point is to bring experience and expertise to bear on our clients’ problems,” said Hyche. “If we fall prey to the temptation to trust the data and ignore the human side, our best advice could lead to a tragic outcome.”
As credit unions invest in interactive teller machines and tele-video systems, don’t neglect training, Hyche urged.
“And not just training on the equipment, but training on interpersonal skills—even more important when the warm and fuzzy of a face-to-face is missing,” he said. “The objective is to maintain the sense of high touch—including empathy, understanding, and creative thinking—as we engage our customers across technological channels.”
