By Ray Birch
LOWELL, Mass.–During difficult times and when people are struggling financially, members often prefer talking to a hologram than a person, one CU has learned.
In fact, that was key to the thinking behind Workers CU introducing a hologram named Olivia to greet and talk with members about their needs—and the technology is dramatically increasing the business performance of WCU locations, the credit union told CUToday.info.
Due to the success, the technology will be rolled out in many more of the CU’s branches, the organization projects.
As CUToday.info reported earlier, the $2.1-billion Workers Credit Union here has opened a new branch that includes an interactive hologram and a humanoid robot to go with new video tellers. The 3,400-square-foot “PlanIt” location has opened at 1201 Bridge Street in the Centerville neighborhood of Lowell. The interactive hologram can answer frequently asked questions in several languages, including Spanish, Vietnamese, and American Sign Language (ASL).
As CUToday.info also reported, Workers CU was one of the first credit unions in the nation to place a friendly humanoid robot, named Pepper, in its branches. While Olivia is used to answer more detailed member questions, Pepper is now used to keep the mood “light and fun,” the CU explained.
“The hologram takes the friction out of banking, so our members and staff can focus on building financial wellness,” said Workers Credit Union Chief Banking Officer Peter Rice.
Reducing Shame
More than just reducing friction, Olivia also helps to remove some of the shame members can feel when they first walk into the credit union to discuss troubling financial issues.
“It’s a no judgement zone,” said Rice. “Think about it—people can be so ashamed to talk about their finances when they are in trouble.”
Rice said credit unions dedicate significant time and attention to how they can help improve members’ financial wellness, but often overlook the stigma that comes with having to first step into the credit union and ask for help.
“We went back to the start, looking at our mission,” said Rice. “We are a purpose-driven credit union. We add value to members’ lives through financial wellness. We feel that financial wellness is very important to breaking down the inequities placed within our society. Statistics show 40% of people still have about only $300 in savings to see them through and emergency. So, in pursuit of our purpose, we wanted to find a way that was less shameless for people to begin conversations around money.”
The Branch ‘Museum’
Rice asserted not much has changed in credit union branch design over the years to make that conversation easier.
“The basic branch has not changed in 100 years,” Rice said. “Look at most branches and they are full of barriers—walls. Despite having smiling employees, they just look like museums—nothing there has changed for years. Go to a museum and you will see the same stuffed animals inside glass cases.”
Rice said members have been comfortable speaking with a hologram not only because some prefer it over an employee, but also because consumers are becoming much more accustomed to using high technology in their daily lives.
“Holograms are even starting to appear in airports,” Rice noted.
But Olivia is not in place just to make it easier for members who have financial problems to find out who to speak with at the credit union. Her primary purpose is to make it easier for members overall to interact with Workers CU and connect with the right person to meet their needs, whether that is a teller, an MSR, a loan originator or even a video kiosk.
More Effective at Task
Rice said while the credit union had Pepper as a greeter, a hologram is more effective at checking members in when they walk into the lobby. He said Pepper adds to the experience, keeping things fun, while still being an alternative to answer members’ questions. Rice declined to share costs for the technology.
As members like interacting with Olivia, does Workers see holograms replacing staff?
“We don't,” answered Rice.
Member response to Olivia has been so positive that Workers now has the technology in three of its locations. The CU declined to share costs for the technology.
“This could be our new branch model going forward,” said Rice, who noted WCU has 17 locations. “These branches are outperforming our traditional location by a factor of five to six times the business.”