NEW YORK–The top business priorities for the second half of 2022 have been released by Glia, which surveyed 1,902 executives and found, among other things, one-in-two credit unions said they plan to have a digital assistant in place by the end of this year.
According to Glia, those priorities include:
- Improving the customer experience is the top business priority for 2022. “That increasingly means digital customer service as a means to engage customers, deliver a seamless experience and drive more conversions during a period where opportunities may slow down.”
- As interest rates rise, customers and members will need more support from their financial institutions. “Loan origination and loan servicing will be more critical than ever to banks’ and credit unions’ strategies as rates increase and the market anticipates a potential downturn. To remain in solid financial standing, institutions will need to increase loan conversions to offset the declining mortgage application demand.”
- Fintechs offering emerging technologies will embrace more modern customer service strategies. Advancing technologies such as cryptocurrencies and Web3 have certainly caught consumers’ attention, but confidence in these areas is still shaky at best, Glia said. “Take the recent headlines around Coinbase, its significant market volatility and widespread layoffs do not inspire trust.”
- Conversational AI and automation drive new efficiencies. To manage an increase in inquiries and to provide 24/7 service, a growing number of banks and credit unions are deploying virtual assistants, Glia said. “The emergence of vertical chatbots developed specifically for financial institutions is driving broader adoption. In fact, one-in-two credit unions plan to have a virtual assistant by the end of 2022. “Financial institutions that offer a seamless customer experience across virtual assistants and human customer service representatives are seeing significant improvement in efficiency,” the company said.
- Institutions will abandon the unrealized promise of omnichannel in favor of ChannelLess Architecture, an entirely digital experience. “While omnichannel was a strong concept in theory, the industry has grown disappointed with its unrealized potential,” Glia said. “Omnichannel’s failure to live up to the hype is largely because the platform is based on legacy phone-based systems when what consumers really crave is a fully digital experience. Moving forward, digital natives will no longer tolerate being forced to leave the digital domain.
“This shift is especially important as Gen Z enters the workforce; the battle for their loyalty is on,” the company continued. “And, it’s not just younger generations that have no tolerance for the digital disconnect. A recent Ipsos-Forbes Advisor survey revealed that nearly 80% of customers now prefer digital banking above any other method. Financial services companies must be able to engage customers and prospects onscreen.”
Need to be Seamless
“During these economically uncertain times, a seamless customer experience is more important than ever, and in 2022 that means digital-first service,” said Justin DiPietro, Co-founder & chief strategy officer of Glia. “Financial institutions that embrace Digital Customer Service will be well positioned to weather any storm and positively contribute to their bottom lines while strengthening customer relationships this year and beyond.”
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