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How Trending Tech is Evolving Member Self Service And ... › cuna › assets › files › 101425_TrendingTecha · PDF file messaging platforms • Facebook just...

Jul 05, 2020




  • How Trending Tech is Evolving Member Self Service And Member


    Sue Hoatson Director

    Financial Services Sales Adapt

    Alfredo Rizzo Senior Director

    Engineering & Product Management Adapt

  • Overview & Topics Emerging technology trends are starting to make their way into Credit Unions,

    improving Member Self Service and Member Communications.

    Self Service • How IVR’s have morphed into “express information” assistants that predict what

    a member is calling about • Chatbots • How speech-enabled personal assistants such as Alexa are providing a new level

    of convenience Member Engagement • How video is being used to provide a richer member experience • How ITM/PTM sessions are being routed to centralized Omni-Channel MSR’s • The impact that biometrics are having on the balance between information

    security and ease of member interaction • New techniques to detect and thwart social engineering attacks on the contact


  • Emerging Technology Trends for Member Self-Service

  • IVR (Interactive Voice Response) – Your Bank-by-Phone System

    • Traditional Bank-by-Phone IVR – Value Prop: • Used by 20% of membership (varies by

    demographic) • Used very heavily by some members • Could double call volume into contact center

    if removed • But… many/most members dislike it; will not

    use it • Lots of features, many go unused • Outdated / EOL platforms, vendors acquired,


  • CU’s are Adding “Express IVR” Solutions

    • “Less is More” • Members want INFO – and don’t care how they get it…

    • Play account balances & transaction history prior to speaking with agent

    • Benefits: • Reduces call times (for calls that still go to an agent) • Reduces call volumes, sometimes by 25% • Improves the member experience • Can route delinquent members directly to Collections

    • Intelligent Playback – • Predict why each member is calling • Play messages for relevant events (Payroll status/delays, Notifications) • Play messages based on specific schedules • Can do this always, OR only in the event that no agents are available

  • Chatbots

    • Aka “Artificial Conversational Entity” • Think Siri

    • Simulates conversation • Can be textual or natural language

    interface • Uses AI to answer basic questions and

    conduct basic transactions • Results have been mixed for more

    complex inquiries or transactions

  • Chatbots

    • Just like IVR, fails out to an agent, who can see the history of the chat interaction

    • Chatbot learns from agent answers (Machine Learning)

    • Expected to become mainstream • Businesses can connect chatbots to

    messaging platforms • Facebook just announced Messenger

    for Business at their F8 Developer Conference

  • Voice-Enabled Personal Assistants

    • Allow users to speak commands, and reply via voice • Examples: Siri (Apple), Cortana (Microsoft), Alexa

    (Amazon) • Have an API that App developers can use to build

    speech-enabled apps • Alexa apps are called “skills”

  • • Some skills are harmless – even if linked to an account

    • Some skills link to your account and default payment info and allow in-app purchases

    • And then there is Financial Services… • Capital One is the only FI in production to date

    Voice-Enabled Personal Assistants

  • Alexa / Capital One – How Does It Work? “Alexa ask Capital One…”

    For your credit card: · “How much did I spend at Target last month?” · “How much did I spend at Starbucks last weekend?” · “What’s my current credit card balance?” · “When is my credit card bill due?” · “To pay my credit card bill.”

    For your checking accounts: · “What’s my checking account balance?” · “What are my recent transactions?”

    For your auto loan: · “What’s my car loan principal balance?” · “What's my payoff quote?” · “When is my car loan due?” · “To pay my car loan bill.”

    For your home loan: · “What's the principal balance on my mortgage?” · “When is my next mortgage payment due?” · “How much is my next mortgage payment?”

    1. Enable the Capital One skill on Amazon site for your device(s)

    2. Link Capital One account to Alexa Capital One skill

    3. Optionally set a 4-digit PIN

  • Voice-Enabled Personal Assistants

    • Early Adopter / Novelty • One or two CU’s have trials under way. • Some core vendors have done this as a proof of concept

    • Concerns around Use in Financial Services: • Security, Security, Security

    • Will members “discuss” account information with Alexa out loud? • Will members say their PIN out loud? • Will external transfers be allowed?

    ….and also Usefulness • Voice interface is not as rich as a graphic one • Good for quick transactions that require short dialogue • Not good for reviewing multiple accounts, credit card monthly spending,

    etc • What happens when you leave the house?

  • Emerging Technology Trends for Member Engagement

  • Video Engagement

    • Contact Centers are increasingly adopting an Omni-channel strategy, leveraging Voice, Web Chat, E-mail, SMS and now Video to provide members with their communication channel of choice.

    • Credit Unions have deployed video in branch kiosks/offices, in ATM’s, and now also to members on their home PC’s and mobile devices.

    • Use cases start with high-value transactions (mortgages, loans, investments) and then move into member service, credit cards, etc.

  • Why Video Engagement?

    • Online Services are convenient but impersonal

    Banking used to be relationship-based Faceless online banking is not

    Personal relationships are required to build brand loyalty and upsell

  • Why Video Engagement?

    • Video provides a personal touch to the contact center that will elevate member/agent interaction.

    • Establish an emotional connection with your members with face-to-face interactions

    • Use ACD (contact center) routing to connect with the best available (skilled) agent

    • Share a document or application to clear up issues

    • Include subject matter experts in a multi- party video conference

    • Escalate from a web chat or voice call to Video

  • Interactive / Personal Teller Machines

    • New ATM Tellers that are interactive

    • Member can self-serve or request assistance from MSR

    • Video capability between member and agent

    • Allows lower cost branch deployment, especially to remote locations (difficult to staff)

    • Human Tellers and ATM’s work better *together*

  • Interactive / Personal Teller Machines

    • Agent Remotely Controls ATM terminal:

    • Dispense exact change, in any denomination

    • Validate identity without ATM card

    • Split deposits between accounts

    • Make Loan & Credit Card Payments

  • Emerging Trends in Security, Identity Protection and Fraud Prevention

  • Fraud Today

    Did you know… • Fraudsters have stolen $112

    billion since 2010 alone? That’s $35,000 per minute!

    • During 2015 more than 13 million Americans were hit by fraud?

    • The telephone accounts for 46% of all successful breaches caused by social engineers, making it the #1 preferred medium for criminal activity?

  • Biometric Authentication

    • Sophisticated attacks have rendered the simple password insufficient to prevent data breaches, network attacks, and account takeovers.

    • The total reported number of exposed identities jumped 23% to 429 million in 20151 and the ramifications are dire: financial loss, non-compliance, ruined reputation, and theft of intellectual property.

    • Next-Gen Authentication solutions are emerging:

    • One-Time Passwords • Push Authentication • Biometric Authentication

    • Biometric Authentication • Voice Signature – “My voice is my password” • Fingerprint (Smartphone fingerprint scanner) • Facial Recognition (Smartphone 39 point

    match) 1 Symantec Internet Security Threat Report April 2016

  • What has impeded fraud detection and prevention?

    • Minimal interaction history available to agent

    • No immediate detection by agent of suspicious activity patterns

    • No core data options to help reduce agent questions

    • No authentication of the physical device used by the caller

    • No notification of suspicious activity to fraud/risk team

  • Fraud Detection/Prevention in the Contact Center

    • Interaction History – All CU employees need to have access to Member’s interaction history

    • Alert on suspicious activity – Alerting on items such as Failed Authentication Attempts, Excessive Call Volume, etc.

    • Out of Wallet Management • Pull info from core • Keep Track of asked questions and results

    • End User Device Authentication – Verification that the physical device calling matches the calle

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