Fintechs have had the upper hand when it comes to digital customer service.
Digitally native, “customer-centric” financial apps have met consumers in their digital revolution, utilizing innovative technology such as AI and active social media presence to improve their service.
Although slightly slow on the uptake, traditional institutions have since caught up, now leaning towards partnerships and M&A to bridge the divide.
Within this cohort lie the credit unions evolving to meet the need for innovation, although slightly behind their banking peers.
“Financial services have always been ‘adapt or die,’ and I don’t want credit unions to go the way of Blockbuster Video because we, the regulators, prevented innovation,” said Kyle Hauptman, the NCUA’s vice chair, to CoinDesk early last year.
While he referred to the partnership of credit unions and fintechs to provide crypto services, the logic can be applied to the broader industry.
For Glia, the target of choice was customer service for union members.
A CUSO is formed
For some time, Glia, a Digital Customer Service (DCS) provider, has been involved with improving the service of credit unions.
The company states that 84% of customers’ journies start online, making the digital experience essential for the ongoing success of institutions. Despite this, many consumers become frustrated when they can’t interact with a human.
Using a combination of AI and human input, they specialize in bringing financial institutions into the digital space across multiple platforms. The solution developed to meet the needs of their credit union clients is said to enhance the member experience and increase digital efficiency and member acquisition.
Deepening their commitment to the credit union space, on January 19, 2023, Glia announced the successful launch of a Credit Union Service Organization (CUSO) focused on member service solutions. In forming the organization, the company selected individuals from its 250 credit union clients to invest and act as part of its advisory committee.
“As a Credit Union Service Organization, we firmly believe in the value of credit unions and are proud to strengthen our collaboration within the community to provide technology that enables smooth, personalized member support across the digital domain,” said Dan Michaeli, CEO and Co-Founder of Glia.
“This investment is an added vote of confidence from our clients, and we look forward to deepening relationships with these credit unions and others down the line.”
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