In a Nutshell: Credit unions are well known for their quality customer service. In decades past, this meant providing personalized and friendly service at branches and over the phone. But today, credit union members interact with the institutions in a wide variety of ways. Companies like Clarabridge provide a tech-based framework for credit unions to quickly analyze customer experiences and find ways to make them even better. The company accomplishes this through a combination of technologies, including AI-powered text and speech analytics. Clarabridge ensures that onboarding new clients is quick and easy with a number of customizable solutions, including out-of-the-box starter pack services.
Credit unions have long held a reputation for their personalized and attentive customer service along with competitive banking products and rates. In decades past, providing high-quality customer service revolved around interactions that took place at branches, whether it was in person or over the phone.
Thanks to advances in technology, customer service is no longer limited to a teller knowing a member by name or sitting down to work through finance-related queries in an office.
As with many industries, credit union members are now interested in interacting with institutions through a variety of avenues, whether it’s over the phone, via email, chat programs, or social media.
But, of course, credit unions’ expertise lies in banking products and services, not in leveraging the latest technology to optimize member satisfaction. That’s why many credit unions turn to companies like Clarabridge to help them deliver the best customer experience possible.
Clarabridge not only helps credit unions and businesses across a wide range of industries provide high-quality customer service but it also helps clients gain valuable insights on how to retain customers and make their experiences even better.
“Our mission is to help businesses win the hearts of their customers,” according to Clarabridge. “We achieve it through our award-winning leadership, best-in-class technology, and experience with hundreds of major brands.”
We spoke with Fabrice Martin, Chief Product Officer at Clarabridge, to learn more about the innovative platform and its solutions it offers for financial institutions.
A Solution to Uncover Valuable Insights About Consumers
“There are different terms in the industry for what we do, but I think the most commonly used one is describing Clarabridge as a customer experience management platform,” Martin said. “It helps companies take a data-driven, customer-focused approach to everything they do.”
The company uses technologies such as AI-powered text and speech analytics to enable brands to extract insights from all their customer interactions and all the feedback they receive from customers, Martin explained.
“This can help to improve sales, ensure compliance with laws, and increase all sorts of operational efficiencies,” he said. “It’s using data that the customer is providing willingly to you through conversations and feedback and analyzing the data to improve the customer experience.”
Martin explained that compliance issues are a major concern for financial institutions, and Clarabridge’s technology can help those institutions remain compliant while focusing on other components of the business.
“There’s a very specific set of rules that govern credit unions, banks, and financial institutions in general,” he said. “They can get fined — and they can be very significant fines if an organization is out of compliance.”
Some of the regulations include ensuring that contact centers comply with certain rules and regulations, responding to customer complaints in a timely manner, and acting upon those complaints.
“Our technology is perfect for that type of use case because we can scan a million calls or a million chat conversations that would look to be out of compliance, for example. And we can trigger alerts for supervisors on the risk management team to look into those,” Martin said. “There’s a very specific ROI attached to those initiatives because if you save $100 million in fines, that’s a direct benefit of our technology.”
Clarabridge also helps clients understand how customer-facing technologies such as digital banking interfaces and mobile apps are being adopted and used by customers, he said.
“Hundreds of brands rely on our technology to listen to their customers and make informed decisions,” according to the company. “We’re passionate about delivering superior customer service and support and helping them improve their customer experience. The Clarabridge culture code emphasizes innovation, honesty, collaboration, and growth — as an organization and as individuals.”
Being There for the Customer’s Journey
While Clarabridge offers solutions across a vast number of industries, it offers customized solutions for certain industries, including financial services.
“The Clarabridge Banking Solution applies industry expertise, relevant KPIs and industry models, and pre-packaged dashboards to help banks and financial institutions discover insights that are relevant to numerous functions throughout their organizations,” according to the company.
The solution is backed by extensive knowledge and expertise in the banking and financial services industry, and Clarabridge uses a proven consulting framework to jumpstart analysis with out-of-the-box technical tuning, according to the company website.
Martin also addressed how Clarabridge helps credit unions engage with members throughout their customer journeys. He explained that customers will interact with a credit union in a variety of ways, including phone calls, branch visits, and surveys. Customers also connect with a credit union by seeing its ads in newspapers and using its products.
“As a customer, there’s a million different ways in which I am interacting with the brand. And the brand wants to understand me holistically, not just as a survey responder or as a branch visitor, or as a checking account holder who had a question about balances and interest rates, right?” he said.
That’s why Clarabridge provides a framework that allows its clients to listen, analyze, and act. All of Clarabridge’s customers follow this framework, Martin said.
“You need very specific technology in order to make sense of all of that type of data,” he said. “It’s not as easy as a spreadsheet or something. You need speech analytics, you need text analytics. And those tend to be machine learning or AI-driven technology. So that’s what we have focused on. That’s the company’s DNA.”
Finally, Clarabridge helps clients use this data in actionable ways that improve their customer’s experiences and track the effectiveness of its solutions.
Onboarding New Credit Union Clients is Quick and Easy
Martin said Clarabridge strives to make onboarding new clients as simple, fast, and convenient as possible.
“We have a few different ways to approach it, depending on the client,” he said. “But we have this concept of a starter pack. We’ve worked with so many institutions around the world that we now have a clear idea of patterns and what’s going to work. And what types of resources we can use and use cases we can solve quickly and generate value with.”
Clients can think of it as a menu of options from which to choose, Martin said.
“Customers tend to want everything at once,” he said. “We say, ‘We also want to give you everything, but why don’t we start here? This is an area where we know the data sources are relatively easy to obtain.’”
By identifying areas that can provide a demonstration of the platform’s value, Clarabridge can get new clients up and running quickly.
“We have dashboard templates, text analytics models, and categorization templates that are ready to go, out of the box, and we can get clients on board very quickly,” Martin said. “One that comes to mind immediately is digital banking.”
He said Clarabridge offers a digital banking starter pack that comes complete with accompanying software, services, and other resources.
“It’s fixed-price,” Martin said. “We get you up and running quickly and provide value that you can extend to other areas, such as branch experiences and contact center interactions.”
With its digital banking solution, Clarabridge clients can easily monitor ease of use and resolve issues with digital transaction experiences.
“Sentiment, satisfaction, and effort analysis identify opportunities for self-service improvements,” according to the company.
Further Optimizing the Contact Center Experience
Martin said that Clarabridge is continuously looking at ways to improve its offerings and provide even more value to clients.
“One project that I’m super excited about that I’d love to share with you is we’ve been thinking about how to further optimize the contact center experience,” he said. “And one of the areas where we have software that we’re developing now is called natural language generation.”
The technology, which is in beta use now with some clients, improves the contact center experience by providing continuity for the consumer between interactions. It allows the contact center employees to focus on the customer’s problem at hand. Then, if the customer needs to call back again, the next employee can easily understand the issue and continue to work with the customer to address it.