Reflections on AI at Metro
Published on July 18, 2023
•3 min read
Artificial Intelligence (AI) is commanding the news but what does it mean for community or regionally focused financial institutions like Metro? For one, incorporating AI helps achieve the vision of more personalized and efficient experiences for everyone. Consumers want and expect their financial institutions to meet their expectations for fast and easy access to what they need, whether they’re checking account balances, opening a Certificate of Deposit (CD) account, or even applying for a mortgage. To keep up with the competition and evolve with the latest technologies, Metro and other community financial organizations must adapt to these changes.
Enhancing the Member Experience
Actively managing the member experience is key – and banks and credit unions can do that by understanding consumer needs and providing a more personalized approach to curating the information they desire. Financial services is a data-driven industry and a natural fit for AI. In a study from earlier this year, the Consumer Financial Protection Bureau[1] estimates that approximately four out of 10 Americans engaged with a chatbot last year for banking-related services — and that number is only expected to increase. Many financial institutions, including Metro, have digital chatbot assistants to help members with basic banking needs such as getting account or loan balances. Since 2022, Metro’s digital assistant, Chelsea, has chatted via text with members online and recently expanded her duties to answer questions via phone, while live Metro agents are always available to assist with more complicated requests.
Faster self-service with a digital assistant like Chelsea reduces the time it takes members to get the answers they’re looking for, allows for 24/7 access from any location, and adds to a more rewarding experience.
Improving the Employee Experience
With knowledge available instantly through both member-facing and back-office digital assistants, employees can also benefit from AI. At Metro, Chelsea’s ability to answer basic questions gives our agents more time to help members with more difficult and complex requests like opening new accounts or applying for loans. Plus, our back-office assistant, also powered by AI, provides employees with quick access to relevant information, allowing them to resolve member issues and answer questions both accurately and faster than ever before.
Introducing Metro Connect
A recent survey conducted by the American Banking Association indicates that 79% of digital bank users wish their online institutions offered the same features as a physical branch. With that in mind, Metro is thrilled to expand its digital offerings even further this summer with the introduction of Metro Connect. This new digital service, coming soon, will allow members to complete nearly all banking transactions online, from anywhere, with the assistance of a Metro employee if needed. It’s like having a Metro branch available right in your home!
Metro Connect will empower members to visit and interact with products, similar to a branch visit but from wherever they choose using digital assistance through Chelsea and live agents who can offer information on more complex questions — like opening a new account or CD or adding a joint holder to an account — via chat, phone, or video after a quick verification process.
Behind all of our AI applications are real people – employees with extensive Metro experience. They are watching transcripts of AI conversations, listening to interactions in near-real time, and making continuous improvements to workflows to better the service experience on a daily basis. This isn’t “set it and forget it” – nor should it be for any organization leveraging this type of technology. The ever-changing nature of financial services and consumer expectations puts demands on resources internally for change management, data governance, and knowledge management – all of which add up to ongoing training and education for our virtual assistants. It is an important commitment that we’ve made to ensure members get the best possible service from all of our tools whether they be AI-enabled or human-assisted.
The rewards of using AI across financial services are significant: elevated customer service, improved employee experience, and increased efficiency. AI is a great tool to empower members and make faster, more accurate support a reality.
