The Michigan State University Federal Credit Union (MSUFCU) recently announced that it has estimated savings of $735,000 annually by replacing 21 employees with chatbots. Chatbots are computer programs that use artificial intelligence to simulate conversation with users, and they are becoming increasingly popular in the banking industry.
MSUFCU is the largest university-based credit union in the United States, and it serves over 300,000 members. The credit union has been using chatbots since 2018, and it has seen a significant reduction in customer service costs. By replacing 21 employees with chatbots, MSUFCU estimates that it will save $735,000 annually.
The chatbots are able to handle a variety of customer service tasks, such as answering questions about account balances and transactions, providing information about products and services, and helping customers set up new accounts. The chatbots are also able to detect customer sentiment and provide personalized responses.
The use of chatbots has allowed MSUFCU to provide better customer service while reducing costs. The credit union has seen an increase in customer satisfaction since implementing the chatbots, and it has been able to focus more resources on other areas of the business.
The use of chatbots is becoming increasingly popular in the banking industry, and MSUFCU’s success with the technology is likely to be replicated by other banks and credit unions. The cost savings associated with using chatbots can be significant, and they can help banks and credit unions provide better customer service while reducing costs.
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