The Michigan State University Federal Credit Union (MSUFCU) recently announced that it has estimated a savings of $735,000 by replacing 21 employees with chatbots. Chatbots are computer programs that are designed to simulate conversation with human users. This move is part of the credit union’s effort to reduce costs and improve customer service.
MSUFCU has been using chatbots since 2017, when it first implemented a virtual assistant to help customers with their banking needs. Since then, the credit union has seen an increase in customer satisfaction and a decrease in costs associated with customer service. The chatbot technology has allowed MSUFCU to provide customers with 24/7 access to banking services, without the need for additional staff.
The estimated savings of $735,000 is based on the cost of hiring and training 21 employees. By replacing these employees with chatbots, MSUFCU can save money on wages, benefits, and other associated costs. In addition, the credit union can also save money on customer service costs by having the chatbot handle routine inquiries and transactions.
The use of chatbots has been gaining popularity in recent years, as more businesses are looking for ways to reduce costs and improve customer service. MSUFCU is not the only financial institution to use chatbots; many banks and credit unions have implemented similar technologies in order to reduce costs and improve customer service.
Overall, MSUFCU’s decision to replace 21 employees with chatbots is a smart move that will help the credit union save money and improve customer service. The estimated savings of $735,000 is a significant amount that will help the credit union remain competitive in the market. In addition, the use of chatbots will help MSUFCU provide customers with 24/7 access to banking services, without the need for additional staff.
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