In a move to reduce costs and increase efficiency, Michigan State University Federal Credit Union (MSUFCU) recently announced that it will be replacing 21 employees with chatbots. The credit union estimates that this move will save them $735,000 annually.
Chatbots are computer programs that are designed to simulate conversation with human users. They are becoming increasingly popular as businesses look for ways to automate customer service and other tasks. MSUFCU plans to use chatbots to handle customer inquiries, freeing up employees to focus on more complex tasks.
The move is part of a larger effort by MSUFCU to modernize its operations. The credit union has already implemented a number of new technologies, including a mobile banking app, voice-activated banking, and biometric authentication.
MSUFCU is not the only financial institution to embrace chatbots. Many banks and credit unions have begun using them to handle customer inquiries and other tasks. According to a recent survey, nearly half of all financial institutions are now using chatbots in some capacity.
The use of chatbots is expected to continue to grow in the coming years. As businesses look for ways to reduce costs and improve efficiency, chatbots are becoming an increasingly attractive option.
MSUFCU’s decision to replace 21 employees with chatbots is a bold move, but one that could pay off in the long run. The estimated savings of $735,000 annually could be used to invest in new technologies or hire additional employees in other areas. It remains to be seen how successful the move will be, but it is certainly an interesting development in the world of financial technology.
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