Tag Archives: credit-union

How to Prepare Your Call Center For Spikes in Call Volume: Credit Unions

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How to Prepare Your Call Center for Seasonal Spikes: UtilitiesCredit unions’ commitment to serving their members is reflected in their healthy growth: these financial institutions now count more than 110 million people as members and hold deposits totaling $1.1 trillion. When a growing sector builds its reputation on customer service, customers themselves can feel the strain of growth when that reputation is no longer met or exceeded. The bottom line is that keeping customers happy during an expansion is no easy feat.

Credit union call centers face a unique set of challenges beyond brisk growth. Traditionally smaller in size, credit unions often lack the resources to implement “best-in-class” technologies, making it especially tricky to tackle surges in call volume that come from rapid growth. With 76% of customers viewing customer service as the real test of much a company values them, long wait times can leave brand new members (and existing ones) annoyed and frustrated.

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Success Story: How a Credit Union Improved the Customer Experience with Call-Backs

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Success Story: How a Credit Union Improved the Customer Experience with Call-Backs

In our business, we are privileged enough to watch as our clients go above and beyond in providing a great customer service by putting an end to long hold times via our call-back solutions. Of the many success stories we observe every day, we’re particularly excited to share this one, featuring First Service Credit Union (FSCU). Many lessons regarding upping the customer experience game can be gleaned from their successes.

 

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This Call Center Reduced Abandon Rates by 62%

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This Call Center Reduced Abandon Rates by 62%Velocity Credit Union is based in Austin and has served the area since 1947. It is one of the largest financial institutions in the state of Texas with over $840 million in assets, and provides personalized banking to more than 84,000 members across six local branches.

Velocity takes pride in making its members feel valued, and in creating a positive customer experience, however their current service offering was not meeting these goals. Velocity was struggling with long hold times and a high number of abandoned calls. They thought they had to replace their legacy call center system to correct this problem – which would be costly and time consuming. Continue reading →

The Must-Attend Credit Union Call Center Event!

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The Must-Attend Credit Union Call Center Event this Fall!It’s that time of the year again! That’s right folks, tradeshow season is upon us. What better way to start the action than by attending one of the best call center events for credit unions. The Credit Union Call Center Conference has been helping this space for the last 20 years! You can catch the event at Harrah’s Hotel in Las Vegas, from October 17-19.

With members’ needs constantly evolving, attendees will return to their organizations with practical tips, tools and inspiration to address the latest requests. This conference gives you a unique opportunity to network with other professionals in the industry and learn valuable leadership skills and best practices. Continue reading →

[Webinar] How One Contact Center Succeeded in Lowering Abandon Rates

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How One Contact Center Succeeded in Lowering Abandon RatesWhy is it that credit unions top the charts for customer satisfaction compared to other financial institutions? These member driven organizations have notably higher expectations than customers of banks do, and yet they consistently outrank them on client satisfaction scores. The explanation is simple – credit unions work overtime to woo disgruntled bank customers by delivering a personalized service experience. Simply put, the customer experience is at the top of their priority list!

The challenge is that in order to continue enjoying these positive outcomes, they’ll need to maintain and, if possible, improve their already extraordinary levels of customer satisfaction. One important metric that many credit unions are focusing on is high abandon rates in their call center (since this is a clear sign of member dissatisfaction). Luckily, there’s a secret sauce to improving this metric and creating the perfect customer experience recipe. Continue reading →

Case Study: Credit Union Reduces Abandon Rates and Improves the Experience

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Credit Union Reduces Abandon Rates and Improves the ExperienceWe’re excited to share with you our most recent success story featuring Credit Union of Colorado. Located in multiple cities within the state of Colorado, this credit union emphasizes the importance of delivering a superior member service.

With a proud focus on the experience they kept a keen eye on the contact center, and had identified instabilities which were negatively affecting the calling experience. Due to staffing changes, weather issues, and a surge of card replacements, they experienced the “perfect storm” in their call center and the result was increased wait times for callers. This led to a high level of dissatisfaction among members, culminating in numerous complaints to the credit union. Continue reading →

Webinar: How a Call Center Managed Spikes in Call Volume and Reduced Abandon Rates

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How a Call Center Managed Spikes in Call Volume and Reduced Abandon Rates89% of customers have stopped doing business with a company after a poor customer experience. While this is an alarming statistic, you should keep in mind that making simple changes to your call center can make all the difference. One obvious strategy for improving the customer experience is to address long hold-times, which is typically the result of unexpected spikes in call volume.  Continue reading →

Catch Fonolo at the Credit Union Call Center Conference

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Catch Fonolo at the Credit Union Call Center ConferenceMark your calendars folks! The Credit Union Call Center Conference, October 5-7 at the Paris Hotel in Las Vegas, is just around the corner.

The Credit Union Call Center Conference is a unique opportunity to gain best practice insights from industry colleagues. Through presentations, networking sessions, workshops, and more, attendees will return to their organizations with practical tips, tools and inspiration for success.

Credit Unions frequently lead the financial services sector with high Customer Satisfaction Levels (CSAT) as they strive to provide the best possible experience for their members. In an effort to maintain satisfaction levels, a growing number of credit unions have turned to Fonolo’s call-back solutions allowing members to “press 1 for a call-back”, eliminating the need for them to wait on hold. Continue reading →

Case Study: Credit Union Increases Service Levels with Call-Backs

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Fonolo Success Story - Stanford FCUWe at Fonolo, LOVE working with credit unions. This industry has a true grasp on what the customer experience is all about.

We’re excited to share with you our most recent success story featuring Stanford Federal Credit Union. Stanford FCU is $1.7 billion full-service financial institution, owned and operated by over 50,000 members of the Stanford Community.

They had identified the contact center as an area of concern. The department was understaffed and personnel lacked contact center knowledge. Due to a shortage of agents, calls were sent to a backup call center during business hours at a cost of $5 per call, in order to meet service levels. On top of all that, there was no technology in place that could assist the staff in delivering a positive service experience to members.
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How Call-Backs Reduce the Cost of Using a Third-Party Call Center

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Stanford FCU LogoAt Fonolo, we’re always talking about how call-backs are a win/win: they result in both an improved customer experience for the caller, and reduced costs for the call center. We’ve even published a recent report focused on the ROI of call-backs (based on our popular blog series).

Another great case for call-backs is reducing the dependency – and cost – of sending calls to a third-party call center, something we run into quite frequently. For example, call centers will sometimes transfer calls that sit in the queue too long to an overflow call center, in order to meet service levels. Continue reading →

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