Stanford Federal Credit Union
Stanford Federal Credit Union is a federally chartered credit union located in Palo Alto, California. This $2.3 billion full-service financial institution is owned and operated by over 50,000 members of the Stanford Community. As the first financial institution to offer online banking, Stanford FCU continues to be committed to making services more convenient for all of its members.
Stanford FCU 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 the cost of $5 per call to meet service levels. On top of that, no technology could assist staff in delivering a positive service experience to members.
Stanford was on a mission to reduce costs, improve the customer experience, and increase service levels.
To tackle the problem, Stanford FCU took a twofold approach. First, they added staff, increased their access and authority, and instituted a “service first” mentality as their customer approach.
They then turned to Fonolo’s Voice Call-Backs solution to manage the call volume as they developed personnel. Fonolo’s cloud-based call-back technology gives callers the option of receiving a call-back when hold times are too long. Now, Stanford FCU’s members can “Press ‘1’ to receive a call-back” while Fonolo holds their place in the queue, ensuring an improved customer and agent experience.
Stanford FCU chose Fonolo because of its ease-of-use and highly scalable deployment model. To agents, a Fonolo call appears to be just another inbound call, so minimal training was required. Fonolo’s cloud-based approach – and its ability to seamlessly interact with their existing phone system – made implementation quick and easy.
Having a call-back solution is an essential feature for any contact center and becomes critical for a poor performing center. A properly programmed call-back feature will mitigate long queue time and turn the negative of waiting on hold into the positive of receiving a call-back. In addition to that, it takes pressure off the agents and our members really enjoy the experience.Mark Edelman, Vice President Digital Member Services, Stanford Federal Credit Union
By implementing Fonolo, Stanford FCU decreased their abandonment rate by 50%. In the first year, it saved $60,000 (including the cost of Fonolo) by eliminating the need to send calls to a backup call center. Additionally, Stanford FCU increased service level targets by 43%. The contact center benefited in terms of cost savings and efficiencies, and members are thrilled with the improved calling experience – a win-win situation.