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Technology Credit Union, better known as Tech CU, serves the high tech workforce in the Silicon Valley with corporate headquarters in San Jose. With more than $1.8 billion in assets under management and ten full-service branches in the Bay Area, this financial services leader consistently achieves customer satisfaction ratings above 95%.
Tech CU receives approximately 12,000 calls per month. Like many other organizations, they closely track several key call center metrics. These include abandonment rate, the average speed of answer (ASA), and service level.
For several reasons, Tech CU faced daily call issues due to unpredictable spikes in volume. No matter how well they scheduled their staff, abandonment rates regularly skyrocketed upwards of 20%. Members began to voice their frustrations about the long wait times.
To improve the call center experience, Tech CU began to search for a solution to reduce their high abandonment rate and manage their call spikes. They turned to Fonolo Voice Call-Backs to offer members an alternative to waiting on hold. The process was simple: callers could simply ‘press 1 for a call-back’ and hang up while Fonolo held their place in the queue. The member would later receive a phone call from an available agent.
Fonolo’s cloud-based approach and its seamless integration with existing phone systems made implementation quick and easy. Agents only required minimal training because a Fonolo call appears as a regular inbound call to them.
But most importantly, call-backs allowed Tech CU to “smooth out” volume spikes by deferring calls until volumes are more manageable, allowing agents to serve their members more effectively.
I cannot say enough about the ease of deployment. This truly was the easiest implementation of any system or service that I’ve encountered in my 30+ years in the financial service industry.
Jeannie Sugaoka, Senior VP of Support Services, Tech CU
Tech CU members immediately began using call-backs, even without any marketing or advertising. Their members are very pleased with the new option, as it allows them to bypass the required wait time. Tech CU’s call center agents reported that it improved their experience too. By reducing their immediate call queue, they can now work more efficiently and spend more time building relationships with their members.
What’s more, Tech CU experienced an incredible 37% drop in their abandonment rate! This metric — combined with their agents’ and customers’ positive feedback — demonstrates the true positive impact of call-backs on their call center.