Fonolo, the company that improves the call center experience by replacing hold time with a call-back, announced that Stanford Federal Credit Union has implemented its innovative call-back solution and recent findings indicate an improvement in service levels, abandon rates, and the overall call center experience.
Founded in 1959, Stanford FCU was the first financial institution to offer online banking, and is committed to making services more convenient for all of their members. By adding Fonolo’s In-Call Rescue solution to its call center, members can now choose to “press 1 to receive a call-back” rather than wait on hold, without losing their place in line. When their turn arrives, the member’s phone will ring and there will be a live agent on the line.
“Having a call-back solution is an essential feature for any contact center and becomes critical for a poor performing center,” said Mark Edelman, Vice President Digital Member Services, Stanford Federal Credit Union. “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. With Fonolo’s call-back solution we saw a reduction in our abandon rate, an increase in member satisfaction and an upsurge in agent morale!”
After implementing Fonolo, Stanford FCU decreased their abandonment rate by 50% and, in the first year, 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 – truly a win-win situation.
“We’re extremely happy to be a part of Stanford FCU’s customer experience strategy,” said Shai Berger, CEO, Fonolo. “Our mission at Fonolo is to make it easy for call centers to add features like call-backs, virtual queuing and visual IVR with minimal effort. These extraordinary results illustrate that contact centers immediately benefit from a cloud-based approach.”
Stanford Federal Credit Union began offering Fonolo’s call-back service to its members in January, 2015.
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About Fonolo
Fonolo is the leading provider of cloud-based call-back solutions. The company’s innovative products improve the way call centers interact with their customers by seamlessly replacing hold time with a call-back. Regardless of where the conversation begins – on the web, mobile or by phone – Fonolo quickly and conveniently routes customers through the call center, connecting them to the right agent and eliminating hold time. A growing list of organizations trust Fonolo to improve the call center experience for their customers. Learn more at fonolo.com.
About Stanford Federal Credit Union
Stanford Federal Credit Union is a federally chartered credit union located in Palo Alto, California. Stanford FCU is a $1.7 billion full-service financial institution owned and operated by over 50,000 members of the Stanford Community. The credit union provides retail banking products and services, in addition to savings and lending products which include consumer, residential real estate lending and commercial banking. Learn more at sfcu.org.