How to Fix Credit Union Call Center Inefficiencies

Call centers are a necessary evil. But credit unions don’t have to rely on them nearly as much as they currently do.

Credit unions can improve member experience while lowering call center costs in two ways. Not surprisingly, both solutions are provided by fintechs.

In fact, most banking inquiries can be handled by AI-powered chatbots. And most calls can be shortened with better member authentication. Let’s dive in.

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Call Centers vs Cost and Member Experience

Most member inquiries are simple. Finn AI, a leading chatbot provider for credit unions, found that nearly 80% of calls are about basic transactions such as password resets, log-in issues, and payment changes.

Nearly 6% of calls are informational, with questions about interest rates, products, and fees or charges.

These basic issues and requests cause high call volumes in call centers, which take time from people with more complex issues. Consequently:

  1. Member experience is negatively affected. Getting put on hold, authenticating ID, explaining the problem, and resolving the problem on the phone is high-effort and takes time.
  2. Credit union costs go up. The average call center call costs ~$1/minute, give or take. The average call lasts around 4 minutes. High call volume and long calls add up quickly.

Two things need to change. First, call volume must be reduced. Second, call times must be shortened. Both will reduce costs and improve the member experience. Here’s how:

 

AI-Powered Chatbots and Digital ID

There are two fintechs that provide top-tier solutions that address the call center problem. (They address other issues as well, but we’ll keep this focused!)

 

1.   Finn AI (call center volume)

Finn AI is quickly becoming the virtual banking assistant provider for credit unions. Their chatbot is efficient, effective, and easy to deploy, thanks in no small part to their wide-ranging integrations.

In a study, Finn AI found that a chatbot could handle more than 80% of member inquiries. You can access the full text here.

AI chatbots offer immediate answers and self-service options. Speed and ease of use are huge member experience drivers, and reducing call center call volume by up to 80% is massive.

 

2.   Cozera’s id-go (call length)

Cozera’s id-go lets credit unions know their members instantly—no passwords, no challenge questions. id-go provides secure no-app, no-code member authentication in less than 20 seconds.

In a case study with several credit unions, Cozera’s id-go was able to reduce average call times by 20–80 seconds and reduce average handling times (AHT) by almost 80%. You can access the full case study here.

id-go ensures that when members do call, they can begin resolving their issue more quickly.

Both solutions go a long way toward improving the member experience and reducing call center costs.

We’d love to hear from you. Do either of these strategies to improve efficiency sound viable for your credit union? Is there a solution we missed? Let us know at info@cu-2.com!

 

Additional Resources

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