ELGIN, Ill.-Looking to grow in 2010 but unwilling or unable to invest in new branches? The most cost-effective solution, said one person, is to operate 24/7.
Jeff Frantz, SVP with Lending Solutions, contended that outsourcing call centers provides credit unions with their best growth opportunity in 2010, especially since many consumers are frustrated with their service from banks.
"There is so much opportunity with frustrated bank customers that credit unions need to make themselves available every way they can to this segment," Frantz said. "If credit unions have a 45-hour work week, they are only open to the public 27% of the time. If they move to a 24/7 environment, they are increasing their exposure by 270%."
Addressing the argument that outsourced call center staff don't understand or handle the credit union's members as well as CU staff, Frantz said, "That's a misconception. Our clients who use us say we treat their members better than they do. We have to; if we didn't do that businesses wouldn't hire us."
Frantz noted that Lending Solutions provides skilled people who understand the credit union's culture and products. For example, for loan promotions Lending Solutions has loan officers on staff who interact with members. "They know how to coach and talk to members so they understand the advantages of bringing their loan over to the credit union," Frantz said.
