INDIANAPOLIS — When members contact FORUM Credit Union, they now get faster answers to questions, more accurate information, and are effectively cross sold — and it didn't cost the CU a dime.
That's because FORUM is saving 20% a year on costs to support the technology that drives its member contact solutions — the call center, chat, e-mail, telephony, and interactive voice response. FORUM reduced those expenses by eliminating five separate software solutions and vendors to drive those systems in favor of one, which also allowed the CU to easily mesh its MRM tool with its member contact touch points.
The change is driving up member satisfaction scores, explained Doug True, FORUM SVP. "We have gone with Interactive Intelligence out of Indianapolis, and combined everything with them. That has significantly reduced our ongoing maintenance costs for these systems. We are dealing with one contract and one software solution instead of five, which saves money. Plus, in addition to the 20% savings, our internal costs for vendor management have gone down."
It's also simpler for FORUM to troubleshoot any issues associated with member contact technology, True said. "There isn't the finger-pointing that can go on when you have more than one company involved. And by integrating our systems, we can do a lot of diagnosis internally and determine what the problem is."
The biggest benefit, however, is utilizing its MRM tool at member touch-points, explained True, who noted that having five separate systems to support those functions had prevented the integration. The internally developed MRM tool, called FOCUS, aggregates data from consumer core, commercial core, mortgage servicing, new account and loan origination, and collections.
"When a call or chat comes in, our member service representative can immediately pull up the member's entire relationship on one screen, with all of the screen pops aggregated for them," True said.
That dramatically improves the level of service the $1-billion FORUM delivers today. The CU's Net Promoter Score has increased to 81%, and a recent Raddon satisfaction survey indicated that 95% of respondents were satisfied or extremely satisfied with the credit union.
"We've eliminated the transfer of calls, and the member speaks with one person," True said. "They don't even hear us say, 'Wait a minute while I pull up your information.' It's all there."
The system also lists with whom the member spoke last, the status of any problem the member may have, and any other important notes. "It shortens the contact for the member," True said.
Having a single member-contact solution also allows FORUM to easily obtain a clear picture of how members are accessing the credit union — for frequency of contact and type of service—and more effectively position member contact channels.
All of the benefits allow FORUM to keep pace with banks without adding bricks and mortar, according to True. "Banks have many more branches than we do. This improves the experience members have when they stop by, and more importantly, when they contact the credit union remotely."
Best Practices CUJ 2009
CU: FORUM
Best Practice: Improved Member Interaction
Vendor: Interactive Intelligence
