The Vision
People First Federal Credit Union(PFFCU) aims to exceed its members’ expectations continuously. With the onset of the pandemic and increased usage of electronic channels among members, PFFCU was looking for a solution that will help them be future-ready & available round the clock to cater to member needs.
“We were looking at avenues that will help us maximize the potential of our Credit Union and be best placed to serve our members round the clock.”
Howard Meller
President & CEO, PFFCU
Bottlenecks & The Next Step
PFFCU was facing increased demand on their call center resulting in increased call abandonment rates and call wait times. The productivity of call center staff was also getting impacted due to the increased call volumes, with staff unable to spend significant time catering to complex member issues. These issues were leading to lower service levels. With the member interaction volumes also predicted to go up in the coming years, PFFCU was on the lookout for a feasible solution that would help them maintain high service levels 24x7.
“Due to the pandemic, we experienced an increase in volumes on the call center, leading to increased call wait times of up to 3 minutes, and we also witnessed an increased call abandonment rate. We were on the lookout for a solution that will help us solve member support bottlenecks and enable us to support our members 24×7.”
Howard Meller
President & CEO, PFFCU
The Road to Artificial Intelligence & Intelligent Virtual Assistants
Extensive research of the technology & case studies of several Credit Unions incorporating Artificial Intelligence(AI) convinced the executives at PFFCU that Artificial Intelligence, specifically, Intelligent Virtual Assistant(IVA), was the tech- nology that would help them overcome their challenges and enable them to support their members better, both now and in the future. AI’s ability to allow the institution to learn and improve continuously was crucial to deciding on the technology.
“With Artificial Intelligence, we know that technology is continuous- ly learning and improving. The technology will be able to adapt to new member needs swiftly and help us evolve faster. The technology will also help us create efficiencies across the institution.”
Howard Meller
President & CEO, PFFCU
“We expect to gain significant efficiencies across the institution from Artificial Intelligence & the Intelligent Virtual Assistant.”
Amy Enders
Senior Vice President, PFFCU
Creating a significant competitive advantage for PFFCU
People First Federal Credit Union expects to
- Respond to member inquiries instantly 24x7
- Reduce abandonment rates & call wait time to 0%
- Offer 24x7 availability
- Improve operational efficiency across the organization
- Increased efficiencies will lead the staff to spend more time tending to the members in need.
“As a Credit Union, our goal is to meet our members’ needs and offer the best member experience in the region. Leveraging interface.ai’s IVA, we will instantly answer members’ questions and reduce member wait times. This IVA technology will enable our Member Service Center staff to focus on solving more complex member issues. The IVA will help us support our members 24×7 and create efficiencies across the organization.”
Howard Meller
President & CEO, PFFCU
“Leveraging Artificial Intelligence & the increased efficiencies it generates, our staff will get to spend more time providing personalized support to every member in need.”
Amy Enders
Senior Vice President, PFFCU
On the timing of sanctioning the project amidst the coronavirus pandemic
“We had evaluated similar technologies through Credit Union trade shows in the past but the increased member interactions in light of the pandemic, accelerated our journey to adopt the IVA. The IVA will help us overcome the stress on the call center, build efficiencies across the institution & enable us to be available for our members round the clock.”
Howard Meller
President & CEO, PFFCU
Vendor Selection & Evaluation
Vendor Identification
PFFCU identified vendors by
- Evaluating vendors through Credit Union tradeshows
- Reading AI & Intelligent Virtual Assistant Implementation case studies in the Credit Union space.
- A hands-on evaluation of Credit Union Intelligent Virtual Assistant implementations which acted as a proof of concept
Vendor Shortlisting & Evaluation Criteria
PFFCU evaluated vendors based on the following criteria
- Experience & Expertise- Having in-depth domain knowledge and having several successful live implementations delivering impact.
- Functionality – A solution having a wide range of functionality that can add value to all aspects of the organization and all members
- Vision – Having a long term vision, technology roadmap, and insights into the technology’s possibilities.
PFFCU & interface.ai
After an extensive vendor selection process, PFFCU chose interface.ai as its partner for Intelligent Virtual Assistant Technology.
“interface.ai’s reputation in the Credit Union space due to successful implementations, their deep understanding of the Credit Union space & large breadth of offerings played a key role.”
Howard Meller
President & CEO, PFFCU
The significant reasons for PFFCU choosing interface.ai are –
- Credit Union background with a deep understanding of the credit union space
- Several years of experience serving Credit Unions & the most mature Artificial Intelligence offering for the industry
- An industry-leading offering focused on delivering value & ROI from day 1
- Having the most successful Intelligent Virtual Assistant implementations across Financial Institutions in North America
- Managed Services to ensure customer success
- Strong Customer Advocacy
- A well defined long term vision and product roadmap
- An offering that is affordable by all financial institutions
“Today, financial institutions are challenged to manage the ever-rising number of member inquiries and offer support to members. We believe implementing the AI-powered call center is the only way for most financial institutions to provide personalized support to members at scale that offers timely service. With the AI-powered call center, we not only go beyond human-level understanding, but we have enabled the IVA to automate calls, engage members more effectively, and reduce churn. These efficiencies can transform call centers from cost centers to revenue centers.We are excited to partner with PFFCU and help them serve their members better.”
Srinivas Njay
Founder & CEO of interface.ai
Scope of the project
After the launch of this solution, when members call PFFCU’s call center, the IVA will instantly help them find answers to their questions and enable PFFCU to provide full service to members 24×7.
Through this partnership, PFFCU will be enhancing their member experience from digital to AI-first and enable highly personalized and instantaneous engagement with members, leveraging interface.ai’s award-winning AI-powered Call Center.
Other Case Studies
Dr. David Tuyo,
President & CEO
University Credit Union’s Intelligent Virtual Assistant.
“From our evaluation, it is clear that interface.ai is far ahead of even the second best vendor operating in the Intelligent...
Jay Tkachuk,
Senior VP, Digital Services
Security Service Credit Union’s Intelligent Virtual Assistant
“interface.ai is one of the very few platforms that can achieve 90%+ accuracy within just a few weeks”
Carolyn Jordan,
Chief Growth Officer
Intelligent Virtual Assistant for Neighborhood Credit Union
“Our call handling rates increased from 50% to 90% within 2 days of Nick's deployment, which has allowed our agents to focus more on...
Troy Kyle,
Chief Information Officer
Intelligent Virtual Assistant for America's Credit Union
“The possibilities with interface.ai on the automation we could achieve, the customizations possible with the solution, the impact enabled for...
James Chang,
Chief Executive Officer
Intelligent Virtual Assistant for Pasadena Service Federal Credit Union
“The experience that interface.ai was offering was far superior than the other AI platforms...
Travis Frey,
Chief Technology & Security Officer
Intelligent Virtual Assistant for Dover Federal Credit Union
“We have achieved 40% call automation on day 1 of launch of ‘Beau’, our Intelligent Virtual Assistant, powered by interface.ai”
Josh Herzog,
Vice President of Operations Experience & Payments
Intelligent Virtual Assistant for KeyPoint Credit Union
“The team at Keypoint was greatly impressed by what interface.ai was able to offer currently and had laid out a detailed roadmap for the future...
Todd Rothenberger,
SVP/Chief Member Experience Officer
Intelligent Virtual Assistant for Diamond Credit Union
“We believe that this technology will allow us to get answers to our member’s questions quickly with 24/7 availability. Currently...
Matthew Herrick,
Senior Vice President Marketing & Financial Services
Southland Credit Union’s Intelligent Virtual Assistant
“We have been very impressed with the solution provided by interfacai.ai. The committee was blown away by the demo and what we can...
Dan St. Hilaire,
Chief Executive Officer
Northern Credit Union’s Intelligent Virtual Assistant
“The IVA will free up our employees from working on transactional activities and enhance the quality of work, thus improving employee morale...
