The Problem
“We are trying to solve bottlenecks at the call center level but while evaluating the Intelligent Virtual Assistant technology, we saw various other applications of it. For instance, it will enable us to improve service levels for our members & assist members to complete online applications that were started but were never completed.”
Dr. David Tuyo
President & CEO, University Credit Union
Goals of implementing an Intelligent Virtual Assistant
- A significant portion of the applications that were started online, were never completed
- Improve operational efficiency across the organization
- There were several bottlenecks in the contact center operations, which, if rectified, could greatly improve service levels to members
- Improve member response accuracy rates by up to 95% and greatly improve first call resolution rates
- There were several upsell and cross-sell opportunities to be explored
- Offer personalized interaction experience for members
- Reduce training time of support staff
- Continuously learn from member interactions and improve
“This project is part of our long term strategy and it made sense to advance considering the accelerated shift of members towards digital channels. The decision to invest has come after extensive evaluation and the technology is proven to deliver value. We believe that institutions that take action during tough times by adding significant value to their members & by serving them in creative ways will be poised for success in the long term.”
Dr. David Tuyo
President & CEO, University Credit Union
Solution
In a phased manner, Royce will be helping UCU achieve its long term vision of
- Call center automation through AI enabling better member experience and instant service
- Guidance over voice and text to help members & prospects successfully apply for new products
- Provide proactive experience to members and help them save more and make better use of University Credit Union’s products and services
- Enabling applications in a conversational manner
- Members will be able to get information about UCU products and services instantly
- Automated follow ups in case of drop-offs or errors in application forms
- AI will assist members to identify and select the best offerings
- Enable members to perform any transactions by conversing with the AI agent
Royce’s Impact
- Call center automation through AI enabling better member experience and instant service
- Provide proactive experience to members and help them save more and make better use of University Credit Union’s products and services
Key Impact Metrics
$3.1M
Saved from support operations
98%
Accuracy
$6.6M
Annual Revenue Enabled
Improved member satisfaction
“We were not sure of our ability to afford technology like AI and ML due to the narratives in the outside world. When it came to our knowledge that other Credit Unions with similar asset size ranges, were investing in AI, we were convinced to take a granular look. On going deeper, we understand that all financial institutions with more than $100M in assets can leverage different aspects AI with Intelligent Virtual Assistants.”
Serge Rizk
CFO, University Credit Union
What does the near future hold?
In this year, through ‘Royce’, UCU is expected to achieve
$4M
of operational cost savings
10%
Increase in member lifetime value
$5M+
In new earnings
Prevent Member churn
Next Steps
- Support all browsers and devices
- Omni-channel capabilities – Website, Mobile App, SMS, IVR
- Assist members with information, transactions and proactive experiences
- Successfully support the differently abled according to ADA guidelines
- Integrate with CBS/CRM applications
Learn more about Royce and interface.ai
How UCU selected interface.ai as a partner
Read about UCU’s journey on picking interface.ai as their Intelligent Virtual Assistant(IVA) vendor.
Learn how Royce was up in two weeks
Read about how interface.ai’s Managed Services helped UCU reap benefits from Royce in just a few short weeks.
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