Best-of-Breed Verint CX Automation Helps VyStar Credit Union Boost Member Experience
With Verint Speech Analytics and Verint Voice Survey, VyStar, the second largest credit union in Florida, tracks and measures member satisfaction across channels to help ensure a superior member experience.
The results
- 64.7%
Improved average speed to answer by 64.7%.
- 71.6%
Reduced call abandonment rates by 71.6%.
- 7.5%
Elevated member ratings by 7.5%.
About VyStar
VyStar is the 13th-largest credit union in the country and serves more than 925,000 members, including 50,000 small business members, with over $13.5 billion in assets. VyStar membership is open to people who live or work in North Florida, Central Florida, South Georgia, and Metro Atlanta, as well as past and current military members around the world. With over 2,000 employees, it is a full-service financial institution, offering members great rates, low or no fees, early direct deposit, rewards on credit cards, and member-centric service along with an array of services that include investments, insurance, retirement planning, and financial counseling.
Opportunity
VyStar, which has the tagline “Do Good. Bank Better.,” is dedicated to offering best-in-class service to its members and investing back into the communities it serves. VyStar currently has 75 full-service branches, with many new branches scheduled to open in the coming years in new regions across Georgia and Florida. With a commitment to affordable financial services, community involvement, and job creation, VyStar is poised to make a significant positive impact in these communities.
The dedication to members’ time and money, combined with the acquisitions of four other financial services institutions, helped fuel tremendous growth. With assets under management approaching $14 billion, VyStar reached the point where financial institutions fall under the oversight authority of the Consumer Financial Protection Bureau (CFPB). This was on top of oversight from the National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), or Office of the Comptroller of the Currency (OCC).
VyStar used its need to comply with a whole new set of regulations, including additional rules for safeguarding member accounts and identities, as a catalyst for operational and CX improvement. With its exponential growth, its devotion to its members and drive to deliver a best in call member experience grew as well.
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“With Verint Open Platform and best-of-breed solutions, combined with the implementation of our voice of the member dashboard, we have further demonstrated our deep commitment to superior member experience. Our focus on accurately and holistically measuring member satisfaction and establishing a governance framework to improve the member experience, while managing costs and scaling operations, are best practices that set VyStar apart.”
Solution
Focal to its operational efficiency and member experience improvement efforts, VyStar developed scorecards to consolidate vital member data and insights from Verint Speech Analytics. Powered by Verint Da Vinci AI and offering outstanding transcription and comprehension accuracy, Verint Speech Analytics transcribes 100 percent of recorded calls to automatically discover and analyze words, phrases, categories, and themes to reveal insights for operational and CX improvement.
VyStar combines Verint Speech Analytics data with data from Verint Voice Survey and its customer relationship management system. Fed into a data lake, the data is consolidated into Power BI dashboards, with the input used to create customer service specialist scores and determine member ratings.
Benefits
With a closed-loop process to track and measure member satisfaction through transactional surveys and unstructured data from member voice interactions, VyStar gained valuable insights into member needs and preferences across channels, including branch, phone, and chat. The tracking is available across multiple geographic locations, and management can drill down to an individual specialist level. This level of detail provides VyStar with a comprehensive understanding of the member experience and actionable data for targeted improvement areas.
Following the deployment of Verint Speech Analytics and Verint Voice Survey and the implementation of innovative voice of the member dashboards, VyStar saw significant year-over-year performance improvement. Average speed to answer rose by 64.7 percent, while call abandonment rates plummeted by 71.6 percent.
At the same time, and equally important, VyStar improved both agent and member ratings. Overall, agent satisfaction rose by 4.7 percent and member ratings of the credit union climbed by 7.5 percent.
“With Verint Open Platform and best-of-breed solutions, combined with the implementation of our voice of the member dashboard, we have further demonstrated our deep commitment to superior member experience,” says VyStar Credit Union Vice President, Voice of the Member, Pablo Diaz de Sandi.
With an accurate, holistic view of member satisfaction, VyStar can readily identify areas for improvement. Further, with the insights gained from Verint Speech Analytics and Verint Voice Survey, it can focus on those areas that will have the biggest positive impact on member experience. In addition, it can make more informed decisions about operational changes and where to allocate resources for the greatest efficiency gains.
“Our focus on accurately and holistically measuring member satisfaction and establishing a governance framework to improve the member experience, while managing costs and scaling operations, are best practices that set VyStar apart,” Diaz de Sandi concludes.
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