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Go Back Impact and evolution of Royce

Dr. David Tuyo

President & CEO, University Credit Union

Royce is enabling us to offer premier experiences on all member-facing channels while significantly improving efficiencies across the organization

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The Problem

Dr. David Tuyo

President & CEO, University Credit Union

“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.”

Goals of implementing an Intelligent Virtual Assistant

  • A significant portion of the applications that were started online, were never completed
  • There were several bottlenecks in the contact center operations, which, if rectified, could greatly improve service levels to members
  • There were several upsell and cross-sell opportunities to be explored
  • Reduce training time of support staff
  • Improve operational efficiency across the organization
  • Improve member response accuracy rates by up to 95% and greatly improve first call resolution rates
  • Offer personalized interaction experience for members
  • Continuously learn from member interactions and improve

Dr. David Tuyo

President & CEO, University Credit Union

“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.”

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
  • Provide proactive experience to members and help them save more and make better use of University Credit Union’s products and services
  • Members will be able to get information about UCU products and services instantly
  • AI will assist members to identify and select the best offerings
  • Guidance over voice and text to help members & prospects successfully apply for new products
  • Enabling applications in a conversational manner
  • Automated follow ups in case of drop-offs or errors in application forms
  • 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

$6.6M

Annual Revenue Enabled

98%

Accuracy

Improved

member satisfaction

Serge Rizk

CFO, University Credit Union

“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.”

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
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Learn more about Royce and interface.ai

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How UCU selected interface.ai as a partner

Read about UCU’s journey on picking interface.ai as their Intelligent Virtual Assistant(IVA) vendor.

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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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Read Case Study


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