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In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

Meet Uni, Gesa Credit Union’s Intelligent Virtual Assistant offering Amazon-like search for their members

Interact with Uni

About Gesa

Gesa Credit Union, the largest financial cooperative in Southeastern Washington, serving over 250,000 members

The Problem

UNI CEO

Raj Bandaru

CIO, COO, Gesa Credit Union

“After a recent merger, our portfolio of products and services more than doubled and members tripled. This made finding products and services on the website challenging for both members and prospects. This had a direct impact on top line, bottom line, and member experience.”

Pain Points

  • Loss in new revenue through lack of new product adoption & new member signups
  • Increased costs from contact center operations
  • Drop in member satisfaction rates due to a lack of awareness of best fit offerings

Solution

Uni, the digital assistant powering Gesa Credit Union, is currently on the website assisting members and prospects

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Uni’s Impact

  • With Uni, Gesa has been able to deflect a large portion of the call center inquiries, greatly reducing call volumes leading to cost savings
  • Uni is enabling new revenues by helping members and prospects find the information they are looking for in an instant
  • Great member experience is ensured as Uni responds to the majority of customer queries instantly
  • Gesa is ensuring 24x7 member support, without investing in contact center operations
  • As a whole, Gesa is aiming to leapfrog the current member experience from digital to AI-first

Key Impact Metrics

Metrics yellow

$1.17M

Saved from support
operations

Metrics blue

98%

Accuracy

Metrics green

1526Hours

member await
times averted

Metrics red

Improved

member satisfaction

UCO CEO

Raj Bandaru

CIO, COO, Gesa Credit Union

“Uni’ has saved us over $200,000 every month since launch. Wherein people are able to get their information and make some intelligent decisions on their own as opposed to calling Gesa.”

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

What does the near future hold?

UCO CEO

Raj Bandaru

CIO, COO, Gesa Credit Union

“The next step is to integrate ‘Uni’ inside our Call center phone system to automate a large portion of the calls. 60% of the calls that we get are related to basic information like, "Hey, what's my balance?" And then the other 15% or 20% questions are "Hey, did my Social Security check clear?”
In this year, through ‘Uni’, Gesa is expected to achieve
Metrics yellow

$3M

Savings in operational costs

Metrics blue

$1.5M

In new earnings

Metrics green

Prevent

Member churn

Overall, Uni is expected to bring significant ROI for Gesa.

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

Meet Ava, Security Service Credit Union’s Intelligent Virtual Assistant offering 24x7 member service

Interact with Ava

About SSFCU

Security Service Federal Credit Union(SSFCU), with over $9.8B in assets and serving over 800,000 members, is one of the largest credit unions in Texas.

The Problem

SSFCU offers a comprehensive portfolio of products to its members. Due to a large set of offerings to choose from, members found it challenging to find the right-fit products and services. This was adversely impacting their top line, bottom line, and member experience.
SSFCU is also an early adopter of digital solutions and always strives to offer the best new technologies to their members at the earliest.

Pain Points

  • Loss in new revenue through lack of new product adoption & new member signups
  • Drop in member satisfaction rates due to a lack of awareness of best fit offerings
  • Increased costs from contact center operations
  • Depleted member experience due to a lack of 24x7 support and high query resolution times

Solution

Ava, the digital assistant powering SSFCU, is currently on the website assisting members and prospects in their search for right-fit offerings

Ava’s Impact

  • Ava enables members and prospects to find best fit offerings by understanding their needs and thus enabling higher revenues, member satisfaction and increased lifetime value
  • Ava helps members with information they are looking for instantaneously leading to better member experience
  • With Ava, SSFCU has been able to deflect a large portion of the call center inquiries, greatly reducing the call center call volume leading to cost savings
  • Ensure 24x7 member support, without investing in 24x7 Contact Center Operations

Key Impact Metrics

Metrics yellow

$1.29M

Saved from support
operations

Metrics blue

95%

Accuracy

Metrics green

1580Hours

1580Hrs

member wait
times averted

Metrics red

Improved

member satisfaction

CEO AVA

Jay Tkachuk

Senior VP, Digital Services at SSFCU

“interface.ai is one of the very few platforms that can achieve 90%+ accuracy within just a few weeks”

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

What does the near future hold?

In this year, through ‘Ava’, SSFCU is expected to
Metrics yellow

$5M

Savings in operational costs

Increase in member lifetime value

10%

Increase in member lifetime value

Metrics blue

$3M

In new earnings

Metrics red

Prevent

Member churn

Overall, Ava is expected to bring significant ROI for SSFCU.

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

Meet Emma, the Intelligent Virtual Assistant that is streamlining customer support of one of the world's best digital banks, Mashreq Bank

About Mashreq Bank

Mashreq Bank, is one of the largest privately owned banks in the UAE with over $40B in assets. It is widely regarded as the best consumer digital bank and the most progressive bank in UAE

The Problem

Mashreq offers a comprehensive portfolio of products to its customers. Due to a large set of offerings to choose from, customers found it challenging to find the right-fit products and services easily. Also, due to non availability of instant support during the application process, the bank was losing out on new customer sign-ups. This was adversely impacting the Bank’s top line, bottom line, and customer experience. Masheq is also an early adopter of digital solutions and always strives to offer the most innovative technologies to their customers at the earliest.

Pain Points

  • Loss in new revenue through lack of new product adoption & new member signups
  • Drop in member satisfaction rates due to a lack of awareness of best fit offerings
  • Increased costs from contact center operations
  • Depleted member experience due to a lack of 24x7 support and high query resolution times

Solution

Emma, the digital assistant powering Mashreq Bank, is currently on the Neo Biz website assisting customers and prospects in their search for right-fit offerings.

Emma’s Impact

  • Emma enables customers and prospects to find best fit offerings by understanding their needs and thus enabling higher revenues, customer satisfaction and increased lifetime value.
  • Emma aids customers to easily complete application forms and thus enabling new revenues for Mashreq.
  • Emma helps customers with information they are looking for instantaneously and enables customers to talk to a human agent as needed leading to better customer experience.
  • With Emma, Mashreq Bank has been able to deflect a large portion of the call center inquiries, greatly reducing the call center call volume leading to cost savings.
  • Mashreq is ensuring 24x7 member support, without investing in contact center operations

Key Impact Metrics

Metrics yellow

110K

Queries answered

Metrics blue

98%

Accuracy in responding to queries

Metrics green

$880k

Saved from support operations

Metrics red

700Hrs

of member time averted

EMMA

Srinivas Njay

Founder & CEO, interface.ai

“The collective knowledge interface.ai has derived from processing millions of conversations has been made available to all our clients from day one. This has enabled them to provide exceptional customer experience from the get-go.”

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

What does the near future hold?

In this year, through ‘Emma’, Mashreq Bank is expected to achieve
Metrics yellow

$4M

Savings in operational costs

Increase in member lifetime value

20%

Increase in member lifetime value

Metrics green

$2M

In new earnings

Metrics red

Prevent

Member churn

Overall, Emma is expected to bring significant ROI for Mashreq Bank.

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

Meet Max, TDECU’s Intelligent Virtual Assistant that is helping them increase new product signups

About TDECU

TDECU, founded in 1954, is a Texas based credit union which serves over 263,000 members.

The Problem

Currently, the team observes that 49.6% & 51% ofdrop-offs occur at the first 2 pages of the online non-member application form. These drop-offs impact the conversion rate & bottom line of the credit union.

Pain Points

  • Length of the form and lack of intuitiveness is causing a higher number of drop-offs
  • Credit Union non-member application form is lengthy has 8 pages
  • Noise and ambiguity; offers subscription for various products/services
  • Lack of information and support on form resulted in spike of dropout
  • Up to 92.4% drop out rate, resulting in a conversion of 7.6%

Solution

Bruce Kim

Bruce Kim

Co Founder & CTO, interface.ai

“interface.ai’s state-of-the-art federated learning makes Max intelligent from day one and continues to learn through millions of similar workflows; both within TDECU and across other enterprises. Such collective intelligence empowers enterprises to build and provide the best customer experiences quickly.”

Max’s Impact

  • By offering a fully integrated conversational banking experience, smart AI assistants help TDECU drive higher conversions with first-time bankers
  • Max helps creating an impact with existing customers and new leads; reducing drop-offs significantly
  • Enabling interface.ai’s digital assistants on several pages of the non-member application form provides non-members
    • • Useful predictions
    • • Recommendations with form filling
    • • Selection of products and services

Driving digital impact with 'Max’

Coaching and guiding end-users throughout the application process, Max (TDECU's Digital Assistant) is tailored to proactively assist all non-members to fill out their application forms.
Max assisted them by answering queries, providing useful suggestions and helpful links resulting in a significantly higher conversion rate; driving greater revenue for the Texas-based Credit Union.

Positive Impact we achieved for TDECU

Improvement In Conversion

5X

Improvement In Conversion

Average conversation length

31Min

Average conversation length

Average conversation length

100%

Responses handled by assistant

Accuracy in responding to queries

99%

Accuracy in responding to queries

  • Identified the most searched products –
    • • Savings
    • • Checking and
    • • Money Market Account
  • Identiefied the most FAQs
    • • Member care – Additional Services
    • • Help me – Application status
    • • Forward Checking Debit Card, Credit Card
  • Having strengthened a detailed understanding into the adoption of AI agent with regard to first time users
  • Observed a behaviour change in customers who were actively using Max’s assistance for filling and completing application forms
Overall, TDECU can use the intelligent assistant to its full potential to drive more revenue and help customers
MAX

Claudio Garcia

Director of Growth & Digital Transformation, Baker Tilly

“Leveraging the pre-built models on interface.ai’s platform, we were able to set up an advanced intelligent virtual assistant for TDECU in no time at all”

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

What does the near future hold?

In this year, through ‘Max’, TDECU is expected to achieve
Operational Cost Saving

$2M

Operational Cost Saving

New Earnings

$4M

New Earnings

Increase in member lifetime value

20%

Increase in member lifetime value

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

Meet SIA, State Bank of India’s Intelligent Virtual Assistant helping them offer industry leading customer experience

About State Bank of India(SBI)

With over $630 Billion in assets and 500 Million customers, State Bank of India (SBI) is one of the Top 50 global banks and well on course to break into the Top 30 in a few years.

SBI operates out of 26 countries with over 25,000 branches and 60,000 ATMs generating revenues close to $61 Billion. Over 70 Million customers actively use their Internet and Mobile Banking channels. About 45% of all transactions in India go through SBI’s payment gateways which is setup to handle 50,000 concurrent transactions.

The Problem

  • High support costs

    SBI spends billions of dollars serving over half a billion customers every year in spite of a matured digital banking platform

  • Low digital banking adoption

    SBI serves customers of diverse backgrounds from farmers to C-level executives with different levels of technology comfort and a one-size- fits-all approach for Internet and Mobile Banking channels has led to low digital adoption

  • Low level of personalization

    A huge volume of customers, from diverse background with diverse needs makes it hard to provide personalized services

Goals of implementing an Intelligent Virtual Assistant

  • Reduce Opex Cost - Significantly reduce customer support cost through automation
  • Increase Conversion - Enable seamless customer onboarding through AI Assistance
  • Maximize Revenue Opportunities - Upsell/cross sell through AI-led product recommendations
  • Improve Customer Life-cycle Experience - Enable personalized, channel-agnostic customer journey

Solution

SIA(SBI Intelligent Assistant) fluently answers inquiries on all banking products and services such as how to open an account or apply for loans, etc. She will soon be able to process financial transactions in many Indian regional languages across multiple customer channels in both text and voice.
Shiv Kumar Bhasin

Shiv Kumar Bhasin

Chief Technology Officer at SBI

“SIA is a perfect example of ground-breaking banking application in Artificial Intelligence and Conversational Banking. It will enhance customer service several notches above and interface.ai’s expertise in the conversational banking domain helped us build SIA as a superior chatbot in the global banking space.”

SIA’s Impact

  • 52% savings in support costs over the last 6 months
  • 28.8% of queries answered by SIA are related to product enquiries. This has helped SBI acquire new customers for the various banking products it has on offer.

Key Impact Metrics

Queries answered

19M

Queries answered

Interactions per second

10K

Interactions per second

Saved from support operations

$11.16M

Saved from support operations

of member time averted

1321.5Hours

of member time averted

MAX

Srinivas Njay

Founder & CEO, interface.ai

“Companies like Google are launching global products in India first to leverage the millions of users coming online for the first time on smartphones. interface.ai makes 'Banking Accessible to the Billions' by allowing these users to easily access banking services in their native language through our multilingual conversational AI.”

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

What does the near future hold?

In this year, through ‘SIA’, SBI is expected to achieve
Saved from Support Operations

$20M

Saved from Support Operations

Increase in member lifetime value

10%

Increase in member lifetime value

In new earnings

$5M

In new earnings

Customer Churn

Prevent

Customer 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

Meet Iris, CFCU’s Intelligent Virtual Assistant that is enhancing their call center operations

About Connect First Credit Union

Connect First Credit Union(CFCU), with over $5.5B in assets and serving over 125,000 members, is the 10th largest credit union in Canada

The Problem

CFCU receives over 7000 calls to its call center every month from members. CFCU’s member engagement through the call center has been inefficient due to the following issues -

  • Legacy processes and no proper documentation or knowledge management
  • Improper and Inconsistent application of policies & procedures by agents
  • Unsatisfactory & Inconsistent responses to standard questions by agents
  • High dependency on supervisors to enforce processes and ensure resolutions
Joe Shenfield

Joe Shenfield

Manager, IT Development & Quality Control, Connect First Credit Union

“The problem we are trying to solve is at the call center level. Bringing together thousands of pages of operational documentation, complex processes, tools and diverse systems just through training the agents has led to several challenges”

Pain Points

  • Drop in member satisfaction rates due to
    • High resolution time
    • High wait times
    • Poor first time resolution rate
  • High operational expenditure due to
    • Increased agent onboarding & training time
    • High agent attrition rate
    • High Supervisor to Agent ratio
  • Drop in revenues due to member churn
  • Loss in new revenue through upsell, lack of new product adoption & new member signups
Joe Shenfield

Joe Shenfield

Manager, IT Development & Quality Control, Connect First Credit Union

“We want to ensure we are following processes accurately but also ensure we are offering a smooth member experience. With interface.ai, agents are able to have a natural conversation while the virtual assistant is helping them get answers and follow the process”

Solution

Iris, the digital assistant powering CFCU, is currently helping the call center agents in efficiently and effectively assisting members
  • Iris enables call center agents to respond to member questions instantly - thus reducing the wait times and average handling times of calls
  • Human error is eliminated and the instances of first call resolution is dramatically increased
  • Iris is updated on all organisational policies and procedures and ensures they are followed during all interactions with members
  • Agent training time reduces drastically with agents having to focus majorly on honing their soft skills only
  • Iris reduces the need for supervisors
Joe Shenfield

Joe Shenfield

Manager, IT Development & Quality Control, Connect First Credit Union

“We experience better member satisfaction through shorter call times and better call efficiency. Also, as agents are able to have natural conversations with member, we end up selling more of our products to them through referrals”

Key Impact Metrics

Reduction in average wait time

50%

Reduction in average wait time

Reduction in average handling time

20%

Reduction in average handling time

Reduction of operational costs

$300K

Reduction of operational costs

Increase in Frontline productivity

22%

Increase in Frontline productivity

Drop in new hire training costs

$72K+

Drop in new hire training costs

Improvement in Member satisfaction

15%

Improvement in Member satisfaction

Increase in referrals

5%

Increase in referrals

In the news

American Banker

22 April 2020

AI Assistant helping small business Owners guage their eligibility for Small Business Administration Relief Funding

Forbes

03 April 2020

Fintech firms providing Free Techchnology during the Corona Virus Crisis

Credit Union Times

7 February 2020

Credit Unions begin new decade with Upgraded, Converted Systems

Joe Shenfield

Joe Shenfield

Manager, IT Development & Quality Control, Connect First Credit Union

“We plan to expand this to other aspects of the business. Starting with the employee IT helpdesk first. It will then expand to support all employee processes and then further expand to be member facing”

What does the near future hold?

  • In the next phase, Iris is expanding to be the IT helpdesk assistant and the employee process assistant
  • In the following phase, Iris will be interacting with members, handling member queries and transactions directly
  • In the coming year, through ‘Iris’, CFCU is expected to -
Savings in operational costs

$2M+

Savings in operational costs

Improvement in Member satisfaction

20%

Improvement in Member satisfaction

Increase in average lifetime value of members

10%

Increase in average lifetime value of members

Earnings in new revenues

$1M+

Earnings in new revenues

Member churn

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
Srinivas Njay

Srinivas Njay

Founder & CEO, interface.ai

“interface.ai has accumulated a lot of knowledge by processing millions of conversations for financial institutions. This rich knowledge was made available to CFCU through Iris, which enabled it to drive value from day one”

Neighborhood Credit Union’s Vendor Selection Journey For Intelligent Virtual Assistant Technology

About Neighborhood Credit Union

Neighborhood Credit Union, the first credit union in Dallas, is a member-owned, not-for-profit financial organization serving people throughout the state of Texas. With branch locations across North Texas, Neighborhood Credit Union has a membership of 56,500 and continues to welcome new members daily.

The Vision

Neighborhood Credit Union as an institution continuously aims to not only exceed member expectations but also anticipate member needs and build solutions accordingly. One of the richest data sources that help anticipate member needs is the member interaction data from the call center. Neighborhood Credit Union aimed to adopt a technology that will capture member interaction data, analyze it to deliver insights, and then leverage the insights to build solutions for member problems proactively.

Carolyn Jordan

Carolyn Jordan

SVP, Remote Services & Member Development Neighborhood Credit Union

“The vision of the engagement is to harness the rich member interaction data from the call center to build the proactive solutions & industry best experiences for members.”

Bottlenecks & The Next Step

Neighborhood Credit Union is a growth-focused Credit Union that has consistently demonstrated growth year on year. Growth-focused CUs like Neighborhood Credit Union have well-defined plans to complement the development by expanding their infrastructure capabilities. However, with the unforeseen onset of the pandemic, Neighborhood Credit Union, like all financial institutions in the US, saw a drastic increase in the volume of call center calls and digital interactions.

With the rapidly increasing demand, Neighborhood Credit Union’s objective of consistently exceeding member expectations was under threat. Increased call abandonment rates were leading to lower service levels. Neighborhood Credit Union also predicted steady growth in member interactions over the next few years and was on the lookout for a feasible solution that would help them in the longterm to maintain their high service levels

Carolyn Jordan

Carolyn Jordan

SVP, Remote Services & Member Development Neighborhood Credit Union

“Due to the pandemic, we experienced around 10-15% increase in call center calls. This increased call volume led to an increase in our abandonment rates from 5-8% to 15 - 20%. We were on the lookout for a solution that would help us solve bottlenecks at the call center level & improve our service levels for members.”

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 Neighborhood Credit Union that Artificial Intelligence, specifically, Intelligent Virtual Assistant(IVA), was the technology that would help them overcome their challenges and drive them to be a Credit Union of the future.

Carolyn Jordan

Carolyn Jordan

SVP, Remote Services & Member Development Neighborhood Credit Union

“We had evaluated Artificial Intelligence a couple of years ago but did not feel the technology had matured yet. However, over the past year or so, we have seen the technology mature tremendously and have also seen several financial institutions benefiting from the technology.”
Brian Garrison

Brian Garrison

E-Commerce Product Manager Neighborhood Credit Union

“Neighborhood Credit Union has been continually looking at strategically leveraging cutting edge technology. Earlier, Artificial Intelligence felt very expensive, resource-heavy, and non-intuitive. However, there have been tremendous advancements in how financial institutions can leverage the technology in the past few months. Several Credit Unions have also started experiencing a host of benefits with the technology.”

Creating a significant competitive advantage for Neighborhood Credit Union

Neighborhood Credit Union expects to

  • Respond to member inquiries instantly 24x7
  • Reduce abandonment rates & call wait time to 0%
  • Improve first call resolution rates
  • Offer personalized experiences for members
  • Continuously learn from member interactions and improve
  • Offer 24x7 contact center for members
  • Improve operational efficiency across the organization
  • Increased efficiencies will lead staff to spend more time tending to the members in need
Carolyn Jordan

Carolyn Jordan

SVP, Remote Services & Member Development Neighborhood Credit Union

“This project will enable us to serve our members around the clock in an efficient manner and will also enable us to strike the right balance between a human and digital approach to member service thus elevating the member experience we provide to elite standards.”
Brian Garrison

Brian Garrison

E-Commerce Product Manager Neighborhood Credit Union

“With increased efficiencies leveraging Artificial Intelligence, our staff gets to spend more time providing personalized support to every member in need. This setup will help us reinforce the human element in the digital world we live in.”

On the timing of sanctioning the project amidst the coronavirus pandemic

Carolyn Jordan

Carolyn Jordan

SVP, Remote Services & Member Development Neighborhood Credit Union

We had evaluated the IVA technology a couple of years ago but felt that the technology had not matured yet. In light of the pandemic and the increased stress on the call center, we started re-evaluating to see if the technology had evolved. We were pleasantly surprised to find that the technology had reached a critical stage where the technology’s impact would be significant and pretty swift. The IVA will help us overcome the stress on the call center, help us scale rapidly & enable us to continue to exceed the expectations of our members at all times

Vendor Selection & Evaluation

Vendor Identification

Neighborhood Credit Union identified vendors by

  • Researching industry publications
  • Evaluating vendors through fintech forums & events
  • Reading AI & Intelligent Virtual Assistant Implementation case studies in the Credit Union space.
  • Speaking with other Credit Union decision-makers in their network
  • A hands-on evaluation of Credit Union Intelligent Virtual Assistant implementations which acted as a proof of concept

Vendor Shortlisting & Evaluation Criteria

Neighborhood Credit Union evaluated vendors based on the following criteria

  • Credit Union Core - The founding team hailing from a Credit Union background
  • 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.

Neighborhood Credit Union & interface.ai

After an extensive vendor selection process, Neighborhood Credit Union chose interface.ai as its partner for Intelligent Virtual Assistant Technology.

Carolyn Jordan

Carolyn Jordan

SVP, Remote Services & Member Development Neighborhood Credit Union

“Their Credit Union origins with a deep understanding of the Credit Union space & their large breadth of offerings played a key role in making interface.ai a strong contender. The managed services module offered by interface.ai and strong customer advocates acted as key differentiators in enabling us to choose interface.ai.”

The significant reasons for Neighborhood Credit Union 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
  • Out of the box solutions for all banking needs
  • Highly customizable solution with an extensive set of offerings
  • 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
Brian Garrison

Srinivas Njay

Founder & CEO of interface.ai

With the onset of the pandemic, there are millions of members in financial stress and need for support. On the other side, financial institutions are overwhelmed with rising member inquiries and struggle to address these requests. We believe implementing the AI-powered call center is the only way for most financial institutions to provide personalized support to members at scale promptly in such testing circumstances. With the AI-powered call center, we have not only achieved beyond human-level understanding, but we have also enabled the IVA to automate calls, engage members better, leading to lower churn & drive revenues through every interaction, thus transforming the call center from a cost to a revenue center. We are excited to partner with Neighborhood Credit Union to bring about transformational banking experiences to the vibrant communities they serve while delivering significant value to Neighborhood Credit Union and enabling them to reach new heights

Scope of the project

After the launch of this solution, when members call Neighborhood Credit Union’s call center, the IVA will instantly help them find answers to their questions and enable Neighborhood Credit Union to provide full service to members 24x7.

Through this partnership, Neighborhood Credit Union 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.

People First Federal Credit Union’s Vendor Selection Journey For Intelligent Virtual Assistant Technology

About People First Federal Credit Union

People First Federal Credit Union is a federally chartered and insured credit union serving the Lehigh or Northampton Counties of Pennsylva- nia by offering low-cost financial services for over 70 years. With over $730 million in assets and over 75,000 members, People First serves more members than any other credit union in the Lehigh Valley region.

The Vision

People First Federal Credit Union(PFFCU) aims to exceed its members’ expecta- tions continuously. With the onset of the pandemic and increased usage of elec- tronic 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.

Hoard Meller

Howard Meller

President & CEO, PFFCU

“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.”

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.

Hoard Meller

Howard Meller

President & CEO, PFFCU

“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 24x7.”

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.

Hoard Meller

Howard Meller

President & CEO, PFFCU

“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.”
Brian Garrison

Amy Enders

Senior Vice President, PFFCU

“We expect to gain significant efficiencies across the institution from Artificial Intelligence & the Intelligent Virtual Assistant.”

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.
Howard Meller

Howard Meller

President & CEO, PFFCU

“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 24x7 and create efficiencies across the organization.”
Amy Enders

Amy Enders

Senior Vice President, 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.”

On the timing of sanctioning the project amidst the coronavirus pandemic

Howard Meller

Howard Meller

President & CEO, PFFCU

“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.”

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.

Howard Meller

Howard Meller

President & CEO, PFFCU

“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.”

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
Brian Garrison

Srinivas Njay

Founder & CEO of interface.ai

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.

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 24x7.

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.

UCO CEO

Dr. David Tuyo

President & CEO, University Credit Union

“From our evaluation, it is clear that interface.ai is far ahead of even the second best vendor operating in the Intelligent Virtual Assistant space.”