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Even in this age of digital transformation – and perhaps because of it – today’s credit union members are still looking for the “concierge” in their primary financial institution. Because of the prevalence of 24/7 self-service tools, consumers are now looking for 24/7 access to staff services – to help transact a loan or speak to a knowledgeable person about their accounts.
CO-OP Member Center contributes to the value proposition of its clients, providing service coverage for after hours, weekends and during staff shortages for 285 credit unions nationwide. As people with smartphones and tablets become more oriented to doing things at any hour, a call center can also be a source of that instant gratification consumers have come to expect.
In fact, Gen Y consumers in many cases actually prefer human over digital touch, according to a June 2013 study by Filene Research Institute (“Next Generation Needs”). The research shows Gen Y consumers are more likely to contact a call center, visit a branch and/or drive up to an ATM, than any other age segment.
Disaster and Contingency Planning
An increasing area of service for CO-OP Member Center is disaster preparedness and contingency planning, according to Carol Cline-Parton, VP/CO-OP Member Center. “It’s an added advantage to have a third-party call center, which gives credit unions a built-in disaster recovery plan or a contingency plan for unforeseen situations, such as staff shortages or technical issues, including phone or computer problems,” says Cline-Parton.
Last winter CO-OP Member Center supported several clients impacted by extreme weather. “For instance, in Atlanta the roads were shut down for a time,” says Cline-Parton. “Georgia’s Own Credit Union is one client we assisted when their staff was unable to get to the office.”
Perhaps the trend can be traced back to August 2005 and the disastrous Hurricane Katrina.
A case in point is $155 million/23,000-member New Orleans Firemen’s Federal Credit Union, based in Metairie, La. The credit union knew Hurricane Katrina was coming, and its employees stayed on the job until the last minute, making sure members could attend to their financial affairs before evacuating. But, well after most other local businesses, the credit union eventually had to close its doors.
In the great tradition of people helping people, New Orleans Firemen’s FCU received call center assistance from $208 million/17,000-member MemberSource Credit Union of Houston, where most evacuees temporarily settled.
However, the entire experience was one the credit union was determined never to go through again. New Orleans Firemen’s FCU went looking for 24/7 loan and call center support, and found it in 2007 with The LoanLink Center (the predecessor name of CO-OP Member Center). Now, should credit union employees need to evacuate, they can simply roll over the phones to the organization they have used for outsourced call center services for more than seven years.
Managing Ebb and Flow
But it doesn’t take a natural disaster or extreme weather conditions to warrant a relationship with the CO-OP Member Center. “We have credit unions that have been with us 16 years and are still implementing new services today,” says Cline-Parton. “Their needs ebb and flow with the needs of their members.”
This is one of the crucial benefits of CO-OP Member Center: Its services can expand and contract with the needs of its clients, enabling them to operate more efficiently.
CO-OP Member Center can help members with everything from balance inquiries and moving funds between accounts to lending services and dispute resolution. “We help credit unions grow their business by giving members the freedom to manage their financial lives on their own terms,” says Cline-Parton. “Our people know the process to a wide variety of services.”
Cline-Parton notes that CO-OP Member Center services are tailored to credit unions’ needs. $2.2 billion/191,000-member Coastal Federal Credit Union, Raleigh, N.C., uses CO-OP Member Center for its first line of incoming calls 24 hours a day, every day except Thanksgiving and Christmas, handling an average of 33,000 calls per month. Other clients use CO-OP Member Center as overflow service, capturing calls during the day while others need after-hours assistance. Clients may choose the type of calls and the time of calls that are sent to the CO-OP Member Center; every client has tailored service.
Bill Prichard is senior manager/public relations and corporate communications for CUES Supplier member CO-OP Financial Services. He can be reached at bill.prichard@co-opfs.org and 800.782.9042, ext. 3450.
