What If Credit Union Call Centers Had Extra Time on Every Call?

By Milind Borkar, Illuma
September 11, 2024

Imagine a world where average handle time (AHT) was so well managed that there was extra time available to talk instead of rushing to conclude each call and get on to the next. In this scenario:

• Contact center agents have breathing room to really connect with callers: They can take the time to explore what financial products, services, or education would best help each account holder.
• Account holders are pleasantly surprised at how fast their questions are addressed: They feel like they are known and heard and are open to listening in return.

When the member experience is streamlined and frictionless, there is less urgency on either side to end the conversation.

Digital Transformation Improves Average Handle Time

There are many contact center technology solutions that help create a better experience for callers and give time back to agents. But what about reducing the time it takes on each call to verify member identity? Passive voice biometrics from Illuma offers an immediate reduction in call handle time by reducing the time spent on authentication by 87%. Typical security Q&A can take from 90 seconds to more than four minutes on each call. In contrast, voice authentication takes about 2-5 seconds of the caller’s voice, which is typically achieved about 14 seconds into the call.

In most credit union contact centers, agents have metrics to meet around expected average handle time. For example, they might be instructed to keep AHT to under six minutes per call. If they eliminate knowledge-based authentication (KBA), this allows more time to provide better service. Agents can go above and beyond to answer questions that callers didn’t even know to ask and reduce the need for repeat calls by being more thorough in the initial conversation.

• Dort Financial Credit Union saw a reduction of 30% in average call time after introducing Illuma Shield along with a 65% reduction in escalations. They also reported significantly improved upselling and cross selling.
• Connexus Credit Union saw 72.6% higher agent impact score (AIS) and 21.8% greater member satisfaction by implementing voice authentication. When members experience less effort in getting the help they need, it is much more likely that they will be open to hearing about financial products or services that will help them reach their goals.

What Conversions Do You Want to Drive through the Contact Center?

With more productive and efficient calls, you can certainly help agents move to the next caller in the queue faster. Or, you can have them take a few extra minutes on a call to promote products and services. These points from FIGrow.com are instructive.

“Deepening relationships with customers or members through intentional cross-selling and upselling builds their trust and overall relationship with your credit union or bank while helping you experience less turnover. Everyone wins. Cross-selling should be an essential part of your growth strategy. Focus your effort on cross-selling current members where you can count on a 60-70% chance of conversion. Expect only 5-20% for non-members.”

Here are five ways that your agents could offer greater value on more calls:

1. Review credit card options and find a fit that’s better than the cards they have with other institutions.
2. Provide insights and encouragement to help account holders save and invest for their future financial security.
3. Explore lending options from personal loans, car loans, and lines of credit to business loans to help them boost their near-term buying power.
4. Uncover options for mortgages and the variety of home loan products available, including refinancing and HELOCs.
5. Introduce members to new digital options for managing their account with even more ease.

According to The Financial Brand, credit unions and small banks do a better job of upselling and cross selling than the rest of the banking industry.

“While the number of financial products held by a typical household hovers around 10, most customers only hold 2-3 services at any one institution. Only the very best organizations sell more than four services to any one customer (not including ‘go with’ services such as debit cards).”

If your organization is falling behind in its goals for helping your members make the most of their relationship, it’s time to investigate how your agents can spend more quality time on relevant calls. Connect with Illuma to learn how.

About Illuma

Illuma, a Credit Union Service Organization (CUSO), specializes in voice authentication software that replaces traditional knowledge-based authentication practices in call centers. Illuma provides frictionless voice authentication and fraud prevention for credit union contact centers to substantially reduce call handle times, improve member experience, and increase account security.