When Virginia Credit Union set a goal to substantially reduce the volume of incoming requests its call center was handling, call center employees identified an area on which they were spending a great deal of time: questions about pending transactions. So when VACU launched its new online banking system in December 2009, it made sure the system allowed members to check pending transactions.
According to Christopher Saneda, VACU’s senior vice president and chief information officer, the credit union reduced the number of calls the contact center was fielding by 6% in the first month after the debut of online banking. But VACU wasn’t convinced the decrease in call volume was an ongoing trend — or that there was a true correlation between the decline in calls and the online banking system.
Since 2008, the credit union has used upgraded business intelligence tools such as data warehouse. So to take a closer look at the call center/online banking trend, and to chart the success of its online banking application, VACU turned to the BI tools it already had in place.
“We take a lot of the data warehouse information and feed it to specific applications such as risk analysis tools,” Saneda says. “Business intelligence, in combination with risk and marketing tools, allows us to answer questions like, ‘Do we want to launch a particular product?’ or ‘Are we offering a product that’s bringing too much risk to the portfolio?’”
As VACU officials gain experience interpreting the data gathered from FIS’ BI applications, and now the credit union is deepening its understanding of its members.
“We’re now asking questions such as, ‘Which members call our contact center multiple times per week or month with no associated transactions?’” Saneda says. “It gets back to finding out how many people are calling each week just to find out what their balance is, when there are more convenient, lower cost ways for them to get that information.”
According to Saneda, VACU’s ability to better analyze the behavior of the credit union’s members is beneficial. “We’re asking, ‘Which members are somewhat unprofitable, are not online banking users and visit a branch or phone the call center frequently?’ We really have the depth of information available so that we can pinpoint member behavior.”
Armed with such information, Saneda says VACU is better equipped to determine whether certain products can help transform these members into stronger contributors to their financial cooperative.
“It might just be a small behavior where we have a product that can tweak their behavior and make a huge shift in helping both them and their credit union,” he says.
The bottom line, Saneda says, is to put the credit union in a position where it can be of even greater service to the member. To gain a broader understanding of its members, VACU leveraged the MISER Business Intelligence solution from FIS.
“We’re all very strong believers in having a deeper understanding of our members,” Saneda says. “There are keys in the data that tell us what’s going on. When we combine all of this data with external sources like a credit bureau, we really garner powerful knowledge. And we can be proactive with that knowledge in creating products and services for our members during their life events.”
Click here to learn more about the many benefits of MISER Business Intelligence, or visit fisglobal.com, or contact FIS at 800.822.6758.
FIS (NYSE: FIS) ranks among the largest global providers of banking and payments technologies. With a 45-year history deeply rooted in the financial services sector, FIS serves more than 14,000 organizations in the financial services, healthcare, government, and retail industries in more than 100 countries. Headquartered in Jacksonville, FL., FIS employs more than 30,000 people worldwide. For more information about FIS, visit http://www.fisglobal.com/index.htm.