In 2015, Kate Hopson read a troubling statistic: One in every 500 calls will be a fraudulent attempt by 2016. For the contact center manager at Virginia Credit Union, the number was concerning. At that time, Hopson’s operation was fielding approximately 55,000 calls per month, and the credit union’s authentication process was disliked by members for being both laborious and long. On average, it took members 90 seconds to authenticate. But with fraud on the rise, VACU wanted to ensure it was protecting its members. Could it do so while providing an excellent experience? In looking for ways to improve the authentication process, VACU landed on voice biometrics as a solution and rolled out VACU Voice ID in October of 2016.
Read: The Benefits Of Voice Biometrics
CreditUnions.com's "Trends In Technology" series highlights emerging trends via visual, easily digestible overviews that cooperative teams can use to kick-start strategic discussions. In Part I, we discuss blockchain — and the three questions credit unions must ask before implementing it into their daily operations.
Read more in Trends In Technology (Part 1)
In early 2018, the third-party loan origination system for TruStone Financial Credit Union announced updates to its operating system. The company was adding functionality and improving the client experience. The changes got the credit union thinking about its own loan processes, and how it could make improvements to its online loan application routing. It turned out that contact center managers were manually routing more than 100 online loan applications each month.
Read: Where Do Online Applications Go?
Competition for the payment transactions at the center of every credit union’s financial viability is changing and growing. Not long ago, the OCC granted its first national bank charter to a fintech. Some of these challengers offer partnership opportunities while others disintermediate entirely. So, what to do? One $4.3 billion Midwest credit union is staking its claim as a front-runner. But other tech-savvy credit unions and seasoned consultants share their own strategies.
Read: Payments Space Invaders: Who’s Stealing Your Swipes?
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