Case Studies

Affinity Plus Federal Credit Union Sees Big Impact with Pindrop

Reducing:

  • Hold times
  • Time for authentication
  • Voice and cross-channel fraud
  • Agent stress
  • Costs

Improving:

  • Member experience
  • Agent experience
  • Abandon rates dropped from 25-30% to just 5-10%
  • Average hold times improved by 80%
  • Average handle times reduced by 13% or approximately 45 seconds
  • No need to replace 3 FTE (lost due to natural attrition)
  • Members reported increase in prompt service satisfaction
  • Agent stress levels improved – they can finally breathe in between calls!
82%
authentication rate

45
seconds reduction in average handle time

20%
drop in abandon rates

80%
improved average hold times

Hold times decreased, and member base went up with a better experience

The biggest improvement from the Pindrop relationship came in the area they cared about the most: Member experience. Within just 3 months, about 56% of their member base was already enrolled, allowing for a more frictionless identity and authentication process.

Using low risk and profile match authentication, they have achieved an 82% authentication rate on total agent calls; The average hold times improved by 80%, decreasing to less than 1 minute; The abandon rates dropped from 25-30% to only 5-10%. They also experienced a 45 second reduction in average handle time (AHT) year over year since implementing Pindrop Caller Authentication.

As a result of Affinity Plus increasing their efficiency, agent workdays are far less hectic and less stressful, they can finally breathe! Agents are given more time to focus on their career development plus other member communication channels can be supported, such as the chat and texting channels. Affinity Plus utilizes Net Promoter Score (NPS) to measure their member satisfaction. As a result of the Pindrop relationship, that score was bolstered. Specifically, the “prompt service” component showed the biggest improvement.

Continuous Growth

The next step for Affinity Plus is frontloading their phone system with a conversational bot. They feel very comfortable doing so because with Pindrop, they have reliable authentication technology in place. They are also planning to expand self-service in their interactive voice response (IVR) system, allowing the conversational bot to enable payments, transfer funds, provide balances, etc. on behalf of the securely authenticated member.

About Affinity Plus

Affinity Plus Federal Credit Union is a non-for-profit member-owned cooperative that puts people first above profits. For Affinity Plus, “people” includes both members and employees. They strive to improve the lives of their members through meaningful banking, exceptional experiences, and trusted relationships. Affinity Plus is also one of the largest credit unions in Minnesota, with 30 locations, 240,000 members and nearly $4B in assets.

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