The challenges
Reducing:
Abandon rates
Hold times
Time for authentication
Voice and cross-channel fraud
Agent stress
Costs
The solution
Improving:
Member experience
Agent experience
So much accomplished in such little time
By implementing Pindrop’s Caller Authentication and Anti-fraud products in their call center, Affinity Plus saw pre-enrollment value for their customers based on low-risk calls directly after implementation. Spending extra time on the design and plan for the rollout helped tremendously with adoption, delivering outstanding results. And they didn’t have to do it alone—Pindrop’s experts played a significant role in the implementation process.
“Pindrop provided additional insights into fraud cases showcasing how the system worked. That assistance and education gave us confidence in the system. We took Pindrop’s best practices and then adjusted them based on Affinity Plus’ needs.”
Jenny Neubeck, Director of Remote Services
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.
Hold times decreased, and member base went up with a better experience
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.
“Prior to working with Pindrop, we had no visibility but now we can recognize and categorize different types of fraud—not only via the phone channel but also mobile deposit and online banking—and identify trends.”
Erinn O’Keefe, Fraud Analyst, Affinity Plus
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.
