This is a guest blog post from Deena Otto, SVP/COO of Stanford Federal Credit Union.
I am incredibly proud to announce that Stanford Federal Credit Union (SFCU) has been honored with a Q2 Excellence Award in Innovation. This prestigious recognition highlights our commitment to leveraging cutting-edge technology to enhance our members' experiences and streamline our operations. Our collaboration with Agent IQ and the implementation of the Lynq platform have been pivotal in this journey, and I am excited to share our story.
Empowering Our Members
At Stanford FCU, our mission has always been to put our members first, and that means giving them control over how they engage with us. By launching the Lynq platform, we have provided a seamless and unified communication channel that includes chat, video, and co-browsing functionalities. This technology allows our members to connect with us in the way that best suits their needs, whether through our public website or through authenticated messaging within Q2’s digital and mobile banking platforms.
Introducing "Stan" – Our AI Self-Service
One of the most transformative aspects of this initiative has been the introduction of our AI self-service, affectionately named “Stan.” Stan quickly guides members to relevant information, handling 50% of all authenticated chats and 80% of anonymous chats without needing human intervention. This not only reduces frustration but also ensures that our associates are freed up for the more complex conversations and are available when needed.
Impressive Results and Metrics
The impact of the Lynq platform has been nothing short of remarkable. Within the first 30 days of implementation, we saw a 70% reduction in our overnight call center volume. Our members have embraced the convenience of leaving chat messages with their preferred follow-up channels, leading to immediate cost savings and a sustained 55% reduction in overnight call volumes.
Additionally, we have seen a 50% decrease in secure message volume as members have shifted to using chat for immediate resolutions. And I’m proud to report that since the rollout of our self-service options, we have received zero member complaints, underscoring the effectiveness and user-friendliness of the platform.
Enhancing Member Interactions with Video Chat
A standout feature of the Lynq platform is its support for video chat, which has greatly improved our process for real-time ID verification. This is particularly beneficial for our large international member base, allowing for instant verification without the need for document scanning. On average, we conduct more than 10 video sessions daily for this purpose, ensuring a secure and seamless experience for our members.
Driving Growth and Member Satisfaction
This innovative approach is not just about improving current operations but is essential for driving our growth and enhancing member satisfaction. By adopting cutting-edge technology and streamlining our communication processes, we can better serve our members, attract new ones, and retain the loyalty of our existing members. These improvements position SFCU as a leader in member-centric service, fostering long-term growth and stability for our credit union.
Looking Forward
Winning the Q2 Excellence Award is a testament to our dedication to member-centric innovation. The Lynq platform has not only improved our operational efficiency but also set a new standard for member engagement in the financial services industry.
I am incredibly proud of what we have achieved at SFCU and grateful for our partnership with Agent IQ. Together, we are committed to continuing our mission of providing exceptional service to our members. Thank you to everyone who has been part of this journey, and here’s to many more innovations to come.
You can watch a short cut of our acceptance video below.
Deena Otto
SVP/COO, Stanford Federal Credit Union