Total Member Care Contact Centers Boost Revenues
PSCU Financial Services, Inc.
Total Member Care™ Contact Centers Boost Revenues With High Success Rates for Overdraft Opt-In Service
CUSO Advises Credit Unions to Protect Fee Income By Enrolling Members—Even After the Deadline
PSCU Financial Services’ Total Member Care™ Contact Centers are posting impressive enrollment rates for Regulation E-related overdraft protection services. A full 80% of members enrolled in overdraft protection through the automated interactive voice recognition system and 85% of members opted in when speaking to a Contact Center representative. The CUSO launched a special service in the spring to help member and non-member credit unions quickly obtain member opt-in authorization needed to comply with Regulation E amendments.
Mid-Hudson Valley Federal Credit Union, Kingston, N.Y., leveraged this service’s IVR and outbound calling features to convert members to their overdraft protection service. “Leveraging PSCU Financial Services IVR and Contact Center representatives provided us a great service at an appealing price point with a sensational return,” said David Perry, the credit union’s VP Branch Operations. “Over 84% of our members contacted opted into our overdraft service, which we actively promoted with a marketing campaign.”
Changes to Regulation E and consumer opt-in requirements are expected to significantly impact non-interest income for credit unions. NSF/overdraft fees currently comprise 28% of credit unions’ non-interest income, according to a recent study conducted by Callahan & Associates.
“Even after the deadlines have passed, credit unions should continue to pursue members who have not opted into overdraft programs to protect this vital source of fee income. Our cost-effective service can assist credit unions in this effort,” said Tom Gandre, Group Executive, PSCU Financial Services. “In addition, our Total Member Care Contact Centers can help credit unions handle calls when members are declined for transactions. Most of those calls will happen after business hours, so credit unions need to have a solution that is available around the clock to protect their member relationships.”
The payback is both attractive and immediate for the CUSO’s Regulation E Opt-In service. For outbound calls, the cost averages just $4.50 for each enrollee and is easily covered with the first overdraft.
The CUSO’s Regulation E service allows credit unions to select one or more activities from a series of member contact options including: a customized digital message that gives members instructions for overdraft protection; a scripted outbound call from a Total Member Care professional that shows the credit union name on caller ID; and an IVR with an introductory message and toll free number that allows members to provide opt-in authorization. PSCU Financial Services can also provide credit unions with a toll-free number their members can call for answers to frequently asked questions about this new overdraft requirement.
For more information, contact Susan Devanney at 248-977-4600 or SDevanney@pscufs.com.
About PSCU Financial Services
Based in St. Petersburg, Florida, PSCU Financial Services is the nation’s largest credit union service organization (CUSO) and serves more than 1,500 financial institutions
nationwide. As a non-profit cooperative, the company is owned by more than 640 member credit unions representing over 14 million accounts and 1 million online bill payment subscribers. Its Contact Centers handle more than 17.4 million inquiries a year.
PSCU Financial Services offers 24/7 member support through four Contact Centers: its Eastern operations center in St. Petersburg, Fla.; a Western operations center based in
Phoenix, Ariz.; and two call centers in Detroit, Mich. These Contact Centers perform member servicing and new member acquisition, cross-selling and automated lending solutions as well as support for debit/credit/prepaid cardholders and online bill payment subscribers.
Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid, bill payment and contact center solutions. PSCU Financial Services uniquely offers its members a full range of processing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As a leader in the credit union
movement, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit PSCU Financial Services’ website at www.pscufs.com