West Community Credit Union (WCCU) found that the more information they made instantly available through the Capacity chatbot, the better informed a potential prospect became, and the further they traveled down the membership acquisition pipeline. This ultimately enabled WCCU to increase total asset holdings by more than 50% in the past three years. Keep reading to discover more!
“We were formed in the community, so we make it a priority to give back to the community, hire from within the community, and serve the community.”Koren Greubel, West Community Credit Union VP of Marketing
Eighty-three years ago, a local Brentwood, Missouri credit union was founded by 15 businesses and civic leaders with just $150 in capital. It’s now a progressive financial organization across the Show-Me state with nine branches, more than $260 million in assets, an astounding 25,000 members, and $232 million in loans—meet West Community Credit Union.
As a staple in the greater St. Louis area, WCCU has consistently supported 36 local and state-wide organizations, and that number is only expected to rise. A majority of the initiatives of these organizations focus on aiding military families, sheltered animals, unhoused individuals, and those interested in furthering their education.
Making a difference in the business.
The decision-makers at WCCU know that their love and support for the community is a great way to gain the trust of their neighbors. However, they also know it takes a little more finesse to prove that their business can compete with the larger, nationwide institutions. All too often, local credit unions are painted with a broad brush—many people think they’re encumbered by outdated technologies and processes. West Community Credit Union made it a priority to distance themselves from that stereotype.
“In the banking industry, our workforce has to learn more and more, year after year because we continue to add various channels, products, and ways our team can access information and conduct a transaction. We introduced the Capacity platform to ensure our team has access to the information and knowledge they need.”Jason Peach, President and CEO
WCCU wanted to use all of their data to serve their members well, by providing a great experience and adding value to everything their members do in the banking sector. Whether that’s getting a loan or learning to manage their money better, the team at WCCU wanted to speak to their members on an individual level. To do that, they needed to easily access data, understand it, and have it available at the right time.
In addition to allowing the branch employees to access specific details regarding their in-person appointments, Capacity can also help members who have questions that don’t want to travel to the branch.
AI-powered chatbot for members.
By uploading all the website content and internal information into Capacity’s knowledge base, the Capacity chatbot could answer questions from everyday site visitors, long-time members, and inquiring prospects who visit their website. This meant that visitors were enjoying the same experience as the clientele of nationwide institutions, receiving quick and easy answers to any questions they might have.
Of the last 2,100 inquiries asked to the Capacity bot, 92% were matched with an accurate answer.
However, unlike Bank of America’s virtual assistant Erica, which only helps app users with the standard banking needs, Capacity is available to provide information to anyone and everyone who visits their website on a desktop or mobile device. Whether they want to find an ATM, explore the mortgage application process, or learn more about retirement planning, WCCU made sure Capacity provides easy access to knowledge, so that no one would have to choose between a productive online experience and a member-focused banking experience.
What’s more, Capacity allowed branch employees to focus on more value-added work instead of fielding calls and answering the same banking questions. Over the past three years, branch employees’ NPS increased from 75 to 85.
Placing the chatbot on the WCCU website opened up a ton of time in the tellers’ days. Not only were they able to dedicate all their attention to the branch visitors who discuss current or potential accounts, but the individuals who usually called branches with questions now had access to a better experience. Rather than waiting on hold for Tier 0 information, they could receive instant and accurate answers from the chatbot.
The byproducts of AI.
WCCU can now easily track the number of new leads generated and questions answered by the Capacity chatbot.
On average, Capacity’s chatbot answers 150 questions per week on the WCCU website and saves the organization 20% in phone bill expenses by reducing the overflow call volume. Without the chatbot, these questions would have been absorbed by the branch, which would’ve eaten up precious hours of the support staff. Additionally, by monitoring the questions asked through the chatbot, WCCU realized that a majority of the questions asked through the bot didn’t necessarily need a human touch. The most frequently asked questions revolved around e-services and online banking, which reinforced the decision of hosting this Tier 0 knowledge through Capacity.
“We use the Capacity platform to work as a concierge when prospects and members visit our website. When they visit our website, they’re coming for knowledge, not just information. We would never let someone come into a branch office without being greeted or helped, so we’re using Capacity to ensure our website visitors get the same treatment.”Jason Peach, President and CEO
WCCU found that the more information they made instantly available through the chatbot, the better informed a potential prospect became, and the further they traveled down the membership acquisition pipeline. This ultimately enabled WCCU to increase total asset holdings by more than 50% in the past three years.
By uploading branch promotions and events into Capacity’s knowledge base, WCCU could easily inform the public on initiatives. As WCCU has managed to reach more of its members and leads, the business has been able to redouble its focus on initiatives that meet the community’s needs. In fact, WCCU has seen a 7% increase in organic member growth since implementing Capacity.