- Top Challenges Facing Credit Unions
- About Us and our Credit Union Expertise
- Our Services for Credit Unions
- Sample Client List
Top Challenges Facing Credit Unions
Managing Telecom Expenditures
IT departments have to prioritize things like: Network Security, the Core and On-Line/Mobile Banking systems, Regulatory & Compliance Audit, End User Support, technology evaluations & implementations, etc. So, managing telecom costs may have to be a lower priority. Worse, finding this type of expertise can be challenging. Credit Unions can spend 20%, 30%, or more than necessary. That can be $100k-$500k/year in excess spending. Whether a Credit Union is $100M or $18B in asset size, Telecom Expenditures are a significant expense. Voice Services, Data Network Services, Internet, Cell Phones, Wireless Devices, and Data Centers all contribute to these significant expenditures. Telecom Invoices are lengthy and challenging to decipher. Technology choices are difficult. Managing contracts and negotiating the right pricing and terms requires a unique type of expertise and the time to do it.
Contact Centers – The Member Experience
Members want the best experience possible. First, they want their call answered promptly. Equally important, they want to be treated with care and they want their issue to be resolved in a prompt, effective manner. Some of the challenges for credit unions in the contact center include: staffing, compensation, turnover, training, determining KPI/Metrics for the center and the reps, authenticating members & member friction, dealing with fraud, shrinkage, supporting multiple channel contact options, and many others. CUs are also faced with making good technology choices for voice calls, chat, text, email, AI, chat bot, IVA/Conversational AI, Authentication tech, etc. to improve the effectiveness of the contact center without degrading the member experience. The use of third party call center services has become an interesting consideration, but there can be challenges with work tickets, unexpected high costs, and inconsistent call quality.
Technology Evaluations
With so many vendors in the market place, Credit Unions are faced with the challenge of knowing the market – the leading vendors and/or partners, finding the right system/service, designing it to meet their needs, negotiating the best pricing and the best support contracts and terms. These technology decisions might include Voice/Contact Center ACD/UCAAS Systems, Digital Systems – for chat, text, and email, AI, Chat Bot, IVA/Conversational AI, IVR/Bank By Phone Systems, Authentication Systems, etc. This can be challenging, especially when one evaluates this technology only 5 years or more. An analogy might be that the IT department is the first line of defense or the “General Doctor”, but they sometimes need the help of a “Specialist” with these contact center technology evaluations.
About Us
DCG provides the following services for Credit Unions: Voice & Data Network Evaluations & Cost Savings Reviews, Contact Center Consulting, Technology Evaluations, and Collections Consulting. What makes us different is 1) our experience with Credit Unions and 2) our ability to look at the entire telecom picture from technical, operational, and financial points of view to deliver a comprehensive plan that fits the needs of the credit union. Our President, Tim Proctor, has been in the Telecom Industry since 1996 and has been working with Credit Unions of $100M – $18B in asset size since 2010. DCG helps Credit Unions to make Informed Technology Decisions, to Reduce Costs, and to Improve the Member Experience.
Our Services for Credit Unions
Telecom Savings Audits & Contract Negotiations
We have the cost reduction expertise and creative methodologies to reduce costs with every credit union we work with. Typical Results are 20%-40% savings (which can add up to $100k-$500k/yr or more)
Contact Center Consulting
Whether you are looking to: assess your contact centers overall all needs or you want to solve a specific problem (staffing concern, call flow issue, technology issue, operational concern) or you are evaluating the viability of an outsourced a 3rd party call center to handle some of your calls, we can help!
System Selection – Cloud Based & Premise Based Telephony Systems & Contact Centers
Every 5+ years Credit Unions need to re-evaluate their Technology Options for their Contact Center Systems. Without the benefit of recent experience, this can be challenging. In addition, doing what others are doing may not be the best way to meet your credit union’s needs. DCG can help you understand the marketplace, the relevant vendors, the right partner, determine your requirements, and get quotes for your system (RFP, RFQ, RFI, Informal quoting method). We can also engage a subject matter expert to make sure that your system is optimal, keep your vendor honest, and help avoid problems with the system cutover. In short, we can help find the right system/service, the right vendor partner, the right design, the right price, with the best terms and conditions possible, and then help you implement the system while minimizing problems and maximizing functionality.
Collections Consulting
When credit unions are charging off loans and the economy looks a bit unpredictable, we can help take a holistic look at collections practices in the areas of Strategy, KPI/Metrics, Management, Operations, Staffing, and Technology. This can translate into millions of $ for the credit union.
Client References
Client References are available upon request.
Most of our Credit Union clients are $100M- $18B in asset size. While we have been in business since 1996, we have been working with Credit Unions since 2010. We attend many Credit Union conferences & events. We will gladly provide you with a lengthy list of Credit Union references upon request.