"Outbound calling is one important way credit unions can organically grow their lending business," said Mark Chatfield, Chief Operating Officer, CO-OP Member Center. "In addition, today credit unions need to be the first with a value proposition to their members, because they are always in jeopardy of going to another lender."
CO-OP Member Center offers two types of Outbound Call Services, including Outbound Interactive Voice Response (IVR) and Live Agent Calling. Outbound IVR includes services such as sales, new member orientation, payment reminders and phone surveys. Live Agent Calling services include sales, pre-screened lending and Regulation E opt-in overdraft protection.
Amplify FCU Generates Nearly $1 Million Using CO-OP Member Center
Amplify Federal Credit Union of Austin, Texas, has already used outbound calling from CO-OP Member Center to support its lending program. During two separate two-week lending campaigns earlier this year, Amplify FCU achieved a triple-digit increase in lending results using CO-OP Member Center, and generated almost $1 million in loan originations.
"CO-OP Member Center is an economic staffing solution that lets us maximize our member outreach, and the outbound calling agents are a wonderful extension of the Amplify family," said Cindy Twilla, Relationship Development Specialist, Amplify FCU.
For more information on Amplify FCU's experience with CO-OP Member Center, go to www.co-opfs.org/amplifycasestudy.
Cost-Effectiveness, Speed Among Key Credit Union Benefits
According to Chatfield, the key benefits of using CO-OP Member Center for outbound calling include cost-effectiveness and speed.
"To do outbound calling internally requires a large, fixed capital outlay, and it also often requires diverting key resources from other important operations," said Chatfield. "By outsourcing this task to CO-OP Member Center, credit unions have a dedicated, variable cost solution in which you are only paying for what you need when you need it.
"Anytime you pursue a member outreach opportunity, you have a limited amount of time to take advantage of it," said Chatfield. "This applies not only to lending offers, but things like welcome calls to new members. Using CO-OP Member Center for outbound calling helps credit unions make sure opportunities are acted on quickly, and do not go stale."
Pierre Cardenas, Senior Consultant, CU Lending Advice, Fort Worth, Texas, notes in addition, "CO-OP has the resources and technology to cover resource gaps to help credit unions attract new members and deepen relationships with existing members, so that they will begin thinking of their credit union as their primary financial institution."
CO-OP Member Center offers a wide range of lending and member services in addition to its new outbound call services. The telephone and Internet call center services nearly 300 credit unions, including 40 clients with assets exceeding $1 billion. In fact, in September CO-OP Member Center processed loan application number four million in its history.
Located in Fort Worth, CO-OP Member Center is a wholly-owned subsidiary of CO-OP Financial Services. For more details, e-mail firstname.lastname@example.org or call 1-800-782-9042, ext. 7140.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., CO-OP Financial Services is the industry leader in access and convenience products for credit unions. Nearing 30 years of credit union service, CO-OP connects credit union members to their accounts through network services, payment processing, e-commerce, CO-OP Shared Branching and call center services. With a total of 3,000 credit union members, 30 million cardholders, 28,000 surcharge-free ATMs, 4,000 shared branch locations and 160 million-plus monthly transactions, CO-OP Financial Services is the nation's largest credit union service organization, offering the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org. Follow CO-OP on Twitter at:http://twitter.com/COOPFS and keep up with industry issues via the CO-OP Insight Vault blog at:http://co-opinsightvault.com.