Meridian Awards 2010

STCU has long sought to differentiate itself in the marketplace by providing exceptional service to its members. With the service quality of financial institutions steadily improving over the past few years, however, it was no surprise when management determined it was time to further distinguish ourselves from the competition.

As the Data Warehouse Administrator I was tasked with developing a process that would provide a suite of conversations - personalized for each of our members - for our staff to use in the course of their interactions with them. These conversations would be incorporated into an internally-developed custom application, integrated into staff's workflow.

Through Design Studio, sourcing our Enterprise Data Warehouse, I strategically calculate each conversation with an eye to offering the greatest relationship-building opportunities. Staff is also provided with supporting details/data as to why this conversation is being prompted, strengthening the effectiveness of every conversation. Each conversation is then regularly recalculated utilizing Sagent Automation. This ensures that opportunities presented are always relevant, maximizing the probable benefits to both the credit union and its members. I further developed this process so it provides an ability to quickly add and remove conversations as needed, being sensitive to the fact that a company must be nimble in responding to ever change business and member requirements and needs.

Utilizing the power of Group 1's Sagent Solution, the Credit Union is on the fast track to building deeper member relationships and advancing our service advantage in the marketplace by using this custom tool that has become known as Conversation Engine (CE). This member-centric tool continues to recommend the highest priority conversation(s) that might be encouraged, based on the member's financial opportunities and needs. This fully integrated relationship management solution is a streamlined tool designed to identify needs and optimize service - not to automate sales.

Every second counts when talking with members. Since the launch of CE on June 4, 2007, staff has had more than 35,000 conversations prompted by this tool, increasing staff referrals by over 280%! The following comments from an employee survey demonstrate the effectiveness of this tool:

• "I use the Conversation Engine for almost every member and went from 30 referrals a month to 148!"
• "I wished a member happy birthday and she was so surprised and happy. She said none of her kids had called her and I just made her day!" - "CE gives us the ability to have a more natural conversation flow with the member, without searching for something to say."
• "I love the response I get from members in mentioning how long they have been a member of STCU. They are pleasantly surprise that this is being acknowledged. The Conversation Engine is a good lead in for other types of cross-sell information."
• "Member came in to open a checking account and we wished him a Happy Birthday! He commented that it makes a member happy to hear happy birthday from their favorite financial institution!"
• "Member recently received an auto loan. When came into the branch I was able to discuss setting up auto pay for the loan and receive an additional discount!"
• "I had a long time member come in who only had a CD with STCU. Her regular "Bank" upset her by harassing her about a balance of $35 on her Visa and she was 2 days late. Come to find out the employee who called her was looking at the wrong month and she actually didn't owe a payment. Outraged, she came to STCU and originally wanted a Visa with us. Through the use of the conversation engine and the story she had told me, I was able to open a First 5 account, a checking account, a debit card, a Visa credit card, and gave her the necessary information to bring her direct deposit over to STCU, and shortly when her other CD's mature, bring over another $100,000 to $200,000 in deposits. The flow of the conversation engine makes it quick and smooth to bring into the conversation. Very effective, very fast-I love it."
• "I had a member who had a balance of around $2,500 in a regular savings account. The conversation engine tool pulled up a First 5 savings account suggestion and from there I went ahead and also suggested a Silver Eagle money market account. On top of that I was also able to let her know that she could transfer and view all of her transactions online with our NetTeller home banking service and she could start receiving her statements online instead of getting the paper one. So . . . with this one member I got FOUR referrals (First 5, Silver Eagle, NetTeller, and E- statements.) And she left a very happy member."