Impact and evolution of Royce

Royce is enabling us to offer premier experiences on all member-facing channels while significantly improving efficiencies across the organization

The Problem

“We are trying to solve bottlenecks at the call center level but while evaluating the Intelligent Virtual Assistant technology, we saw various other applications of it. For instance, it will enable us to improve service levels for our members & assist members to complete online applications that were started but were never completed.”

Goals of implementing an Intelligent Virtual Assistant

A significant portion of the applications that were started online, were never completed
There were several bottlenecks in the contact center operations, which, if rectified, could greatly improve service levels to members
There were several upsell and cross-sell opportunities to be explored
Reduce training time of support staff
Improve operational efficiency across the organization
Improve member response accuracy rates by up to 95% and greatly improve first call resolution rates
Offer personalized interaction experience for members
Continuously learn from member interactions and improve

“This project is part of our long term strategy and it made sense to advance considering the accelerated shift of members towards digital channels. The decision to invest has come after extensive evaluation and the technology is proven to deliver value. We believe that institutions that take action during tough times by adding significant value to their members & by serving them in creative ways will be poised for success in the long term.”

Solution

In a phased manner, Royce will be helping UCU achieve its long term vision of

Call center automation through AI enabling better member experience and instant service
Provide proactive experience to members and help them save more and make better use of University Credit Union’s products and services
Members will be able to get information about UCU products and services instantly
AI will assist members to identify and select the best offerings
Guidance over voice and text to help members & prospects successfully apply for new products
Enabling applications in a conversational manner
Automated follow ups in case of drop-offs or errors in application forms
Enable members to perform any transactions by conversing with the AI agent

Royce’s Impact

Call center automation through AI enabling better member experience and instant service
Provide proactive experience to members and help them save more and make better use of University Credit Union’s products and services

Key Impact Metrics

$3.1^M

Saved from support
operations

$6.6^M

Annual Revenue Enabled

98^%

Accuracy

Improved

member satisfaction

“We were not sure of our ability to afford technology like AI and ML due to the narratives in the outside world. When it came to our knowledge that other Credit Unions with similar asset size ranges, were investing in AI, we were convinced to take a granular look. On going deeper, we understand that all financial institutions with more than $100M in assets can leverage different aspects AI with Intelligent Virtual Assistants.”