Michigan First CEO Michael Poulos inside the call center
By Ray Birch
LATHRUP VILLAGE, Mich.—Michigan First CU is investing about $2.5 million to dramatically alter the purpose of its internal call center in order to change the way consumers look at banking in this region.
The call center has more than doubled in size—and skill—to be available 24/7 to meet the everyday banking needs of the membership.
Staff have been trained to handle all typical teller duties and soon will be able to take loan applications and coordinate underwriting and loan processing around-the-clock.
The credit union suspects that if it did not make the move, other FIs eventually would.
“Our theme is ‘365 Live,’” said CEO Michael Poulos. “At Michigan First we say there are no longer any ‘after-hours’.”
Poulos pointed out that consumers in growing numbers expect more businesses to provide around-the-clock access.
“We are trying to determine where banking is headed. Around the clock in banking has typically meant using plastic, getting cash from the ATM, online banking . . . We want our members to be able to get the same services they can in a branch 24/7.”
Right Model For Future
The CEO does not see e-banking and limited call center offerings as the right business model for anytime access in the future.
“A live person has to be available to support the electronic channel,” he said.
The call center staff, which expanded from 20 to 60 to go beyond the 8:30 a.m.-6 p.m. Monday-Friday hours, have been trained to answer all the daily questions front-line personnel face.
They can also handle fee refunds, instant card issuance and notary services. Poulos explained that if a member needs to stop down to the credit union to complete the service request, the main branch is open 24/7 with cash machines and kiosks, and has a guard on duty to connect the member to proper personnel.
“If a member needs a notary at 5 a.m. Sunday morning, they can come down to the credit union,” said Poulos.
More than 50% of the membership are already aware of the expanded service, which Poulos said is a strong sign the credit union will reach its goal soon of 75% of members knowing about the around-the-clock hours.
“Since March we have taken almost 40,000 calls, chats and e-mails after hours, and that is with a soft launch,” said Poulos, who added that Michigan First is noticing a shift away from all the heavy morning and lunch activity toward after-hours.
“We are still very busy during the day, but people are understanding that when something comes up at night they no longer have to wait until the next day to reach us,” explained Poulos, who said video chat is coming.
It was more than a two-year process to make the change, noted Poulos. The $706 million CU had to replace its core system with a move to Corelation to handle 24-hour internal processing. Staff had to be trained, and the call center at its headquarters expanded to double its space.
“This has been a big undertaking,” said Poulos.
Michigan First chose not to outsource the call center, because Poulos believes that would not provide the type of close, local, high-quality member service that Michigan First delivers and members expect.
Overall, Poulos said it is difficult to place an ROI figure on the move, adding, however, “If our competitors began offering this type of service I know some of our members would leave. E-services are great, but the human touch is important. Because when people have a problem or a very important financial matter, they don’t want to talk electronically. The back-and-forth on an issue has to be done between people.”
Data Breaches Demand Human Touch
The growing number of data breaches, as well, are making the human touch even more important, added Poulos.
As more members become accustomed to calling Michigan First 24/7, their expectations for a financial institution will increase, concluded Poulos.
“This will ultimately change marketplace expectations about accessibility to personnel at their financial institution—that is what we are really after,” he explained. “We think we are well on the way to doing that, which will help us grow and expand even further.”