Case Study: Stanford Federal Credit Union reduces abandon rates with Fonolo

How a Credit Union Reduced Abandon Rates and Increased Service Levels

Stanford Federal Credit Union, a federally chartered credit union in Palo Alto, California, was struggling with an understaffed contact center, limited contact center expertise, and long wait times that were driving up costs and hurting service levels. To handle demand, the credit union was sending calls to a backup call center at a cost of $5 per call, and it needed a better way to improve the member experience. Fonolo’s cloud-based call-back solution, In-Call Rescue, was selected to help address these issues.

Fonolo implemented a call-back experience that let members press 1 to receive a call-back while keeping their place in queue, reducing pressure on agents and improving the overall experience. With Fonolo, Stanford Federal Credit Union reduced abandon rates by 50%, increased service level targets by 43%, and saved $60,000 in the first year, including the cost of the solution. The contact center also reported higher member satisfaction and improved agent morale.

Stanford Federal Credit Union

Mark Edelman

Vice President Digital Member Services