Credit union TruStone Financial is using an automated chatbot from digital conversation platform developer Eltropy to reduce call center volume. 

Plymouth, Minn.-based TruStone integrated Eltropy’s chatbot in July, when the $5 billion credit union’s staff handled a weekly average of 5,500 conversations with members seeking assistance. Up to 1,000 messages were from members on Monday mornings, according to a November release from TruStone.

After considering other options, TruStone tapped Eltropy’s Digital Banking Platform to more efficiently manage incoming conversations, Kate Alter, assistant vice president of enterprise applications at TruStone, told Bank Automation News. 

Since its five-month integration the chatbot, called Ruth, has independently handled 46% of member inquiries, producing these results:

• Missed member inquiries plunged from 1,300 to 72; 

• Call center volume fell 20%; 

• Customer wait times dropped to 34 seconds. 

Cutting costs

While TruStone has not observed a correlation between Ruth and member retention or growth, the chatbot does provide members with self-service options for more than 300 common questions, such as how to send an external money transfer or how to remotely deposit a check. This reduces the number of interactions requiring staff assistance, Alter said. 

“These benefits translate into tangible ROI through reduced staffing costs, increased member satisfaction and a decrease in some vendor support expenses,” Alter said. 

CUs see returns on AI investment

According to Eltropy, its AI solutions have been integrated by other credit unions for savings, namely: 

• $623.2 million APL Federal Credit Union reported a 20% reduction in delinquency rates and a 20% increase in savings; 

• $381.8 million Centric Federal Credit Union said it reduced loan approval time 95% from an average of 48 hours to as little as 10 minutes; and 

• $347.5 million Park City Credit Union reduced its average call wait time 90% to 30 seconds. 

Beyond chat

In addition to its customer service application, Ruth has also replaced TruStone’s FAQ page on the credit union’s recently redesigned website, Alter said. 

“As this channel continues to grow as a preferred communication method, we are considering how it can be used in more unique ways, such as possibly replacing our search function on the website,” Alter told BAN. “In the future, there will be creative opportunities to engage additional departments and enhance more business processes.” 

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