Hello there!

Feeling the heat in the credit union landscape? You’re not alone. 

Competition is fierce, member expectations are skyrocketing, and staying ahead of the curve can feel like an uphill battle.

We heard you. Eltropy is proud to introduce “Voices from the League,” your direct line to the brightest credit union leadership. This new initiative connects you with industry veterans who have navigated similar challenges and emerged stronger.

To kick things off, Eltropy’s Head of Content Marketing, Amita Aggerwal, sat down for a one-on-one conversation with David Griffiths, Chief Revenue Officer of the Tennessee Credit Union League. And, oh boy, David didn’t mince words – he delivered battle-ready tactics that you can deploy immediately to combat fraud, manage delinquencies, assuage the AI fear, and propel your credit union to the forefront.

Pivot to Success: A Unified Tech Stack

Adopt a multi-tenant solution where everything is interconnected.

Amita: Traditionally, Credit unions have followed the principle of “never put all your eggs in one basket” when selecting their tech vendors. However, we’re now witnessing a significant industry shift towards unified systems. Based on your experience, what advantages does this integrated approach offer compared to the traditional fragmented systems driving this shift?

David: Initially, many credit unions were influenced by the fintech buzz —everyone wanted to play– but a lot of times, what happened was that one part of the organization would buy something, and then another would buy something else. And suddenly, they’ve got five pieces of software that now cost them money for integrations into the core. Also, over time, these credit unions realized that many of these solutions overlapped in functionality, so dollar-wise, this didn’t make sense at all. 

In the end, the piecemeal approach not only added costs but complexity to credit unions where they were integrating with the core but did not do any sort of cross-pollination across other platforms. All of this and much more prompted a more cost-conscious and efficient approach to find partners that can bring more than one thing to the table, have everything in one place, and where all components talk to each other across on the top and through the core.

Take fraud, for instance – having a unified system is far more effective in safeguarding against evolving risks. Historically, many credit unions operated within single-sponsor environments, where members were well-known to each other. However, the landscape has changed with the shift to digital channels and broader membership fields. So, verifying someone on video when processing a loan or using an effective fraud prevention measure through an integrated notary or document collection will be paramount. 

Amita: Could you share a specific success story where you’ve seen firsthand how a unified approach has significantly improved efficiency and member satisfaction at a credit union?

David: Take credit unions in Tennessee as an example. They have separate systems—one for video operations and another for text messaging. However, when these systems are unified with Eltropy, their operations are transformed, especially at grocery store branches with limited staff. Members now enjoy the convenience of conducting transactions at branches across the street rather than running to full-service locations all the time. This has significantly enhanced member satisfaction and has prompted credit unions to expand with eight or nine grocery branches. 

Amita: How do you foresee this trend shaping the credit union industry in the next few years?

David: Given how the world is changing around us, it’s vital at this point in time for credit unions to adopt a multi-tenant digital solution where everything is interconnected. The pandemic pushed everyone to go digital – across all age groups. Seeing how people in their 70s suddenly started to deposit their checks remotely was remarkable. But for younger generations, digital technology is native, and they’ve grown up with it. And if credit unions want to stay relevant, they must also get younger. They have to have all digital channels. They just do. And this isn’t just a preference anymore; it’s becoming necessary to meet evolving consumer expectations and regulatory advancements. So, given how the world is changing around us and the multiple challenges we face, such as declining income in certain areas, the constant push to find more efficient ways to serve members, and so on, leveraging data and unified technology will be crucial. 

Training & Retention: AI Knowledge Support

Embrace the new technology and understand its benefits over time.

Amita: According to the American Customer Satisfaction Index (ACSI) Customer Satisfaction Report, credit unions have been experiencing a steady decline in member experience, mainly due to inconsistent answers provided by contact center representatives. What strategies or new approaches do you suggest to overcome this?

David: Your staff just can’t remember everything. There are just so many more regulations. A person must understand so much more, which is very difficult. You can’t master anything when it’s such a broad spectrum of things you’re doing. Constantly training frontline staff on new policies and procedures is quite resource-intensive. However, artificial intelligence (AI) can play a huge role in providing real-time, consistent information to these frontline personnel very easily.

However, the newness of the technology can be daunting for some, and there are definite concerns about job displacement and acceptance, particularly among older generations; younger individuals tend to adapt more readily. So when people are hesitant, reassurance, such as helping them understand this shift and its benefits, is essential for that trust to grow naturally. Letting them know that AI can handle basic queries frees them to focus on more complex issues requiring human expertise and empathy. They need to see how AI can save time and resources, ultimately supporting and enhancing their work, not replacing them.

It will come down to embracing the new technology and understanding its benefits over time.

Delinquency Management: Texting & Automation

Texting opens doors to difficult conversations and saves embarrassment. 

Amita: Recent data from the National Credit Union Administration (NCUA) highlights a concerning trend in the delinquency rates among credit unions. This uptick poses significant challenges for credit unions as they strive to maintain financial stability and member trust. What specific communication channels have you found to be most effective in engaging members in these troubling times?

David: Texting! There’s no question that people are much more likely to respond to a text message than to answer a phone call or reply to an email. It’s almost automatic. You can be in a meeting, and if your phone rings, you quickly try to silence it. But if you hear a buzz indicating a text, you’ll likely check it immediately. This reaction has become ingrained in us. Texts provide an immediate connection that other forms of communication do not. 

Even in difficult situations, such as when someone cannot pay their bill due to a health issue, job loss, or family tragedy, they are more willing to respond to a text. Text messaging reduces the embarrassment they might feel when communicating face-to-face or over the phone. It offers a less intimidating and more comfortable way for members to explain their situations, facilitating better communication and resolution.

Additionally, the biggest thing that can help more than anything is connecting the entire circle. Having a connection at that integration level where you’re tied into the core, you’re tied into the collection software along with the text solution, and they work with each other to automate intervention. When you get a response back, the system immediately sends it to the person so they can work on it. This interconnected approach can be highly effective for delinquency management. 

Vendor Evaluation: Commitment to Credit Unions 

Providing genuine help to credit unions and their membership

Amita: You are involved in evaluating opportunities to partner with organizations whose mission aligns with yours, that is, to help credit unions prosper. What specific aspects of Eltropy do you find most compelling in alignment with your mission?

David: When evaluating opportunities to partner, the first and foremost thing I look for is just how committed they are to helping whoever they’re working with.

One of the things that stood out to me when I first met Ashish (co-founder and CEO of Eltropy) was his commitment to providing high-level service to credit unions and their clients. This dedication is critical because, for many companies, servicing credit unions is often an afterthought. It’s clear that Eltropy is committed to serving credit unions with the best possible support, even going out of its way at times to offer advice to those they’re not directly working with. Credit unions, regardless of size, value, or ability, can contact someone directly and receive a timely response at Eltropy. 

Secondly, I look for a genuine commitment to the credit union space – not just in their solutions but also through their support of various organizations, foundations, and charities related to credit unions. Many companies dabble in this area, making minimal product adjustments and thinking they’ve catered to credit unions. However, Eltropy demonstrates continuous collaborative efforts. For instance, we are currently running a special promotion for small credit unions in Tennessee because we believe in the strength of the solution. When we bring ideas to Eltropy, they actively work on them, often returning with solutions that could help another five to seven smaller credit unions.

Lastly, it’s vital that the solution provided genuinely helps credit unions drive success with their membership. Coming from a background primarily focused on working with credit unions; I often gauge the impact of new technologies by observing how credit unions respond. Eltropy’s presentation at the inaugural Venture Tech event stood out clearly. It was evident from the audience’s reaction that this solution had something special, something that could genuinely make a difference. I remember thinking to myself that day, “This has wings!”

That day marked the beginning of my journey with Eltropy—a journey driven by innovation and the belief that we were onto something significant.

Amita: We recently released Voice+, a comprehensive voice solution that integrates with all other channels, integrations, and AI. What specific efficiencies do you anticipate?

David: I can see some exciting things happening regarding the Voice+. First and foremost, just having the ability to answer or respond with a combination of humans and AI is fantastic. With routine calls no longer going to the call center (handled by AI voice), the call queue goes way down, and your staff can have deeper conversations on those more challenging issues. This will also help with job retention for frontline staff. Handling repetitive calls can get boring. I remember those days, and it wasn’t fun. By having AI manage these repetitive tasks, we can train and promote our people to more fulfilling roles.

The customer will appreciate the quicker service. They won’t have to worry about long wait times and will be more likely to call, knowing they’ll get a fast response. If their question is more complicated, they’ll be transferred to someone who can help them effectively.

David Griffiths is the Chief Revenue Officer (CRO) at Tennessee Credit Union League, where he directly influences the Tennessee Credit Union League and its Service Corporation (CU Services, Inc.) to grow revenue through new business sales, partner strategy, product development & being a resource for Tennessee Credit Unions. He is also a member of the Raiffeisen Group, LLC (TRGroup), a collaboration of seven state leagues – Indiana, Kentucky, Louisiana, Mississippi, Tennessee, Virginia, and West Virginia.