Client Story: Florida Credit Union

The Conversational AI Journey, Now and Beyond 

Florida Credit Union is $1.9B in assets with over 138,530 members. Their mission and commitment to their members is the offering of products and services that not only meet their financial needs but exceed them.  

As part of the commitment to their members FCU took on the charge to not only find an effective replacement for their end of life bank by phone system, but to ensure that the new offering would enhance the overall member experience while also allowing growth and expansion in serving their membership base. FCU determined that adding Conversational AI was the key to meeting this objective. Now how did they find the right provider, what were their considerations?  

“We wanted a partner that would work with us to build our business. We didn’t want a vendor that just handed us something and says ‘this is the way, take it or leave it,’” said VP Digital Channels, Matthew Teoli.

Partner Considerations

Members are the driving force behind Florida’s intention to upgrade their technology. “We are owned by members, so we work to align with partners who harmonize with that philosophy and exceed those expectations,” said Matthew Teoli, VP of Digital Services. 

• Shared business goals
• Ability to customize the member experience 
• Provide more end user options/enhancements
• Seamless core system integration and a principled road map 
• Ability to add a phase 2 to replace the full phone menu, addressing efficiencies needs and maximizing the experience for the entire membership base 
• Providing 24/7 service for banking functionality and FAQs
• Eliminate wait times 
• Freeing up Agent’s time, allowing them to focus on higher skilled engagements and allow for time to discuss how FCU can further help client’s financial heath 
• Accurately route calls 

“Posh, being a CUSO, understood not all credit unions are the same and worked with FCU to match our needs with their products and services. Together we have built out a roadmap for conversational AI that aligns with our members' needs and business goals.”

FCU Chooses Posh 

Posh was considered with two other conversational AI providers, it was important to Florida they felt understood by their choice. 

Florida reviewed the competing vendors determining that core functionality was comparable and although Posh was a younger company it was clear that Posh was willing and able to work with FCU to develop a strategy and implement conversational AI at their pace. 

Florida ultimately partnered with Posh, choosing the Voice Assistant as their [first] product. Members are seamlessly connected to their accounts over the phone, obtaining account information and conducting banking transactions. In addition, members are able to ask questions without needing to go back to the main menu to find the right prompt, should they need an agent to assist with the topic at hand they are transferred accordingly.  

Implementing Flora, the New Bank By Phone 

“I don't think anyone should worry about the onboarding process. I think that’s really what stood out,” Teoli said.

Posh’s world-class Client Success team was intentional about how and when the bot would come to life. This included strategy sessions, core connectivity, and member outreach. FCU had messages on their phone system, website, and sent messages to IVR users.  

Last but not least, they decided on a name. By naming the assistant, there’s an added layer of familiarity and approachability. FCU members met Flora, who now authenticates members and handles high-volume, low-value interactions. 

“I believe that personifying the bot makes it more relatable for the member. It makes it so it’s similar to speaking to a representative,” Teoli said. 

According to Teoli, the previous [IVR] system had a significant gap in available information. “I would say that for us internally it was a pleasant surprise to see how much [Flora] is being used.” 

Clients are provided context on the variety of questions being asked, the most active hours, the number of chats, the containment rate, and more. By providing digital support to its employees, Florida can expand member service by removing repetitive tasks previously completed by agents. 

“We're able to give more information to our members about their accounts. There's a greater connection to the core to be able to provide more information to members,” Teoli said. 

The accuracy of account information includes what members named accounts on the online banking side. The information provided via Flora matches exactly to online banking, leaving little room for misinterpretation about the account the member is interacting with.

Flora Today

Florida Credit Union has upgraded member support with another Posh product, a Digital Assistant to service members on their website. By providing digital support to its employees, Florida can expand member service by removing repetitive tasks previously completed by agents.The new system offers detailed insights and has handled over 87,000 digital interactions. This streamlining allows employees to concentrate on significant tasks, improving service and account information accuracy.

Flora handles over 30,000 calls a month, solving an average of 91% of the requests, eliminating the need for a member to speak to an Agent, not to mention the service the member is getting when they want it, not needing to worry if the credit union is open.  

“The experience has been great. We believe our Posh partnership to be a valuable one and have been happy with it. Posh is driving the business and continually innovating,” Teoli said. “We look forward to enhancing and expanding the service together.”

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