Rave Boosts Member Experience with Digital First Service
In order to provide a better member experience, Rave Financial (formerly Mobiloil Credit Union) partnered with Invo to streamline processes with powerful new technology.
3-MINUTE READ
The Results
3-to-1 Desk-To-Agent Ratio
97% Member Satisfaction
>50% Wait Time Reduction
About Rave
Established in Beaumont, Texas on July 30, 1935, Rave Financial operates with a unique philosophy: "To enrich people’s lives one experience at a time." Recognizing the importance of technology in providing top-notch products to members and boosting employee productivity, Rave teamed up with Invo to streamline their processes and achieve their objectives.
>$1 Billion in Assets
Rave boasts an impressive portfolio with over $1 billion in assets, demonstrating its commitment to providing secure financial solutions for its members.
75k+ Members
Rave Financial provides a range of services to its more than 75,000 members and counting.
12 Branches
Rave has established a widespread presence in the Southeast Texas region with 12 conveniently located branches.
Decreased Member Waiting Times
Faced with limited staffing and a growing demand for efficient service, Rave aimed to minimize wait times in their branches for the benefit of their members. In search of solutions to enhance the member experience, Rave set out to find ways to reduce wait times in the lobby.
The Challenge
In the United States, the average wait time in the lobby of financial institutions is between 8 to 11 minutes. Despite the popularity of digital banking solutions, with 80% of Americans preferring them, a significant 58% still opt for in-person visits to physical branches.
Invo’s Solution
Enhance the lobby experience by combining it with digital solutions. Utilize in-branch video banking kiosks and web-based video banking to decrease wait times and provide a more seamless experience for members. As a result, Rave’s average lobby wait times sit at under 2 minutes.
“We stand out because of Invo.”
Kella Morales
Rave Smart Solutions Consultant
Rave has implemented multiple video banking options including in-branch kiosks, web-based platform and a mobile app for members who cannot visit a branch. These
Rave has also deployed Invo Booking, a Google and Outlook integrated scheduling tool, and lobby management and self-service check-in through Invo Concierge. To date, Rave’s suite has produced an estimated Return On Investment of 560% using a conservative model.
Improved Branch Efficiency
At Rave, the goal was not just to improve the member experience, but also to make the branches more streamlined and self-sufficient. The team at Rave recognized that in order to deliver the best possible service, it was important to ensure the branches were operating efficiently.
Rave challenged Invo to deliver user-friendly products for front-line agents and valuable tools for upper management. The goal was to improve daily efficiencies and provide a better member experience by equipping both agents and management with the right tools to ensure efficient and effective operations.
The Challenge
After deploying Invo video solutions the Rave team observed a 3-to-1 desk-to-agent ratio. With tools to service members digitally Rave enabled their staff to serve customers at any branch through video banking. This, combined with robust reporting and video replay capabilities, has improved employee training and enhanced the member experience overall.
Invo’s Solution
An Effortless Process for Everyone
Rave desired a solution beyond just a simple video call. They wanted to empower their agents and members to conduct transactions quickly and easily. This would not only enhance the efficiency and speed of transactions but also elevate the overall member experience for members.
The Challenge
Equip Rave's agents with the necessary tools to execute even intricate financial transactions, such as opening an account or securing a loan, through video calls, eliminating the need for members to make a second trip to the branch or follow up through email or phone for missing documents.
Invo’s Solution
Rave members can submit and sign essential documents through video banking kiosks or web-based video calls using document capture and electronic signature technology. The agent can then download the documents directly to their computer, enabling them to complete the entire transaction during the call.
Have Questions?
Schedule a time to chat with our Solutions Consultant and find out how we can help. Our discovery calls are consultative, not salesy, because we want you to succeed.
Hope Solomon
Solutions Consultant
Free eBook
Customer Satisfaction in a Digital World
✓ Learn how to overcome hiring & staffing struggles with digital tools.
✓ Discover solutions that deliver seamless on-screen experiences that are proven to cut wait times in half.
✓ Find out why features like Co-Browsing increase customer satisfaction