Salesforce Data and AI Solutions Boost PenFed Member Experiences

Salesforce today announced Pentagon Federal Credit Union (PenFed), the second-largest federal credit union in the United States with 2.9 million members, is using Salesforce technology including MuleSoft, Financial Services Cloud, and Data Cloud, to bring AI-driven solutions to its digital banking platform and provide exceptional service to PenFed’s members.

PenFed members in need of banking services can now take advantage of AI-powered live chat and self-service help agents in Financial Services Cloud to get answers faster. Built using Salesforce’s low-code AI builders, they act as a virtual assistant, suggesting AI-generated responses — grounded in member data and metadata through Data Cloud — that service agents can use to answer questions more quickly, accurately, and effectively while still maintaining human oversight. PenFed is also using MuleSoft to connect core banking systems and third-party applications to Financial Services Cloud, which streamlines member data and provides a complete 360 view of member data, improving mobile and digital banking experiences.

Why it matters: In a recent survey, IT leaders in financial services identified insufficient data harmonization as their second biggest data management challenge after security concerns. PenFed’s online banking system, PFOX, taps the power of Data Cloud and MuleSoft to harmonize member data for a complete view of that data and handles 80% of the platform’s activity, including deposits, online and mobile banking, as well as credit card transactions.

Zoom out: PenFed Credit Union is using MuleSoft as the backbone of its entire digital banking platform, connecting disparate systems and data sources from loan management to credit card processing, to create a seamless and integrated experience for its members.

Highlights include:

PenFed’s use of Financial Services Cloud has significantly boosted its member service, achieving a 60% case deflection rate, meaning members can easily resolve issues on their own. This success has increased chat and chatbot interactions by 223% and improved first-call resolution rates by 20% through chatbots.
Using MuleSoft’s API Management solution, PenFed is building, managing, and deploying APIs for its mobile and online banking platform.
With MuleSoft Integration solution, PenFed connects essential member data to keep call center reps informed and proficient when providing member support.
MuleSoft’s approach to composability simplifies PenFed’s application development, reducing both the time and costs involved while enhancing the company’s flexibility and capacity for innovation.
PenFed is also using MuleSoft’s autoscaling feature to automatically adjust the number of app instances as needed. This ensures the banking platform runs smoothly, regardless of user demand.

Customer perspective: “With MuleSoft Anypoint Platform’s integration technology, and platforms like Salesforce FSC, PenFed is enabled to connect, automate, and scale member-facing experiences like never before. The integration capabilities of MuleSoft combined with the power of AI has streamlined our operations, enhancing member experience and satisfaction.” – Shree Reddy, CIO, PenFed

The integration capabilities of MuleSoft combined with the power of AI has streamlined our operations, enhancing member experience and satisfaction.
Shree Reddy, CIO, PenFed

Salesforce perspective: “PenFed’s commitment to digital transformation and member-centric services is exemplary. By using Salesforce and MuleSoft innovations, PenFed continues to set a standard in the financial services industry for efficient and personalized member experiences.” – Param Kahlon, EVP & GM of Automation and Integration, Salesforce

PenFed Credit Union’s proactive adoption of AI, automation, and integration highlights its commitment to becoming an AI enterprise, shaping the future of digital banking into cognitive banking, as well as its dedication to serving its members effectively, ensuring financial stability and support.