PenFed Deploys Self-Service Tools, Boosts Productivity with Salesforce Einstein

Pentagon Credit Union (PenFed), America’s second-largest federal credit union with over 2.9 million members, is expanding its use of Salesforce technology to include generative AI. 

Why it matters: According to Salesforce research, digital experience is the second most common reason that consumers switch banks, following price. PenFed uses Einstein to better serve its rapidly-growing member base and provide world class, digital-first member experiences.

Driving the news: PenFed has been at the forefront of AI implementation for a number of years:

• PenFed deployed Einstein Bots to provide faster and more convenient service to its millions of mobile, active military, and veteran members across channels – whether they’re home, on the road, or deployed abroad.
  • These bots handle nearly 40,000 sessions per month, providing loan application status, product and servicing information, and technical support. 
• The credit union also rolled out bots internally to better serve its employees.
  • PenFed’s employee-facing chatbot handles about 25% of common internal employee service requests such as password resets, freeing up service desk staff to focus on more complex tasks that require a human touch. 
• Today, PenFed resolves 20% of cases on first contact with Einstein Bots, resulting in a 223% increase in chat and chatbot activity over the past year.
• Since expanding its communication channels with chat, PenFed’s call center has reduced its average speed to answer by an entire minute to less than 60 seconds, while at the same time increasing membership 31%.

What’s next: 

• PenFed recently invested in Salesforce’s Einstein generative AI capabilities, which it plans to use as an assistant. The assistant will propose responses to a chat or member question, beginning with PenFed’s internal employee support line before it expands to its members. 
• In addition, Salesforce Data Cloud will help PenFed better understand how to create more tailored interactions with existing and prospective members.

The customer perspective: “Over five years ago, we committed to go all-in with Salesforce and invest in technology we trusted, with the commitment to continue to build together. Today, with the addition of game-changing technology like generative AI, we can run an even more efficient business internally, and better serve our members to ensure they are getting the support they need, when they need it, wherever they need it.” – Joseph Thomas, EVP & Chief Information Officer, PenFed Credit Union

Today, with the addition of game-changing technology like generative AI, we can run an even more efficient business internally, and better serve our members to ensure they are getting the support they need, when they need it, wherever they need it.

Joseph Thomas, EVP & Chief Information Officer, PenFed Credit Union

Dive deeper: PenFed has been using Salesforce Customer 360 products since 2018 to elevate its member and employee experiences:

• Onboarding members can be a lengthy and manual process. MuleSoft integrates internal and external platforms into one central place with API-led connectivity, allowing PenFed to conduct credit checks and provide applicants with a quick and seamless onboarding experience. Plus, every team, from the contact center to branch employees, can access the same member view in Financial Services Cloud.
• With Experience Cloud, members access a comprehensive range of self-service options, educational resources, and even support requests via chat, including instant access to financial support programs like loan deferment. 

More Information:

• Tune in to Dreamforce 2023 on Salesforce+ September 12-14, 2023
• Read more about how financial services companies like PenFed are using chatbots, self-service, and automation to drive efficiency here
• Learn about the future of business with AI + Data + CRM here
• Read more Salesforce customer success stories here