Teachers Federal Credit Union Drives National Expansion With Innovative Fintech Partnership
By Coconut Software - Aug 16, 2023
Teachers Federal Credit Union partners with Coconut Software to deepen member relationships and fuel expansion across the U.S.
SASKATOON, SK, May 30, 2022—Teachers Federal Credit Union (Teachers) and Coconut Software are pleased to announce their ongoing partnership a year after successfully introducing digital appointment scheduling across the credit union. Teachers’ members and staff have used Coconut Software to book and log a record-breaking 125,000 appointments, increasing member satisfaction scores, and driving operational efficiency.
Teachers first introduced Coconut Software in the spring of 2021 to help manage branch traffic when pandemic-related restrictions were in effect. Coconut’s user-friendly appointment booking system streamlined the process for both members and staff to schedule in-person, phone, or video meetings from Teachers’ website and mobile app. It also gave staff a view of their appointments each day so they could better prepare for meetings and manage walk-ins.
“Teachers’ commitment to being Smart For All includes our pledge to meet our members where, when, and how they want to bank,” says Suresh Renganathan, Chief Technology Officer of Teachers. “As we look toward national expansion, Coconut Software has been instrumental in not only furthering our digital reach but in delivering data to drive strategic plans.”
Teachers’ technology investments include a groundbreaking integration between Coconut Software and their Customer Relationship Management software. This has given the credit union increased visibility into valuable member engagement data, which they’ve used to proactively offer relevant services and products to members. This has led to more sales opportunities, increased revenue, and member growth across 22 states—including areas where Teachers has yet to establish a physical branch.
“We’ve been able to embrace a digital-first mindset that drives operational growth and fosters expansion while creating a seamless experience for our members,” says Inna Sprague, Chief Experience Officer of Teachers. “Since engaging in a partnership with Coconut Software, we’ve saved approximately 10 hours per employee per month, which allows our team the opportunity to deepen the relationship with our members.”
“Teachers is leading the way when it comes to enhancing their members’ experience with technology—without sacrificing the 1:1 service their members expect,” says Katherine Regnier, CEO of Coconut Software. “Credit unions across North America can accelerate their customer service and operational efficiency with systems like these. Teachers is using appointment data to generate higher returns and make strategic decisions when it comes to staffing, expansion, and the in-branch experience. We’re proud to be partners with such a forward-thinking organization.”
Teachers plans to continue its nationwide expansion and drive more proactive member engagements across channels in the coming quarters—especially video appointments.
To learn more about how Teachers is fueling growth with innovative financial technology, read their detailed success story on coconutsoftware.com.
About Teachers Federal Credit Union
Teachers Federal Credit Union (Teachers) is one of the country’s largest credit unions with $8.8 billion in assets and more than 400,000 members across all 50 states. Founded on Long Island in 1952, Teachers is a full-service, not-for-profit financial institution that provides members with 32 full-service branches throughout Long Island, Queens and Manhattan, as well as access to services at more than 5,000 shared service centers located across the country. Over the years and through various partnerships, Teachers has been proud of its role as a key supporter of the communities it serves. Teachers offers a range of member-focused products with competitive rates and low fees that started as a smart solution for teachers—now smart for all. For more information visit www.teachersfcu.org.
About Coconut Software:
Coconut Software makes it effortless for customers to connect with their financial institution. Our appointment scheduling, video banking, and lobby management solutions are used by leading banks and credit unions across North America, including RBC, Arvest Bank, Vancity, and Rogue Credit Union. Organizations that use Coconut benefit from a seamless customer experience that improves NPS, reduces wait times, and increases conversion rates. Founded in 2011, Coconut Software is headquartered in Saskatoon, Saskatchewan, with offices in Toronto, Ontario. For more information, please visit wordpress-726327-2437386.cloudwaysapps.com.
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