Salesforce Powers PenFed Credit Union's Digital Financial Services and Member Experience Transformation

Rhea-AI Summary

Salesforce (NYSE: CRM) has strengthened its partnership with Pentagon Federal Credit Union (PenFed) to enhance financial services and member experiences amid the pandemic. Key initiatives include the launch of a Loan Deferment Portal, processing nearly 17,000 deferments for over 11,000 members, and the implementation of chatbots that have reduced phone service inquiries from 100% to 37%. This collaboration aims to increase productivity and provide personalized financial support to PenFed's 2 million members.

Positive

• Loan Deferment Portal processing nearly 17,000 deferments for over 11,000 members.
• Improvement in customer service efficiency with 37% of cases handled by chatbots.

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• None.

SAN FRANCISCO and TYSONS, Va., June 17, 2020 /PRNewswire/ -- Salesforce (NYSE: CRM), the global leader in CRM, today announced an expanded relationship with Pentagon Federal Credit Union (PenFed), the nation's second largest federal credit union, to transform its member platform and improve remote financial services amid the current pandemic.

PenFed has incorporated a range of Salesforce solutions to reach members in communities across the country, providing them with the financial resources they need during this time of uncertainty. Leveraging Salesforce Financial Services Cloud, PenFed launched numerous financial management tools, including PenFed Member360, to help deliver relevant financial solutions and connected experiences for its members. Additionally, PenFed is deploying two new technologies to better support its members virtually:

• Loan Deferment Portal: Within a two week period, PenFed built and implemented an online portal leveraging Salesforce Community Cloud for Financial Services that enables members who are experiencing financial hardships to manage skip-payments and request temporary financial relief. To date, nearly 17,000 loan deferments have been handled through this process for more than 11,000 members.

• Faster Customer Service: To improve business processes, PenFed is leveraging bots to handle common internal service requests, such as password resets, saving interactions with their service desk staff for issues that are more complex and require human assistance. A year ago, 100% of PenFed's service desk cases were handled by phone; today 37% of cases are handled by phone, 42% by chat and 21% by chatbots. These efficiencies shorten wait times for members as agents receive faster support and turnaround for common requests.

"Salesforce's infrastructure provided us with the agility to transition our financial professionals to remote work and provide additional digital financial services to our members," said Joseph Thomas, PenFed EVP and CIO. "By leveraging these technologies, PenFed is able to continue best serving our members and providing them with the personal touch and community-oriented service they expect."

"We are proud to power PenFed's digital transformation as they evolve their financial offerings and member experiences with Salesforce," said Rohit Mahna, SVP and GM, Financial Services at Salesforce. "With Salesforce's solutions, PenFed will be able to increase productivity and deliver even more personalized financial support to its members at scale."

ABOUT PENFED CREDIT UNION
Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving over 2 million members worldwide with over $25 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter.

ABOUT SALESFORCE
Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Founded in 1999, Salesforce enables companies of every size and industry to take advantage of powerful technologies—cloud, mobile, social, internet of things, artificial intelligence, voice and blockchain—to create a 360° view of their customers. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com.

Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Salesforce applications should make their purchase decisions based upon features that are currently available. Salesforce has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol "CRM." For more information please visit https://www.salesforce.com, or call 1-800-NO-SOFTWARE.

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SOURCE Salesforce

FAQ

What is Salesforce's partnership with PenFed about?

Salesforce's partnership with PenFed aims to transform its member platform and enhance financial services during the pandemic.

How many loan deferments has PenFed processed using Salesforce solutions?

PenFed has processed nearly 17,000 loan deferments for over 11,000 members using Salesforce's Loan Deferment Portal.

What percentage of PenFed's customer service cases are now handled by chatbots?

Currently, 21% of PenFed's customer service cases are managed by chatbots, improving efficiency.

What technologies is PenFed using to support its members virtually?

PenFed is deploying the Loan Deferment Portal and chatbots to better support its members virtually.

When was the partnership between Salesforce and PenFed announced?

The expanded partnership between Salesforce and PenFed was announced on June 17, 2020.