Verint® Systems today announced that American Eagle Federal Credit Union (AEFCU)—full-service, not-for-profit financial institution—is experiencing business and operational benefits from Verint’s GMT™ workforce management (WFM) software. The federal credit union is using the technology to create flexible schedules and minimize overtime.
AEFCU selected the workforce management solution based on its advanced forecasting and modeling capabilities. Within the first six months of implementation, its branch managers immediately gained a new level of visibility, enabling them to identify which locations were overstaffed, the transaction volumes and tasks taking place at each branch, and the modifications needed to align staffing levels accordingly.
Using the software’s predictive forecasting information, AEFCU reports that its branch staffing schedules have been fine-tuned to better meet demand and to improve flexibility by increasing the ratio of part-time to full-time workers from 16 percent to 25 percent. Within the first year, the financial institution reduced branch overtime by more than 86 percent. By the second year, that figure jumped to more than 96 percent. Further, across the two year period, AEFCU reduced full-time employee (FTE) costs by 14 percent through natural attrition and better forecasting.
“In the early stages of our technology search and review, we realized the need for a solution that offered extensive predictive capabilities, rather than one that resembled an Excel spreadsheet,” says Kevin Murray, vice president of branch operations and administration at American Eagle Federal Credit Union. “We spoke with other credit unions that were using the same WFM solutions we were evaluating. The feedback from these conversations made it clear—Verint’s GMT workforce management software was worth the investment to help meet both our staff scheduling needs, as well as manage the rising costs of additional branches.”
The WFM solution, which AEFCU purchased in December 2008, offers a unique, easy to understand graphical interface known as “workload fit.” It provides measurement of how closely workforce supply matches member service demand. Branch managers can easily determine whether they are overstaffed, which results in excellent service at a higher cost of service, or understaffed, which results in diminished member satisfaction. By optimizing its workforce and workload, AEFCU was able to utilize all resources to forecast full- and part-time branch staff by adjusting staff schedules, managing absences and generating reports with ease.
“With increasing cost pressures and a growing focus on member satisfaction, credit unions are turning to technology for creative solutions,” says Simon Angove, senior vice president of retail financial services, Enterprise Intelligence Solutions, Verint. “A workforce management system can help credit unions, such as AEFCU, deliver a better member experience at a much lower cost of labor.”
AEFCU remains the largest community credit union in Connecticut with plans for two additional branches in the next year. “We’ve experienced dramatic improvements in workforce scheduling using the Verint-GMT solution,” adds Murray. “The software has paid for itself in full through the first year of savings alone and is a testament to the benefits of implementing a flex schedule.”
About Verint Enterprise Intelligence Solutions
Verint® Enterprise Intelligence Solutions™ help organizations of all sizes capture and analyze customer interactions, sentiments and trends across multiple channels, improve performance and optimize the customer experience. The solution portfolio includes the Impact 360® Workforce Optimization™ suite and Voice of the Customer software, which serve as strategic enterprise assets for increasing customer satisfaction and loyalty, enhancing products and services, reducing operating costs and driving revenue.
About Verint Systems, Inc.
Verint® (verint.com) is the global leader in Actionable Intelligence® solutions and value-added services. Its extensive portfolio of Enterprise Intelligence Solutions™ and Security Intelligence Solutions™ helps worldwide organizations capture and analyze complex, underused information sources—such as voice, video and unstructured text—to enable more timely, effective decisions. More than 10,000 organizations in 150 countries, including over 85 percent of the Fortune 100, use Verint solutions to improve enterprise performance and make the world a safer place. Headquartered in N.Y. and a member of the Russell 3000 Index, Verint has offices worldwide and an extensive global partner network.
This press release contains forward-looking statements, including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the year ended January 31, 2011 and our Quarterly Report on Form 10-Q for the quarter ended October 31, 2011. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, the Company assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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