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

PenFed is leveraging Salesforce to provide even more digital conveniences to members during a time of increased demand for remote services

Salesforce, the global leader in CRM, 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.

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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.”

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“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.”

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