Who is Veridian Credit Union?
Veridian Credit Union (VCU) is a not-for-profit financial cooperative that offers a range of financial products and services including savings and checking accounts, loans, mortgages, credit cards, and investment options. VCU is known for its commitment to its members’ financial wellbeing, offering competitive rates, low fees, and personalized member support. The credit union is dedicated to empowering its members to achieve their financial goals and strengthen their communities. As such, innovation is critical to VCU’s commitment to provide a digital experience with a human touch.
Cultivating a Prosperous Partnership with DRE
Veridian Credit Union is known for delivering white-glove service to its members, and that commitment has never faded as they continue to grow and innovate. Honoring the member journey drove VCU to select a partner who shares the same dedication to enhancing the account holder experience. The credit union appreciated Quavo’s QFD software capabilities and the seamless integration of the Dispute Resolution Experts (DRE) offering, ultimately moving forward with both to improve the fraud and dispute process.
QFD houses the claim process from intake to resolution, including the investigation and accounting work. The software streamlined claim work through robust integrations that automate supporting tasks like account holder correspondence, merchant refund checks, and accounting adjustments. QFD completes an average of over 115,000 tasks per month, expediting resolution and enabling the investigation to focus on more analytical work.
The DRE team works in step with Veridian Credit Union to ensure decisions are fair, members receive timely responses, and losses are minimized. Through their partnership, VCU has achieved a minimal loss rate of 15% and an average of over 1,770 chargebacks each month.
Maintaining oversight ensures that VCU employees can personally deliver the renowned service the credit union is known for. DRE team leadership works with Veridian Credit Union closely to provide reporting, critical data, and identify opportunities for improvement. The shared transparency allows VCU to make strategic decisions regarding their processes further enabling better outcomes for their members.
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VCU has a great partnership with Quavo and the DRE team. Our two teams collaborate daily by asking questions or getting for additional information. The DRE team is quick to respond, and they are always open to suggestions or making changes to fit how we want to handle our members disputes.
Trina Becker,
Manager of Fraud and Disputes
Achieving Oversight
By implementing QFD and DRE, Veridian Credit Union effectively achieved oversight on claim processes, improving investigations, and boosting member satisfaction. New features enabled members to call less and focus more on the other important things in life. Call volume was reduced through the implementation of email correspondence which enables members to submit inquiries and documents digitally. Allowing temporary authorizations to be challenged on fraud claims further drove down inbound call volume by eliminating the need for the member to call back once the charge posted.
Relying on DRE’s flexibility means that Veridian Credit Union can consult with DRE leaders to collaboratively make tactical decisions about investigation best practices and process improvement. Veridian Credit Union hones in on the claim intake process while still providing its members with all the benefits QFD and DRE offers.
Handling Fraud with a Human Touch
With members spread across all 50 states, and with advances in technology fueling a rise in fraud activity, Veridian Credit Union acts with purpose and care when handling fraud cases.
Recognizing the sensitivity and concern unauthorized activity causes for consumers, fraud best practices are built with the member experience in mind, while delicately balancing risk. “Veridian Credit Union is the perfect example of a financial institution that is member-oriented but also loss averse,” said Rex Richardson, Director of Client Processing at Quavo.
Veridian uses several fraud detection platforms to keep its members safe. After fraud activity has been identified, the credit union uses QFD to manage the case. QFD’s automated capabilities allow for instant provisional credit issuance, which translates to crediting members within 2 days on average, and expedited resolution through Ethoca.
Safe and Effortless Digital Experiences
Championing convenience and innovation, VCU stands at the forefront of digital banking with a sleek online banking site. Seamlessly blending design with function, members enjoy a streamlined and secure banking experience at their fingertips. Members are empowered to manage their finances effortlessly, including submitting dispute claims, reporting fraudulent activity, and following up on existing cases. These critical tasks can be handled digitally, whenever and wherever is most convenient for members.
On the Horizon
Veridian Credit Union is committed to pioneering new projects and embracing innovative solutions to enhance customer satisfaction. VCU believes in staying ahead of the curve, continuously exploring fresh initiatives that redefine the banking experience and drives change within the financial space. Implementing QFD and partnering with DRE were just two steps the credit union took to leverage technology and strategic collaborations to exceed expectations.
Veridian Credit Union is dedicated to uplifting the local community and fostering prosperity for everyone. VCU is committed to embodying their core philosophy of “People Helping People” in every endeavor undertaken. The credit union upholds it values by proudly hosting roundtables aimed to empower, educate, and support other financial institutions, offering scholarships, celebrating local arts, and many other philanthropic efforts.
Results
- Enhanced Efficiency and Member Experience: Veridian Credit Union implemented Quavo’s QFD software and Dispute Resolution Experts (DRE) to streamline their fraud and dispute processes, handling over 115,000 tasks per month and achieving a minimal loss rate of 15%.
- Scalability and Improved Workflow: The integration of QFD and DRE reduced the manual workload for VCU’s Fraud and Disputes team, lowering call volumes and enabling digital document submission, thus enhancing service scalability and efficiency.
- Proactive Fraud Protection and Digital Innovation: VCU maximized QFD's capabilities for fraud detection and mitigation, issuing temporary credits within 2 days on average, and maintained a fraud denial rate of 83%, while offering a secure and user-friendly digital banking experience.
