PenFed Elevates Customer Experience with an Assist from Medallia

PenFed CXPenFed (Pentagon Federal Credit Union) wants to elevate the customer experience as much as possible. The company needed an assist from a trustworthy partner and found that in Medallia, a leading provider of Customer Experience Management software.

PenFed Credit Union, one of the nation’s largest credit unions, will implement Medallia’s software platform across its entire organization to elevate the experiences of its more than 1.3 million members. The partnership will directly support PenFed Credit Union’s “Drive to 75” initiative, through which the credit union aims to quadruple its assets to $75 billion in the next 10 years by providing best-in-class member experience, along with top-notch products and service.

Loyalty360 found out more about this unique partnership from Tammy Darvish, PenFed’s EVP of business development, member experience, government and community affairs; and Robert Schiff, GM of Financial Services, at Medallia.

Why did you choose Medallia’s platform and what are your goals as far as it impacting the customer experience?PenFed and Medallia

Darvish: Although we currently serve over 1.3 million members, PenFed Credit Union recognizes that our future is dependent upon our ability to engage and maintain our current members as well as attract new ones.  Great products alone cannot sustain the relationships with those we serve. PenFed chose Medallia because it has proven expertise that will be key in helping us identify the true Moments that Matter as well as possible Pain Points with our members. As a result, we will be able to improve and adjust processes based on the most important point of view of all−our members. Taking the member experience to the next level requires that each member interaction—in person, via phone, web or mobile device—be efficient, dynamic and memorable. We believe that Medallia is the right partner to help get us there.

What factors drove the decision to enhance the customer experience and did customer feedback play a role?

Darvish: A combination of our stated growth goals, self-assessment of our current content management system, and feedback from our members puts us on the path of enhancing the experience PenFed members have with us, regardless of the channel. Partnering with Medallia is part of a conscious decision on the part of PenFed Credit Union to adapt and innovate with our commitment to provide Best-in-Class Member Experience at the forefront of all we do.

How can your platform impact PenFed’s goals in terms of customer engagement and enhanced customer experience?

Schiff: PenFed recently announced plans to quadruple its assets over the next decade—in large part, by improving the experiences it delivers each of its million-plus members. Given our experience working with some of the world’s largest consumer financial institutions, we are well-suited to a transformation on this scale. We equip employees at every level with feedback from anywhere and everywhere. At PenFed this means feedback on interactions in person, online, and on the phone so that every colleague knows exactly what they can do to improve the particular elements of the member experience for which they’re responsible.

How is your platform unique?

Schiff: We do customer engagement in real-time, with the largest and most complex organizations in the world, powered by our big data analytics platform. Each of those elements—our real-time functionality, the complexity at which we work, and the strength of our analytics platform—is a big differentiator.

Another unique element is the way in which we embed customer feedback into company’s daily operations. Rather than just allowing employees to respond to customer feedback, Medallia hardwires with a company’s existing systems to help them identify root causes of recurring issues and drive innovation and continuous improvement over time.

For PenFed, the ability to capture feedback across journeys and channels, integrated with its operational data, and report that out in real-time ways that are personally relevant for each of their colleagues, whether on the frontline or at headquarters, is something PenFed felt only we can do. 

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