UMassFive

Challenges and Goals

Addressing Employee Turnover with Centralized Knowledge

UMassFive College Federal Credit Union, deeply rooted in cooperative values, is dedicated to making a positive impact on the financial well-being of its 49,000 members. With six branches and a full-service contact center, UMassFive strives to uphold its high standards. However, to continue delivering exceptional service, the credit union faced challenges related to fragmented knowledge management and employee turnover, which were straining staff and revealing inefficiencies in outdated systems.

Kristina Smith, AVP of Retail Administration, highlighted the issue: “If everyone owns the content, then no one owns the content. Although we had a platform in place, it was outdated and lacked crucial information, leading to ineffective use. This lack of reliable knowledge created operational bottlenecks, contributing to longer wait times for members and increased staff frustration.”

Recognizing the impact on both employee satisfaction and member service, UMassFive’s leadership initiated an employee feedback survey. The results were clear: staff needed better tools and resources to perform their jobs effectively. Kristina reflected: “It was clear from the employee survey results that we needed to reset and focus our support system, particularly for our frontline teams.”

This insight made it evident that to restore efficiency and improve employee morale, UMassFive needed a comprehensive overhaul of its knowledge management system.

The Solution

Strategic Overhaul with Enhanced Knowledge Management

Faced with the pressing need to address the challenges identified through employee feedback, UMassFive took decisive steps to fully leverage and optimize Engageware’s Employee Knowledge Management. The Credit Union’s leadership recognized the need for a robust and enhanced centralized knowledge management strategy to streamline operations and support frontline employees, leading to enhanced member service.

Gaining internal support and securing leadership buy-in were the first steps. Recognizing the critical role of knowledge management, UMassFive’s senior management prioritized it strategically, enabling the hiring of a dedicated content editor—an essential move for success.

With leadership on board, the focus shifted to frontline staff. The system´s knowledge base was tailored to provide accurate, up-to-date information, designed specifically for retail teams.

The collaboration ensured the system was aligned with UMassFive’s needs and easy for employees to adopt. UMassFive also emphasized staff adoption through continuous communication, training, and engagement. Engageware’s ongoing support throughout the process was instrumental in not only addressing immediate challenges but also laying the foundation for long-term success.

The Results

Consistency and Reliability in Information Delivery

One of the most significant outcomes of the new knowledge management system was the consistency and reliability it brought to information delivery. Centralizing content and establishing clear management guidelines ensured that all employees accessed the same accurate information, delivering a seamless experience to members across all channels.

Kristina Smith emphasized, “Having a single source of truth has transformed how we deliver information to our members. It’s reliable, it’s accurate, and it’s consistent—across the board.“ This approach fostered a culture of continuous improvement, with employees encouraged to provide feedback and suggest updates, keeping the knowledge base current and relevant.

Increased Efficiency and Reduced Call Handle Times

Thanks to the new knowledge management system, UMassFive College Federal Credit Union saw a substantial increase in operational efficiency. By centralizing and streamlining access to information, the time staff spent searching for answers was drastically reduced. This improvement was particularly evident in the Credit Union’s contact center, where average call handling times decreased significantly.

The ease with which employees could now find accurate, up-to-date information meant that member inquiries were resolved more quickly, leading to faster service and increased member satisfaction. This led to a 170% increase in system usage, focusing on quality over quantity.

Kristina Smith reflected on the results: “This showed us that focusing on quality over quantity was the right approach.” The reduction in search time not only allowed staff to handle more calls but also improved the quality of those interactions, as employees were no longer bogged down by outdated or incomplete information.

Employee Engagement: 75% of Employees Report Improved Job Performance

The new knowledge management system, drove positive results for both employee and member engagement. With reliable and accessible information, employees felt more confident and empowered, leading to better member interactions. The improved work environment contributed to reduced employee turnover and a more effective onboarding process.

The impact of the new system was also evident in the onboarding process with a clear, user-friendly knowledge base at their disposal. The structured, easy-to-navigate content also allowed new hires to get up to speed quickly, making their transition smoother and faster. “We have fast-tracked our onboarding process. New hires can now learn and access what they need right away, making their transition smoother and faster.” 

How to Drive Success in Credit Unions

UMassFive’s journey provides valuable insight for other organizations. Based on their experience, they recommend financial institutions: start with small improvements, secure top-to-bottom support, have a dedicated team, and ensure a well-structured process.

UMassFive’s experience highlights the significant impact of a well-executed knowledge management system, emphasizing the value of a strong vendor partnership that delivers tangible benefits to leadership, employees, and members alike.

About UMassFive College Federal Credit Union
Founded in 1967, UMassFive College Federal Credit Union is a not-for-profit financial cooperative that proudly serves over 49,000 members across Western Massachusetts. With six branches and a full-service contact center, UMassFive is dedicated to fostering financial well-being through a member-first approach. Rooted in cooperative values, UMassFive is committed to delivering personalized financial solutions that reflect its deep ties to the community, ensuring that members achieve their financial goals with confidence and security.