Solution Helped Reduce Branch Overtime by More Than 86 Percent in
First Year; Continues to Improve Workforce Scheduling Across Branch
MELVILLE, N.Y.--(BUSINESS WIRE)--
Systems (NASDAQ: VRNT) today announced that American Eagle
Federal Credit Union (AEFCU)--a 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
"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
"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® (NASDAQ: VRNT) 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.
Learn more at www.verint.com.
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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Candace Flynn, 303-254-7152
Verint Systems Inc.
Source: Verint Systems Inc.
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