Michigan State University Federal Credit Union (MSU FCU) were motivated in their need for a more efficient and responsive collections solution with the changing landscape.
It was in their desire to explore alternatives in the industry when they stumbled upon AKUVO and their collections platform. This case study dives into how the implementation of AKUVO's modern, cloud-native, collections platform transformed MSU FCU's operations and exceeded their expectations.
Megan Curtis, Vice Present of Credit Risk at MSU FCU, was inspired to look for a collections solution to replace MSU FCU’s existing system to increase efficiency and provide new functionality to better align the organization with goals for the future.
After discovering the AKUVO Platform, Curtis was impressed not only with its ability to efficiently support day-to-day collections activity, but also with its unparalleled data and analytics features. She noted that the platform went beyond being just a collection system, emphasizing its value in the industry, particularly in data analytics.
MSU FCU was delighted with the communication and support provided by the AKUVO team throughout the sales and implementation process. The project management at AKUVO ensured that MSU FCU was well-informed at every stage of the project.
Curtis underscored her appreciation for the AKUVO team.
“The team's willingness to pick up the phone for quick conversations and their timely responses in other channels demonstrated a commitment to effective communication, building a strong relationship with MSU FCU.
Megan curtisVP of Credit Risk
Leading up to the go-live date, MSU FCU found the testing calls and the team's availability invaluable.
According to Curtis, "The devotion of the AKUVO team to ensuring a smooth implementation process was second to none, allowing us to support our teams appropriately throughout the transitions from implementation, to go-live, and beyond."
Post go-live, MSU FCU experienced significant efficiency gains with AKUVO’s managed services package - which allows MSU FCU to use AKUVO’s resources to manage the system.
Curtis highlighted the shift, saying, "Now, with all inclusive our IT team or system admins can focus on other things. Tasks like provisioning access to a new user or making a configuration change, which used to take significant effort in-house, are now streamlined with just an email to AKUVO’s Loyalty team."
Within a couple of days being live on the Platform, the MSU FCU collections team expressed immense delight in the platform’s ease-of-use and power. “Almost immediately, they felt like they were able to work accounts more quickly and efficiently than they could have previously,” stated Curtis.
Curtis highlighted other instances where the benefit of AKUVO was recognized in day-to-day activities. “Our specialists are loving the automation of letters. We can now batch process those, freeing up time for our specialists to focus on their work.”
“We have found some very quick wins and efficiencies and we know that there will continue to be more as we continue using AKUVO’s Platform,” Curtis continued.
MSU FCU expressed satisfaction with AKUVO's commitment to continuous improvement. The AKUVO Platform, being 100% cloud-native, is immensely easier to maintain than on-prem solutions. Frequent over-the-air releases, that take place outside of working hours, also allow MSU FCU to take advantage of new features without any down-time or upgrade projects.
AKUVO’s expansive, and rapidly growing, library of connectors was an added bonus for MSU FCU as they continue to leverage and adopt new technologies to enhance internal and external experiences.
“Every release brings new features, and the AKUVO team is responsive to our requests. The quick turnaround on adjustments, improvements, and prompt resolution of tickets exceeds our expectations.
Megan curtisVP of Credit Risk
Curtis and the MSU FCU team felt, and continue to feel, properly supported by the AKUVO team.
Curtis shared, “The speed at which tickets were addressed, sometimes within the same day, was notable and contributed to an overall positive experience for MSU FCU.”
Having been fitted with a truly modern collections platform that is future-ready, and a team of experts to configure and administer the system in all inclusive, the entire MSU FCU team felt as though they found the missing piece to elevate their organization to the next level.
MSU FCU's transition to AKUVO's Platform proved to be a game-changer, with Curtis noting, "The partnership between MSU FCU and AKUVO has not only met but exceeded all expectations, providing a seamless and positive experience for the credit union and its members."
The platform's modern features, combined with AKUVO’s fantastic all inclusive model, exceptional communication, support, and the Platform’s continuous improvement, led to significant efficiency gains, an incredibly positive reception from MSU’s specialists, added confidence across the organization, and a credit union that is now fully equipped to adapt with the future.