Bloomfire Helps Top Credit Unions Optimize Search Functions and Build Out Knowledge Gaps
“The feedback that we have received has been great! It’s easy to use, it’s easy to navigate, and it’s providing users with the information that they need.”
A well-known community-focused financial institution that serves over 213,000 members and manages assets worth $4.95 billion uses Bloomfire as its knowledge management platform. By enhancing search functionalities, Bloomfire decreased information retrieval time, leading to improved user and customer experiences. Another major credit union uses Bloomfire across more than 70 locations, catering to a whopping 800,000 members, with assets over $10.5 billion, and under the watchful eye of the NCUA. Bloomfire has yielded very successful year-over-year improvements, delivering impressive customer outcomes for our credit union partners.
Challenges faced by Credit Unions
In one example, the credit union was using a home-grown system and had outgrown its capabilities. They began seeking a solution with enhanced AI capabilities, particularly in search functions. The existing system lacked comprehensive content indexing, necessitating manual tagging for content categorization. This limitation meant that accessing relevant documents relied heavily on searching for exact titles. The considerable time spent searching for answers, processes, or procedures to support members often exceeded an hour. The arduous task of information retrieval emerged as a critical challenge, leading to inefficiencies. The substantial time invested in searching for information resulted in either unsuccessful searches or retrieval of outdated and inaccurate data.
In another example, Improving the authoring experience was an urgent need. In this case, they were looking to leverage content creators to improve curation, boost visibility, create more impactful content, identify and build out knowledge gaps, and create and tag posts to help direct users to external resources or escalation pathways.
Solutions for Credit Unions
It’s possible to implement an enterprise-wide knowledge management system (KMS) that includes robust search capabilities and AI tools, significantly reducing search times right from the beginning like one of the Credit Unions chose to do. Another opted instead to expand its platform usage to encompass the entire enterprise over the course of three years, establishing it as a central knowledge resource for various teams with successive roll-outs for each business group. Each successfully leveraged Bloomfire’s features to enhance curation, increase visibility, and generate more content.
“It’s definitely, a huge win for us to partner with Bloomfire to see that they’re willing to help us get from point A to point B and five years from now all the way to Z.”
The Results
For one of these credit unions, users experienced a noticeable improvement in efficiency and ease of finding documents using Bloomfire, saving time and preferring it over previous knowledge retrieval processes. Bloomfire not only modernized the experience for their staff but also for their members. Meanwhile, another financial institution saw significant year-over-year improvements in its monthly average call volumes, abandon rates, and annual time savings, demonstrating substantial operational improvements.
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