Q: What is the biggest industry in the US economy that isn’t an industry at all?
A: Mergers and acquisitions.
It’s estimated that during this past year, the net value of all M&A activity in the US was about $2.9 trillion. Trillion with a “t,” which stands for twelve zeros.
For those of us in the financial services industry, we know all too well what’s happening all around us. Just this past month, two major credit unions announced they are moving forward with their announced “merger of equals.” The combined membership of Wings Credit Union (based in Minnesota) and Ent Credit Union (headquartered in Colorado) will total just under a million members.
The biggest US banking merger this past year was when Florida’s SouthState Corp acquired Independent Banking Group of Texas in a deal valued at over $2 billion.
In fact, during 2024 there were over 160 credit union consolidations, and 125 announced banking M&A deals. And while you (as a customer experience or contact center leader) likely have zero control over whether your organization is planning to merge, acquire or get acquired, your role in ensuring a seamless transition is more critical than ever.
The Truth About M&A and Customer Interactions
Those who’ve been through a merger scenario almost universally report it creates a massive surge in customer interaction volume, with a duration that lasts (unfortunately) far longer than they were anticipating. The impact on member trust and loyalty during this period can’t be overstated – it’s a make-or-break moment for relationships that may have taken years to build.
The average increase in call volume throughout a merger or acquisition is between 25-50%—with a duration lasting from 3 to 6 months. Typically the elevated call rate starts to decline from there, but doesn’t return to pre-merger levels until at least the whole first year has passed. During this critical period, members are watching closely to see if their financial institution can maintain the level of service they’ve come to expect.
Bottom line: If your organization is planning a merger or acquisition, there’s going to be significant disruption and it’s going to get busy. But more importantly, it’s an opportunity to demonstrate organizational readiness and build deeper trust with your members. The key lies not just in preparing for increased volume, but in transforming how you deliver service.
The Traditional Way to Prepare Your Contact Center for M&A (and Why it Won’t Work)
There’s a whole playbook for what financial services companies typically do to minimize the tumult caused by M&A, and each of these things makes total sense:
- Early and frequent communication with customers
- Set clear expectations and timelines
- Dedicate resources to providing information across all channels
- Document everything
- Clarify any changes in charges, processes or procedures
- Ensure no customer can say “you didn’t tell us about this”
- Fortify the front line
- Increase staffing at contact center(s) and branches
- Constant training/retraining as new, unexpected issues arise
- Extend customer service hours to 24/7 service
The problem with this playbook, however, is that it fails to address the fundamental issue that will only be exacerbated in the event of a merger – disjointed, disconnected customer interactions that create unnecessary high effort experiences and disloyalty. When members need to repeat information across channels or experience inconsistent service between locations, it erodes confidence in the merger process itself.
If your organization is still clinging to a siloed channel-centric model with separate teams handling phone calls, digital interactions and virtual assistance, then no matter what you do to try to prepare for the impending onslaught, it will never be enough.
The Time To Prepare Your Contact Center is Now
All too many leaders and executives live by the philosophy that the time to make systematic changes in their customer support operations is “after the dust settles.” And whether that “dust” is a merger, a core conversion, a major system upgrade or any other disruption, the unfortunate reality is that the dust never settles. Waiting for the perfect moment means missing the opportunity to create immediate value for members during the transition. The reality is that organizations that unify their interaction channels before M&A activity see dramatically better outcomes – including 20% reduction in Average Handle Time and a 62% decrease in Average Wait Time, all while experiencing a surge of interactions.
This phenomenon alone is a primary argument for why organizations that still rely on siloed channel-centric models are making a huge mistake by waiting to modernize their operations. The ability to deliver seamless, personalized experiences from Day one of a merger – even while backend systems are still being integrated – isn’t just about operational efficiency. It’s about showing members that their experience remains your top priority.
Building Resilience Through Unified Interactions
By unifying all aspects of digital and voice interactions into one seamless platform that allows you to optimize both human AND AI interactions, organizations can build a resilient contact center–one that will support growth and scale effortlessly as your organization evolves.
This unified approach streamlines processes and promotes operational efficiency while reducing risk through better security and compliance monitoring. Most importantly, it creates a far better experience for customers who see a sophisticated, professional organization ready to serve them consistently across all touch points.
Face it, any big change you make to your brand, identity and operation puts you at risk of increased customer disloyalty and churn. That’s precisely why modernizing your interaction platform isn’t just about preparing for M&A – it’s about future-proofing your organization for whatever comes next. The time to begin unifying your customer interactions isn’t after the dust settles – it’s now, before the next wave of change arrives.
Not sure if your contact center is up for the M&A challenge? Schedule a demo to see how The Glia Interaction Platform’s ChannelLess® Architecture can help.
