The Pentagon Federal Credit Union has opened a new Availability Command Center to assure that the 100 million transactions it has with its members each month are secure and satisfying. PenFed CEO James Schenck says he is aiming for “five nines” availability, meaning the network would be available 99.999% of the time. That matters a lot to PenFed’s hyper-mobile clientele, which includes large numbers of warfighters and their families. The state-of-the-art command center is just the latest initiative Schenck has undertaken during his four years running PenFed aimed at positioning it as a best-in-class financial player. During that same period, membership rolls have increased 26% and assets 40%. Schenck figures that with 12,000 other financial institutions from which to pick, he has to give warfighters and their families a near-perfect experience every time to keep them coming back to the nation’s second biggest federal credit union. I have written a commentary for Forbes here.
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