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Many credit unions focus on providing a variety of services to attract, retain and increase membership. One increasingly common service is online account opening. A substantial number of these credit unions believe that providing online account opening will automatically equate to new member growth. Although the streamlined process of online account opening offers many benefits, in order to reap the full rewards of the new software available, credit unions need to incorporate the streamlined account opening process to in-house operations as well.
First, let’s look at some of the typical in-house challenges credit unions face when opening accounts and memberships today:
So what can be done to overcome these challenges and allow for your credit union’s staff to become more efficient and productive in the account opening process?
In the end, measure the process. Like almost all things managerial, you cannot learn how to improve it if you cannot measure it. For instance, how long does it take an applicant to become a member online from start to finish? How long does the same process take in-house? What portion of your new members apply online vs. in the branch vs. via mail? How many of your applications become exceptions? And for what reasons does this occur?
Why is all this important? You obviously want to furnish a smoother and faster process for the member, rather than frustrating them by asking them to answer the same questions or fill in the same information on multiple forms. You want to provide them with the opportunity on their schedule and make it easy.
For your credit union, you must reduce errors and increase consistency in your account opening process. With today’s member account opening software solutions, you can achieve error reduction and consistency enhancements with your decision-making. As a result, you can process more applications with fewer staff involved. And with many online applications, you can process account openings without any human intervention at all, which eases the workload for everyone.
It’s easy to assume that online account opening leads to new member growth. But you need to consider how any new processes will affect your staff. Many credit unions are turning to online account opening solutions, like fiVISION’s accountWORKS, to alleviate staff frustration from having to enter identical data in multiple systems. This solution, one of many in fiVISION’s CRM product suite, automates mundane applications and focuses staff on the challenging tasks, which are more stimulating and rewarding for them. With this software solution, your credit union’s operations will be more efficient, more productive, and less costly — all of which equate to enhanced member satisfaction.
For more information about fiVISION’s accountWORKS account opening solution and its other CRM products, visit www.fiVISION.com.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at firstname.lastname@example.org or 1-800-446-7453.
January 30, 2006
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