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As consumers demand greater convenience and faster services, the online channel will evolve to provide all branch functions. You want to offer services that set you apart and attract new members.
How does your online channel measure up? Has it grown to be a true virtual branch?
Best Practices Evolving with Online Account Application:
Consider a new member’s first experience with your credit union when he makes an application to setup an account. Are you following the best practices in the industry?
Online Membership Automation Objectives:
Currently, a new member application is a time-consuming process for both the applicant and the branch or call center representative. The applicant must visit a branch or print, complete, and mail in forms. Then, this information must be manually entered into multiple systems by a representative. This process can be completely automated and carried out in real-time, online or in the branch or call center, offering faster service to your members.
Complete Back-End Integration
A common objection to automation of the account opening process is the concern for security. However, each new applicant must undergo stringent ID verification (including out-of-wallet questioning), guaranteeing the same level of security that a branch provides. Once an applicant provides his information, the following tasks are completed automatically:
The process also integrates a credit union’s business rules and offers online all the products available in the branch, allowing for effective cross-sell and up-sell.
How to Differentiate Your Credit Union with New Members
The final steps to your new member’s application process could determine what new additional relationships you may capture to improve your rating as the primary financial institution. Here are three areas to consider in your business strategy to push the right buttons with your new members:
There hasn’t been an alternative – until now. Today’s new technology innovations for automating the new member and existing member processes have become a reality with excellent results. The uMonitor solution is recognized by industry leaders for delivering highly dependable services to meet credit union requirements. Tom Sargent, CEO of FirstTech Credit Union stated, “To provide our members the very best service, we depend on uMonitor financial technologies.”
For more information on the uMonitor services highlighted above and how they can be implemented at your credit union, please contact Richard Whiddon, Vice President, uMonitor, at (901) 757-1212 x 118 or visit www.umonitor.com.
July 18, 2005
7/26/2012 04:10 PM
Very Timely Article
We are looking at solutions now. Great outline.
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