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By Bluepoint Solutions
Newly published data from Celent shows that 80% of DDA, savings, and non-mortgage loan accounts originate in a physical branch. Credit unions may rightly wonder if digital is as important as everyone keeps saying it is, or if it’s a “me too” competitive offering that will never be fully used.
It’s a meaningful question for credit unions, which have invested significantly in digital offerings and are ahead of the pack among financial institutions in website account opening. You’re not just inviting new members to start the process online, 81% of you — according to the latest Digital Banking Report — already offer or plan to offer complete account opening online within a year.
This landscape is changing fast, and things aren’t always what they seem.
Five powerful recent indicators point to the strength — and urgency — of keeping the focus on digital membership acquisition.
More prospective members are finding and applying for credit union accounts through digital channels every year. To the extent that their experiences are insufficient or unacceptable, success rates will continue to be impeded, and branches will play the lead role in account growth.
The pressure toward the digital channel is only going to increase, and it will only benefit institutions that do it well. This means, first, capturing the consumers who are ready to make decisions online, and second, moving them quickly, efficiently and entirely digitally, all the way through completion. The rewards for pursuing digital excellence are a compelling reason to keep the focus on digital solutions.
Bluepoint Solutions invites you to attend an upcoming one-hour webinar featuring Celent Senior Analyst Bob Meara, “High-Uptake Digital Account Opening: How To Get There Now.” Register now and get full details here.
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.
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