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One of the many “buzz” technologies in credit unions these days continues to be the promotion and use of online enrollment tools that make it easy for someone in cyberspace to become a member of your organization with a few simple clicks. In fact, most recent technology surveys indicate this is high on the list for most organizations that have not already invested in online enrollment tools.
But let's get back to reality, shall we? When you make this investment, what portion of your membership growth do you really think will occur online? My guess is that if you get more than 20% of your new members each month you are doing pretty well – and even very technologically-savvy credit unions that really push online enrollment rarely do more than 30% of their new memberships through this channel.
Sure, online enrollment is an important technology designed to capture the market that won't walk through your door. But what have you done to invest in the 80% of your enrollment activities that happen the old-fashioned way – face-to-face? If you haven't asked yourself this question in a while, here are a few simple questions to help you assess whether you might be a candidate for some improvement in this traditional area:
I recently hosted a visit by some credit union executives at one of our client sites to review how some of the software tools we build are being used in real life. During the overview, the client sat down to process our new membership application based on a paper form that had been mailed into the credit union. When she completed the process, the visitors were ecstatic that it had taken just under 10 minutes to enter the information, do all the background checks, and create the membership and account records on the host processor – all while explaining what she was doing along the way. The visitors then went on to explain that those same steps often take 30 or 40 minutes in their organization today.
That kind of savings is what I'm talking about. With up to 80% of new memberships still being processed through your branch, it's still vital to address this population to ensure their happiness and your credit union's growth is secure with an efficient application process. Streamlining your not-so-online enrollment processes can also save you serious bucks in labor. Not to mention the most important part – your new member probably didn't really want to sit there for 40 minutes waiting on you to get the job done either.
For more information on enhancing the efficiencies of your traditional membership application process within your branches, feel free to give us a call at 317.612.3350 or visit us online at 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 email@example.com or 1-800-446-7453.
March 10, 2008
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