The retail delivery of service for credit unions is undergoing a transformation. Technological breakthroughs in the financial industry are creating a seamless process for managing member relationships online, in the call center, and in any branch.
These technologies provide credit union members with a highly efficient process for establishing a new relationship with members or expanding an existing relationship. The new account opening process simplifies data gathering with intuitive user interface and extends service hours. It offers both deposit and loan products and complete integration with internal and external systems and processes.
With this service, order fulfillment is revolutionized and productivity is gained, errors are reduced, and customer satisfaction improves.
Once the applicant provides his or her information, the system manages the workflow for:
- Eligibility verification
- ID verification and ID authentication with out-of-wallet questions
- Compliance processes including Patriot Act and OFAC check
- Risk management - credit score and credit report analysis
- Account setup in core system
- Online funding to expedite deposits
- Business rules integration to identify sales opportunities
- Cross sell and up sell appropriate products
Additionally, the process supports the switching of financial relationships such as direct deposits, automatic payments, and closing of other financial institution accounts. For the applicant, the process is fast and convenient. For the credit union, overall cost savings and revenue growth opportunities are realized.
Multi-Channel Multi-Product Strategy
By creating a multi-channel strategy and deploying this seamless process through all delivery channels, (online, in branch, at kiosks, in call centers and on site at employer groups) efficiency can be dramatically improved and member relationships can be strengthened.
Instead of being limited by choice of only a few deposit products, credit unions will be able to offer members a full range of deposit products including CD’s and loan products. Credit unions may even register members for online banking services, bill payment service, insurance, and financial services.
Industry leaders have already realized the benefits of streamlining delivery channels and process improvements. Aligning front office and back end processes improves efficiency across the board. Branch representatives are spending less time on administrative tasks like paperwork, data entry, and manual verification, enabling them to pursue revenue generating activities such as cross selling. Complete integration of backend interfaces and compliance processes have reduced human errors.
A comprehensive view across all channels creates unprecedented opportunities to identify best practices and improvements.
- What products are selling better in which channels?
- What services are members buying?
- What is the next opportunity to cross sell and up sell in your member base?
- Are marketing programs bringing desired results?
- How much new account growth is in self service?
- How much funding is coming from accounts at other financial institutions?
- What loan products are more successful?
- What makes our branch representatives more productive?
- Are we the primary financial institution for our members?
With uMonitor solutions, credit unions now have a view of what drives deposits and what makes loans successful. This analysis is positioning them to stay one step ahead of the competition.
Looking for expertise for improving your delivery channels to drive incremental revenue and relationship results? Call uMonitor to learn more about its industry-leading New Account Setup and Online Funding solution. Check us out at www.umonitor.com or call 901-757-1212 x 118.
See you at the 2006 Government Affairs Conference.