Onboarding Best Practices for Long-Term Success

By Preston Packer |

May

26

Member onboarding is the process of teaching new members what tools and services are available to them now that they are part of the credit union. Could that be executed in a one-and-done printed booklet you could just hand them? Probably. But, an effective onboarding program does a lot more than just share some information. It allows the credit union and the member to develop channels of communication and a relationship that is more than just business to customer. Here we discuss four best practices that can help do just that.

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5 Secrets of Successful Member Onboarding

By Preston Packer |

May

20

While it's no secret that member onboarding is a critical stage in credit union membership, how to do so effectively is a far lesser known. Here we outline five tried and true keys to a successful member onboarding process.

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Digital Onboarding is a Lot Like a Long-Distance Relationship

By Preston Packer |

May

14

 

The early days of a relationship, affectionately called the honeymoon period, are full of excitement and new experiences, along with a constant exchange of nonverbal cues that we use to assess how it's going and whether we think we want to spend more time with this person. But what if you met this person online? Or you started dating and one of you moved away? All traditions are out the window while you navigate a new plan. Does it mean romance is no longer required? No! You pivot the process and find new ways to connect. Your digital member onboarding is a lot like a long-distance relationship. You know exactly what steps to follow to onboard new members in-branch, but what about your ever growing remote memberships? If you want these relationships to last, you better start planning how to woo them or they will be over as quickly as they started. Here are five keys to building a digital member onboarding program that solidifies a lasting engagement between member and credit union.

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The Future of Member Onboarding

By Preston Packer |

May

12

Picture this: A man walks into a Gap store and his eyes are immediately scanned to identify him. The hologram in front of him then greets him by name and asks if he enjoyed the tank tops he recently purchased. If this sounds familiar, then you're most likely remembering this scene from the movie, Minority Report (which is based in the year 2054). When the movie came out in 2002, that scene seemed wildly futuristic, but in 2020, it feels like that encounter is just around the corner--a frictionless experience with the goal of every interaction being tailored to the user without any extra effort on their behalf. So where does the credit union user experience stand in relation to those futuristic portrayals? Some credit union onboarding services that once seemed space-aged are already available, while some are still on the someday list.

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Great Member Onboarding Creates Relationships that Last

By Preston Packer |

May

06

First impressions are important. They stick with you. You base all future interactions in contrast to that first one. It's said that a first impression is based 93% on what we experience and only 7% on the actual words we hear, so that experience is critical. After you sign on a new member, your courtship isn't over. Member onboarding is part of that first impression. It's not just about your marketing to sell them on your products. It's an opportunity to set expectations, to educate on how to use the tools you've provided them to manage their accounts, find the information they need, apply for loans, etc. This is your opportunity to prove that they've made the right choice by choosing your credit union. Both your intentional and unintentional efforts will be folded into this impression, so developing, and executing, a thorough onboarding strategy is a smart play.

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5 Ways to Have Your Members' Back

By Preston Packer |

Apr

30

Around the world, people are choosing to keep their distance from each other. They're foregoing family visits and hangouts with friends. They're cancelling parties, skipping inessential shopping, and delaying trips. In any other situation, it could be seen as selfish and probably rude. But in this time of crisis, it's really an act of great care. While there is no actual law forcing them to stay home, they're doing it because they are helping protect those that are more likely to suffer from this disease. It's an act of love. It's a way to show each other that we care, that we have each others back.

Businesses are showing support too. Stylists are sharing videos to help clients cut their own hair. Gyms are streaming popular classes so members can keep up with their fitness routines. Restaurants are sharing their secret recipes so patrons can cook their favorite dishes from the safety of their homes. Businesses are finding ways to help their customers because it's the right thing to do--to support each other. So what can your credit union do to show your members you are there for them, even when you can't actually be there for them? We have a few ideas.

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What to Do When Lobbies are Closed

By Preston Packer |

Apr

28

Through no choice of their own, credit unions across the country have been forced to shutter their doors, left struggling with the "now what?" conundrum of trying to continue serving members with the same dedication and personal service as always. Members are traveling on a high-speed learning curve of how to accomplish their to-do lists, while not actually going anywhere. New services and options are popping up everywhere. COVID-19 has pushed companies--and people--to adapt quickly and try new things. The adoption curve is being forced to shift, and now is the time to show members that you already have the services they need.

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The Upside of Digital Lending

By Preston Packer |

Apr

22

There's no ignoring a new brand of competition making a "rocket" fast rise in popularity: digital lenders that provide an exclusively online loan experience. The Global Digital Lending Platform Market size is expected to reach $11.6 billion by 2025, and CUs would be remiss if they passed on the chance to grab a piece of that. One could argue that this could mean bad news for credit unions, who sometimes have more limited resources compared to the big banks or larger FIs. Fortunately, many CUs and their technology partners have been preparing and innovating for years making the digital playing field a familiar realm.

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Member Onboarding when Branches are Closed

By Preston Packer |

Apr

16

We are in uncharted territory as a result of the COVID-19 spread in the US. Depending on the state, your credit union is likely modifying normal daily operations to allow for safe social distancing, or in states like New York and California, closing branches completely for the foreseeable future. But, in this time of financial uncertainty, many Americans will be looking to their financial institutions for guidance and options. We know that a key piece of a long-term member/CU relationship lies in the first few months, so it's important that we adapt and show new members we are there for them now and in the future. How can we do this without those in-person interactions we rely on? We rely on our technology and our people.

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Frictionless Payments in a Friction Filled World

By Preston Packer |

Apr

14

From blisters to brake squealing, unless you're trying to start a fire, friction is rarely a good thing. Friction, as a force, works directly against motion. This type of interaction is becoming a very popular reference when it comes to user experience, or how consumers interact with your products and services. People are busy, people are on the move, and anything that slows them down runs the risk of being abandoned and a better solution being sought. The same can be said for payments. If your members feel that they have to take more steps than necessary to transact with your credit union, then they will look for financial solutions elsewhere. So, how can you reduce friction for your members?

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