When the experience offered by big banks grew cold and impersonal, credit unions went in the opposite direction, offering personalized services and a level of care that members just couldn't find elsewhere. Over the last few decades, this approach has extended to how credit unions are utilizing technology. Mobile and digital services have become a common part of their offerings.
However, when legacy core systems make it hard (or in some cases, outright impossible) to innovate, how can credit unions continue to modernize in a way that allows them to stay competitive? Thankfully, the opportunity to break new ground is still there, and digital account opening is a prime example.
Bring Digital Account Opening Services to Your Credit Union TODAY!
Why Digital Account Opening Matters
When legacy core systems make it hard (or in some cases, outright impossible) to innovate, how can credit unions continue to modernize in a way that allows them to stay competitive? Thankfully, the opportunity to break new ground is still there, and digital account opening is a prime example.
The Power of Digital Account Opening for Credit Unions
There was a time when digital account opening was reserved for large financial institutions with significant technology budgets. Today, solutions exist that level the playing field, making it possible and straightforward for credit unions to implement. Some core systems have digital account opening built right in, allowing a credit union to hit the ground running immediately.
Meeting Member Expectations
Success depends on your credit union's ability to provide the fast, end-to-end digital experience that members crave. They value digital account opening because it is faster and more efficient. What formerly took days and an in-person trip to the bank can now be completed in minutes online.
However, your credit union needs to handle critical parts of the process, like ID scanning and authentication, with grace. These steps are necessary to prevent fraud but must be implemented efficiently to avoid delays.
Embrace the Future Today
According to a recent study, about 25% of consumers prefer to open new accounts online or through a mobile application. However, their current financial institution doesn't offer that option. By embracing innovation and offering digital account opening, your credit union can fill this need and stand out from larger competitors. This is crucial as more competitors appear all the time.
Steps to Implement Digital Account Opening: A Brighter Future Begins Now
We know--it sounds easy, right? Just start offering digital account opening! For some credit unions, it's not a simple process, especially with legacy core systems or multiple providers. Ideally, your credit union should use a core system with digital account opening built right in, like FLEX.
Digital account opening is just one example of how credit unions can innovate to enhance the member experience. Examine every part of your credit union's onboarding process with the same level of care to truly make the impact people expect.
At FLEX, we've authored an eGuide that goes into more detail about this. Click the button below to read it and get started!
