As a credit union (CU), you want to offer your members the highest level of financial services, including seamless onboarding. Although you might already have an efficient digital banking system, it won't matter unless you attract and retain new members. To help your CU, let's explore several ways your credit union can go from average to excellent in onboarding and member growth in 2022.
The Need for Onboarding Improvement in Credit Unions
Only 21% of U.S. credit union members said opening an account was difficult. Still, if your CU wants to remain competitive, you'll need to make further improvements. A quicker, simpler onboarding process will prevent prospects from deserting their applications and make a great first impression on new members. So what exactly can you do to streamline member onboarding and boost your ROI? Take a look at the following tips.
- Compile Documents Using Automation
New member onboarding requires due diligence, which usually ends in credit unions asking for additional documents as prospective members open an account. This can be a timely task that can be streamlined with an efficient automated digital workflow. These workflows can examine a member's profile and alert CU employees when there is a need for a specific document.
- Provide Valuable Human Interaction
Don't allow automation technology to replace service from a friendly representative. Although AI and machine learning surely help make lives easier, members will still appreciate one-on-one assistance over the phone. Also, ensure that your software lets your CU staff and members see their applications and work on them together simultaneously to problem-solve more effectively. And after people become members, your staff will actually have the time to talk to them about special discounts and other sought-after services to nurture the relationship.
- Utilize the Latest Technology
Contrary to popular belief, technology isn't the enemy of a customized CU member experience. In fact, the most successful credit unions adapt to the evolving digital world and invest in software that makes opening an account faster and easier for their members. Dedicating a single platform to onboarding will simplify application submission and the collection of e-signatures, and result in better member satisfaction.
- Allow for Immediate Identity Authentication
Make sure that your members can easily use their cell phones to verify their identity when needed, no matter where they are located. An easy way to do this is to send a text message to the member with a link that uses photo-matching software. Once they click the link, they will enter a virtual session where they will upload a picture of themselves and their ID. This verification process can stop fraud while also offering a convenient experience for the member.
- Implement Conditional Logic
Every CU has specific requirements for approving new members, such as location and other affiliations. That being said, credit unions should ensure that their initial member form incorporates automated triggers that cause specific fields to appear or disappear. Applying conditional logic to new member applications can help you decide applicant eligibility quicker, saving time for both credit union staff and applicants.
Exceed Expectations With Smooth Onboarding
Member onboarding is your chance to set the stage for the duration of a person's membership. Credit unions can create a more enjoyable member experience by investing in technology, implementing automation, and providing a caring and accessible team. Here are some best practices to help you smooth out your process:
Regardless of the specific services they use, their first wonderful experience with you will build trust and respect, resulting in a more positive relationship moving forward. To give you full the member onboarding picture, also download the FLEX Member Onboarding eBook to learn how implementing a strategic onboarding plan will increase efficiencies while improving new and existing member satisfaction.