A thoroughly planned member onboarding strategy is important to a credit union's success. It is the honeymoon period of your relationship where during the first few months you show a new member they made the right choice by selecting your credit union. The first key step of that onboarding process is account switching. Change is hard and you need to make it as easy as possible from a member experience perspective. Digital Account Switching is the answer.

Understanding Integration

Recently, we discussed why open banking, enabled by an open API (application program interface) platform, is the direction so many core providers need to be going. Having all of the data flowing through a single "brain" not only provides insights for the members but efficiencies for the branch as well. Digital account switching should be integrated in this same way for maximum efficiency. It makes changing financial institutions easier by switching members' recurring payments from an old account to a new one. This unique member onboarding technology automates, streamlines and simplifies the process of switching financial institutions. For FLEX, we chose to partner with ClickSWITCH as an account switching provider. 

What is ClickSWITCH?

ClickSWITCH is a unique account holder acquisition technology for financial institutions that simplifies the process of bringing new account holders onboard by quickly, safely, and efficiently switching their recurring payments from their old accounts to new ones. Based in Minneapolis, Minnesota, the company’s industry-leading solutions help clients to increase account holder acquisition and activation rates, engage during onboarding, and cross-sell products to capture full profit potential. ClickSWITCH is a technology leader delivering world-class solutions to financial institutions of all sizes.

One FLEX customer, Jose Ramos (CIO of the Florida-based Railroad & Industrial Federal Credit Union), said of the integration:

“Our primary aim with this integration is to make the process of switching accounts easier for our staff and members. We chose to deploy ClickSWITCH leveraging API technology, that way our staff won’t need to log in to a separate platform or retype any of the member information because it is already in the core system.”Ramos Continued, “Prior, we were using a PDF switch-kit workaround but when we saw the ClickSWITCH solution we said, “that is exactly what we need!” The product is up-to-date with technology, easy to use and fast. ClickSWITCH is a proactive solution which empowers us to assist members while they are with a member service representative rather than sending them home with instructions; which, historically, are rarely completed.”