At this point, there are a lot of credit unions that offer digital services like digital account opening. Therefore, if you truly want to stand out in a crowd, your credit union needs to go above and beyond merely what is expected of you.
You must create the most straightforward, frictionless account opening experience for your members. One that is inherently engaging and that is safe as well. One that stands head and shoulders above what everyone else is offering simply because it strives to be better than the bare minimum.
Reveal the Key Ingredients to Successful Digital Account Opening NOW!
4 Best Practices to Optimize Digital Account Opening
#1 Be Objective
To get to this point, you must first start by objectively evaluating where you stand with any existing digital account opening capabilities that you are offering. You can ask yourself...
- What is currently working?
- What isn't as enjoyable as it could be?
- Which parts of the process take six steps that can be further condensed down to three?
- Is the interface easy to use?
- What are our members saying?
The answers to questions like these will uncover significant opportunities for improvement right before your eyes.
#2 Leverage Analytics
Another best practice involves resisting the urge to guess about what needs to be done and instead involves looking toward the data you already have. According to one recent study, the abandonment rate for online account opening is a massive 19%.
Look to your data analytics to see which parts of the process people are using as jumping-off points. Find out why and what you must do to fix them.
#3 Use Digital Authentication Whenever Possible
Finally, create a safe process and avoid fraud by putting digital authentication to good use. You need to obtain member data safely and accurately because this is one of the ways you build trust in a credit union/member relationship. Verify information such as bill payment history, income, and more to support these efforts. All the tools—and data—you need to accomplish this should be ones you already have.
#4 Review Every Touchpoint
In the end, remember that if you are to create a truly exceptional experience for all credit union members, you must pay attention to every touchpoint they might have—not just the ones in the "beginning."
Yes, it's true that you can only make one first impression. For some, that will come by way of opening a new digital account. For others, it may come elsewhere in the member onboarding process.
Elevate Your Digital Account Opening With FLEX
Focus on enhancing the quality of your digital account services like new account openings to align with your credit union's overall goals. Continuously optimize and measure for improved experiences, driving long-term success.
At FLEX, we help credit unions transition to a future-ready strategy. We improve new account opening processes and set the tone for positive member interactions. Our Digital New Account Best Practices Guide offers a structured, programmatic approach to building the most solid measurement framework that you can. Click the button below to download and find out more!
