Regardless of how you look at it, enabling digital account opening for credit unions brings with it a number of distinct benefits, all at the exact same time. For starters, it creates a more satisfying experience for members--particularly those who are a part of the younger generations. These people want to bank wherever they want, whenever they want, and however they want. They increasingly use smartphones and other mobile devices to do it and digital account openings are a natural part of that.
Digital account opening can also help to streamline processes in a way that reduces work for back office employees, too. But at the same time, security must remain a top priority. That's why technologies like identity verification will play a critical role in your offerings, helping to prevent fraud, among other potential issues.
Reduce Fraud at Your Credit Union: Learn About ID Scanning Tech NOW!
Steps to Building a Better Digital Account Opening
Ensure Quick and Accurate Verification of Documents
Your digital account opening solution must have the capability to swiftly and accurately verify the validity of any government-issued ID or other documents uploaded during the process. This includes...
- Driver’s licenses
- Passports
- Other forms of identification
This feature is crucial for creating a smooth and secure experience for your members.
Automate Due Diligence Checks
Automating due diligence checks when collecting data from sources like third-party credit bureau providers is essential. This not only benefits your staff by streamlining the application process but also enhances the experience for your members.
Automation helps create a faster and more efficient application process while ensuring compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
Invest in a Secure Digital Account Opening Solution
Any digital account opening solution you invest in should prioritize both a frictionless user experience and inherent security features. By focusing on these core aspects, you can provide a seamless and trustworthy account opening experience for your members, ensuring their data is protected throughout the process.
The Power of Identity Verification
Enhanced Security Through Biometric Processes
One of the most critical aspects of security is digital identity verification. Modern solutions often utilize biometric verification processes, which link the applicant to the photograph on their ID document.
This method not only enhances security but also creates detailed audit trails, which are invaluable for investigating fraud or suspicious activity. By compiling all relevant information into a single evidence package per applicant, it ensures that necessary information is readily available.
Streamlined Account Opening Process
Although implementing this type of identity verification might slightly extend the digital account opening process, it significantly streamlines what was once a frustrating experience.
Previously, members had to gather extensive paperwork and visit a branch in person for identity verification.
Now, they can enjoy a simplified, efficient process, fostering long-term loyalty and supporting the overall growth objectives of credit unions.
Modernizing Credit Union Onboarding
For credit unions, this transition means abandoning complex, paper-based onboarding methods in favor of a system that meets modern expectations. This evolution not only enhances member satisfaction but also aligns with the contemporary needs of both the institution and its clientele.
Bring an Efficient ID Verification Process to Your Credit Union
At FLEX, we understand that while onboarding your members quickly is always a top priority, it can't come at the expense of both security and compliance for your credit union. That's why we've recently authored a helpful guide that talks about these ideas and more, all while going into more detail about our own FLEX ID Scan option that uses character recognition and related technologies to capture details faster and streamline applications across the board. To find out more information, click below to get started.
