Reduce Friction for New Account Opening with this Checklist

By Preston Packer |

Sep

01

Every time we talk about adding new services or planning for member onboarding improvement, the goal is to "reduce friction." This means when someone is trying to accomplish a goal, you help them achieve it with as little resistance and as few steps as possible. You want the experience to be easy. This is especially true during account opening as it can set the expectations for the member experience moving forward. Here is a quick reference on what a member will need and an explanation of why you need it.

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Onboard with Ease Using Digital Account Switching

By Preston Packer |

Aug

20

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.

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Get Member Onboarding Right, or Else

By Preston Packer |

May

28

While many credit unions have experienced the cost savings that come with having digital-only members, CUs are simultaneously sabotaging those perks by neglecting to treat these members with the care that an in-branch member would receive. This lack of personal attention is leaving new members less satisfied and therefore more likely to take their money elsewhere. Just because they are interacting with your branch in a different way, does not mean you should sacrifice the credit union difference.

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Onboarding Best Practices for Long-Term Success

By Preston Packer |

May

26

Member onboarding is the process of teaching new members what tools and services are available to them now that they are part of the credit union. Could that be executed in a one-and-done printed booklet you could just hand them? Probably. But, an effective onboarding program does a lot more than just share some information. It allows the credit union and the member to develop channels of communication and a relationship that is more than just business to customer. Here we discuss four best practices that can help do just that.

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5 Secrets of Successful Member Onboarding

By Preston Packer |

May

20

While it's no secret that member onboarding is a critical stage in credit union membership, how to do so effectively is a far lesser known. Here we outline five tried and true keys to a successful member onboarding process.

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Digital Onboarding is a Lot Like a Long-Distance Relationship

By Preston Packer |

May

14

 

The early days of a relationship, affectionately called the honeymoon period, are full of excitement and new experiences, along with a constant exchange of nonverbal cues that we use to assess how it's going and whether we think we want to spend more time with this person. But what if you met this person online? Or you started dating and one of you moved away? All traditions are out the window while you navigate a new plan. Does it mean romance is no longer required? No! You pivot the process and find new ways to connect. Your digital member onboarding is a lot like a long-distance relationship. You know exactly what steps to follow to onboard new members in-branch, but what about your ever growing remote memberships? If you want these relationships to last, you better start planning how to woo them or they will be over as quickly as they started. Here are five keys to building a digital member onboarding program that solidifies a lasting engagement between member and credit union.

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The Future of Member Onboarding

By Preston Packer |

May

12

Picture this: A man walks into a Gap store and his eyes are immediately scanned to identify him. The hologram in front of him then greets him by name and asks if he enjoyed the tank tops he recently purchased. If this sounds familiar, then you're most likely remembering this scene from the movie, Minority Report (which is based in the year 2054). When the movie came out in 2002, that scene seemed wildly futuristic, but in 2020, it feels like that encounter is just around the corner--a frictionless experience with the goal of every interaction being tailored to the user without any extra effort on their behalf. So where does the credit union user experience stand in relation to those futuristic portrayals? Some credit union onboarding services that once seemed space-aged are already available, while some are still on the someday list.

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Great Member Onboarding Creates Relationships that Last

By Preston Packer |

May

06

First impressions are important. They stick with you. You base all future interactions in contrast to that first one. It's said that a first impression is based 93% on what we experience and only 7% on the actual words we hear, so that experience is critical. After you sign on a new member, your courtship isn't over. Member onboarding is part of that first impression. It's not just about your marketing to sell them on your products. It's an opportunity to set expectations, to educate on how to use the tools you've provided them to manage their accounts, find the information they need, apply for loans, etc. This is your opportunity to prove that they've made the right choice by choosing your credit union. Both your intentional and unintentional efforts will be folded into this impression, so developing, and executing, a thorough onboarding strategy is a smart play.

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Member Onboarding when Branches are Closed

By Preston Packer |

Apr

16

We are in uncharted territory as a result of the COVID-19 spread in the US. Depending on the state, your credit union is likely modifying normal daily operations to allow for safe social distancing, or in states like New York and California, closing branches completely for the foreseeable future. But, in this time of financial uncertainty, many Americans will be looking to their financial institutions for guidance and options. We know that a key piece of a long-term member/CU relationship lies in the first few months, so it's important that we adapt and show new members we are there for them now and in the future. How can we do this without those in-person interactions we rely on? We rely on our technology and our people.

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Integration Options for Member Onboarding

By Preston Packer |

Feb

21

In a previous blog, we discussed the importance of reducing friction in the onboarding process. One good way to do so is through integration to a robust onboarding solution that manages the process for members as well as credit union staff. Leveraging your core system's Application Program Interfaces (APIs) can provide a myriad of benefits that lead to increased efficiency and convenience, and ultimately reduce costs and boost revenue for your credit union. Here’s how APIs have become a popular tool in improving the member onboarding processes.

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