Reduce Friction for New Account Opening with this Checklist

By Preston Packer |



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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Great Member Onboarding Creates Relationships that Last

By Preston Packer |



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 |



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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Reducing the Friction of Member Onboarding

By Preston Packer |



Members not only compare their onboarding experience with that of other credit unions and banks but to their experience in other industries as well. Companies large and small are focusing on the User eXperience (UX) to create a frictionless process. Member expectations are high, and if they experience roadblocks in the onboarding process they will lose confidence in the credit union. In some cases, they might abandon the credit union altogether for another financial institution that has a more seamless onboarding experience. In the credit union industry today, it is more important than ever to nurture relationships and demonstrate value during the onboarding process. Here are 3 ways you can create a frictionless member onboarding experience.

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