Members Exchange Credit Union knows growing membership means paying attention to first impressions
by Mike Lawson
There are no two ways about it: First impressions matter. Think about your own experiences with asking someone out—and eventually meeting your beloved’s parents. You only get 30 seconds to shine before they think they have an initial read on you.
So it is with credit unions. Consistently marketed as a “better option” in financial services, credit unions need to show members and potential members right away in every interaction that they are indeed the better option.
Having a slick website, all the online and mobile services and, of course, those low, low rates, is but an ante to the game. Credit unions need to put their best foot forward with even the most routine, member-empowered processes. In this case, the often-overlooked online account opening process is a crucial cog in the credit union wheel to make a great first impression—and close the proverbial deal.
A few years back, $84 million Members Exchange Credit Union with 15,827 members in Ridgeland, Miss., wasn’t providing tech-savvy consumers with an attractive outlet to open a new account. Not surprisingly, the credit union’s membership numbers were not growing at a rate it would have liked. In fact, its growth numbers were stagnant because it wasn’t providing a good first impression.
An example of its outdated account opening process: All accounts had to be opened at a branch or by mail – and opening them via mail was a near impossibility with all the USA Patriot Act identity verification requirements, such as a copy of a driver’s license or other ID.
“We wanted to provide a convenient and quick method for online applicants to join our credit union or to apply for a checking account,” says Susan Boshart, Members Exchange CU senior vice president. “The solution not only needed to be able to verify the person’s identity [by asking a series of out-of-wallet questions presented to the applicant about their history and other things that only they would know], but it also needed to provide the ability to fund the new account via credit card or electronic check.”
In March 2011, the credit union implemented a new, cloud-based, account opening system from fiVISION that required no new equipment or software and integrated with several systems such as host processor, loan origination system, home banking systems, credit bureau, ChexSystems, OFAC checks, credit card processing, etc.
Continue Reading