When a bank or credit union advertises that they offer online account opening, more often than not it’s not the complete truth. True online account opening means the entire sign-up process can be completed digitally, without needing to visit the branch. The majority of credit unions are either fully using traditional in-branch applications or a half-way approach that can be started online but must be finished and submitted in-branch.
Digital is fast becoming the preferred method of communication for many. Offering a complete and seamless digital account opening experience can greatly benefit credit unions of all sizes. Here are ways credit unions can make the most of online account opening:
Always provide options on multiple channels
Aside from providing a truly digital account opening process, offering an omni-channel experience can attract even more leads and members. Allow members the option of starting the process online but completing it in-branch. Sometimes this option is more convenient for them or they may have questions. Either way, having multiple options only makes it easier for members to join your credit union. Don’t forget to allow mobile users to open an account as well and making sure that your online application is mobile responsive.
Make use of leads from abandoned online applications
One benefit of in-branch applications is that members rarely abandon the process midway. According to a digital banking report, this is common behavior online, with 19% of applicants beginning the process online but failing to complete it. Don’t give up hope yet though! While many credit unions abandon these leads, it’s much easier to convert them into members. Following up is easy as contacting these leads either through an automated email or, if you prefer a personal touch, through a phone call to ask if they need help completing the application.
Ensure the process is clear for applicants with limited financial or tech knowledge
When you’re already part of the financial industry, it can be easy to forget that the vast majority of the public have limited financial and technical knowledge. Don’t forget to optimize the process by keeping the member experience in mind. While your staff might be able to easily navigate the platform, try to view it from a member’s point of view. Keep the application process quick, streamlined and user-friendly.
Harness the growing power of the web and mobile market by implementing a comprehensive online account opening process. For members who are Millennials or part of Generation Z, offering a truly online account opening process is a great asset. Cater to your members needs with the help of the digital account opening experts at IMS. Learn more at this link!
