How Credit Unions Can Drive More Online Loan & Account Opening Applications – Part One

Written by Devon Wilson

July 7, 2019

online loan and account opening

More financial institutions are allowing members to open accounts and apply for loans online each day. Unfortunately, few are able to implement the process well and are not satisfied with the number of loan and account applications generated by their online channels. The good news? We’re sharing many practical solutions you can adopt to boost your applications:

Did you know that optimizing your website drives more online application volume? Don’t fall for the trap of resting on your laurels just because you’re offering online deposit account opening or web loans. Linking to your online applications is not enough to drive success.

Here’s the first of our two-part blog series on how credit unions can drive more online loan and account opening applications:

Make online applications accessible once members are logged into your system

If your credit union offers online banking (and you should!) then chances are, most of your visitors go to your website to access their accounts. However, many credit unions fail to maximize the opportunity of making applications accessible once members are inside the online banking system.

Current members are not likely to browse around your public-facing website to consider your loan or deposit account products. But when they see targeted offers within your online banking platform, they may be motivated to sign up. Promote these offers and emphasize the online process — you’ll see increased volume without having to spend a cent on external advertising.

Allow customers to apply right from your home page

New visitors to your website will most likely want to learn more about your credit union and your products and services before signing up. For visitors who have already done their research and are ready to apply from the minute your home page loads, you need to simplify the process. Simply adding a prominent button to “Sign Up Now” on your home page or top bar can boost online application numbers.

Add sign up buttons on all main product pages

Think of your product pages as landing pages. One common trait we see among credit union product pages is that they have very minimal application links, or worse, none at all. Your product pages should have benefit-focused headlines and prominent calls to action. If a page requires more than a few scrolls to read through all the information, it doesn’t hurt to include more than one call to action.

Test all links to account & loan applications

This is a basic step, but you might be surprised at how common it is to see broken links to credit union online applications.

Remove any obstacles or “speed bumps” on links to your online applications

If your website links to online applications supported by third-party vendors, avoid putting speed bump warnings that pop up when a member clicks on the link. The FDIC has clarified that it is not necessary to add the typical security warning cautioning members about their application being handled by a third-party, and that your credit union is not responsible for how the data is handled. Not only is this an unnecessary step, it also leads to a spike in abandoned applications.

IMSI shares your goal of increasing web loan and online account opening applications. That’s why we’re sharing even more tips on our next blog post! 

Read the second part of our blog series on increasing online applications by clicking this link.

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