Optimizing Your Credit Union’s Account Opening & Onboarding Process

Written by Devon Wilson

October 12, 2019

Easier and faster account opening and onboarding should be a top priority for credit unions of all sizes. Many financial institutions are aggressively marketing their account opening process times of “five minutes or less” because of how attractive it is to potential customers. 

Despite this development, a significant number of credit unions and other financial institutions are lacking in this critical part of the digital revolution. More often than not, it’s due to the number of moving parts that have to be arranged, or they may be patiently waiting on their third-party provider. The end result stays the same: a slow and lackluster consumer experience.

Did you know that IMS Integration offers comprehensive, streamlined and fully customizable onboarding solutions? Learn more here.

No matter what stage your credit union is currently at, there are still aspects of account onboarding and opening that you can optimize.

 Experience Opening Accounts Like A Member

Many credit unions have trouble determining how to approach account opening and onboarding. The good news is that you can start by following two easy steps:

  • Think like a customer.

Visit your website or go to your branch to open an account. This seemingly basic exercise is often overlooked, which leads to a frustrating onboarding experience. The reality is that many people who lead financial institutions aren’t on the frontlines and don’t understand the member experience. 

For many credit union employees, particularly those in the marketing department, the most effective way to understand the significance of their institution’s onboarding issues is to experience it first-hand. You might be surprised at the number of “Eureka!” moments resulting from the exercise.

To ensure this process works, thoroughly document each step of the account opening and onboarding process. Note down each piece of data needed to open an account and the amount of time it takes to complete each step. Don’t forget to include post-account-opening observations, such as the quality of communications you receive after finishing the process.

  • Determine, prioritize and tackle what you can change and improve.

At many credit unions, applying anything new needs coordination, communication and a lot of collaboration between different departments. Thankfully, member communication is one aspect that your marketing department can work on and improve more quickly.

Unfortunately, many financial institutions aren’t doing a great job with their post-onboarding communications with their customers. Even the most basic step, which is to thank the members for their business, is often skipped. A bare-bones account usage or details summary email isn’t enough — incorporating a human touch or a thoughtful message showing gratitude goes a long way.

Do you want in-depth tips on how to improve your credit union account opening and onboarding communications? Read our next blog post here!

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