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From the CEO: Maximize new member engagement from the beginning with the new MAX

From the CEO
December 3, 2015

Dear Members:

It’s no secret we are in the digital age. Whether it is via a smartphone, tablet or computer, your members are plugged in and online. This means if you’re looking to grow your membership, you’ll want to provide answers that meet their expectations and deliver digital financial solutions that make it easy for them to do business with you. Clearly, the first place to start is where it all begins—new account opening for prospective members. Imagine if you had a solution that could onboard a new member (including funding the account) in an average of four minutes via a smartphone, on a tablet, at a community event or in person at your branch. That’s right—a new member in four minutes.

Announcing Corporate One’s new Member Acquisition Experience (MAX) solutions:

  • Gro Account Opening
  • ClickSWITCH

Watch our on-demand Member Acquisition Strategies webinar to learn more about MAX.

See how quickly and easily you can onboard new members by watching this Gro demo.

And what if I also told you we can help your new member move their automatic debits and credits from their old financial institution to their new account at your credit union. Well, it’s all true. We looked long and hard, and we considered many options until we finally found a solution that was unlike any other— one that could revolutionize your new member acquisition strategies.

As I announced last month, Corporate One partnered with Gro Solutions to expand the digital platform options for credit unions. The first product line in our new mobile/digital family of solutions will focus on optimizing the Member Acquisition Experience (MAX) so you can grow your membership as effectively as possible.

The case for a more effective MAX

As your corporate partner, it became evident to us that credit unions could use a solution that effectively and conveniently onboards new members. As you know, growing membership is an expensive endeavor. Financial institutions spend $300-$400 on average to attract each new customer. A lot of the time, resources and money are wasted on acquisition processes that aren’t as effective as they could be.

When you look at the digital account opening solutions on the market, it’s easy to understand why credit unions may not have effective or streamlined member onboarding solutions: There simply aren’t many good ones out there from which credit unions can choose. In fact, a study from Mobile Strategy Partners shows mobile applicants abandon the application process roughly 80% of the time with existing digital solutions. Clearly, there is room for improvement. And, it’s not just online. It’s in person, too. The average time it takes to sign up a new member in a branch is 30 minutes, if not more. Prospective members see this as cumbersome, and it’s a process that could be streamlined for credit union personnel as well, because as we know, time is money.

Further, credit unions aren’t just wasting money on existing member acquisition processes, they are losing money, too, by not fully engaging new members. According to a recent independent Javelin study, financial institutions can lift the profitability of the new checking account customer $212 per year with onboarding that enables the customers to not only open an account, but also start doing business with the financial institution. Think switching direct deposits and other automated debits and credits, applying for loans and closing the legacy account. So, if your current MAX doesn’t maximize new member engagement from the beginning, you’re losing out.

Corporate One’s MAX

Corporate One’s MAX has been designed specifically to address challenges in the current market to help your credit union successfully grow its members. It includes a solution to acquire new members through a state-of-the-art, easy-to-use digital platform, and a solution that leverages the onboarding experience to ensure new members can easily switch automated payments from their legacy institution to yours. Talk about full engagement! And, as a reminder, this can all happen within minutes. Here’s a bit more on each solution:

  • Gro Account Opening, a premier digital member acquisition solution, offers the following benefits over other legacy solutions:

    • Streamlines the account opening process by using the same platform whether you’re on a smartphone, using a tablet or signing up face-to-face in a branch. While this solution was made to optimize the mobile user experience, it is not simply a mobile app. It is a comprehensive member acquisition solution that supports use via your credit union’s website and by your staff at events and in the branch.
    • Provides ease and convenience for your prospective new member and staff alike by gathering relevant data digitally. Further, through imaging technology, it enables new accounts to be funded by the time the membership is approved and opened, which is, on average, four minutes.
    • Significantly reduces abandonment rates when compared to other mobile acquisition solutions from more than 80% to 35%.
    • Reduces the time it takes to open an account in person from 30 minutes to about four minutes.
    • Integrates with your credit union’s current product offerings so prospective members can select what services they need when they apply for membership, eliminating the need for them to add these on during another process.
  • ClickSWITCH, can be leveraged as an integrated module within Gro Account Opening or as a stand-alone complement to an existing solution. ClickSWITCH helps new members fully engage with your credit union during the account opening process. Namely, it conveniently and securely switches automated debits and credits for the new member. Once all processing is complete, it will even close the legacy account for your new member. Among these benefits to the onboarding process, it also features:

    • Instant account setup and accurate direct deposit transfer.
    • Auto-debit payee notification of new account information and accurate updating of billing information (such as utilities, insurance, club memberships, etc.).
    • Real-time switch status, including confirmations of when payments have been successfully switched.
    • Balance assist for recommended dollar amounts to leave in former account until it can be closed.

It’s a great line up, and I’m excited for the opportunity these solutions present for credit unions. Let us help you start onboarding new members within four minutes. We’ll be reviewing the digital account opening platform with interested credit unions throughout the remainder of 2015 and implementing the platform for credit unions in 2016. Please don’t hesitate to contact me at 614/825-9300 or lbutke@corporateone.coop, or Keith Riddle, SVP, Chief Product Management Officer at kriddle@corporateone.coop to learn more.

Best,
Lee C. Butke
President/CEO