Consumer demand for online services that deliver speed and convenience is everywhere. It’s how we shop, dine, and even bank. Uniting that demand with a digital experience that drives membership acquisition and increases lending profitability for credit unions is behind a new solution offered by Sherpa Technologies, a CUSO owned by Corporate One. The solution streamlines the member acquisition experience with two digital services that simplify and expedite the onboarding process.
Digital account opening allows credit unions to reimagine member acquisition with a service where accounts can be opened in less than 10 minutes. That speed and convenience isn’t a “nice to have” feature anymore. In the “2021 Banking Impact Report,” more than half of businesses (57%) and consumers (58%) consider online account opening a “must have” for any bank or credit union. Sherpa’s service offers an intuitive, streamlined account opening service that allows members to receive offers quicker, convert faster, and receive cross-sell opportunities to boost engagement.
Expree Credit Union, in Frankfort, Ky., is launching the solution. “The opportunity to add intelligent cross selling to digital onboarding gives us a best-in-class member experience where every part of the member onboarding journey is accounted for with seamless integration,” says Thom Payne, Chief Experience Officer, Expree.
Pre-qualification lending is offered with no-credit impact, soft-inquiry technology that increases conversion, reduces abandonment, and enables a better user experience. Borrowers can quickly see what loans they are eligible for through pre-qualified offers and are more likely to apply for loans with soft credit inquiries. Lenders can see up to 30 percent lift in funded loans and reduced application processing costs by 40 percent.
Gulf Winds Credit Union in Pensacola, Fla., adopted digital lending and is actively accepting applications from members for multiple loan types. Haley Murph, Vice President of eService and Payments, Gulf Winds. “This expanded our marketing opportunities and allows us to compete with digital lenders who are already targeting our field of membership.”
For today’s consumers, a quick, customized user experience is essential. The solution also streamlines administrative functions to save time and money spent on processing and paperwork.
Visit Sherpa.org to learn more about digital lending or digital account opening.