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Alerts & Notification for optimizing Account opening process

Time flies – In the last six months there have been few occasions when my high schooler child travelled cross country participating in different events. For travel expenses debit card would be convenient & safe instead of all cash so I discussed opening a bank account with 1 of the local credit union.


Current process at the local credit union branch is shown below

local credit union branch

The entire process has a very personalized touch that is much appreciated by members of higher age groups. Today, millennials dominate the population and digital platform is their preferred mode for services. They are impatient, have demands for features, speed and intuitive apps. The current process involves a visit to the branch plus it requires at least 25 – 35 minutes for the entire account Opening Process. This is inconvenient.

It is understandable there may be regulatory requirements requiring a branch visit but the entire process can be made more efficient and branch time can be reduced by more than 50% using “Alerts & Notification” or workflow. See online approach below.

online approach

In this case if all or the first 2 steps are performed online (say from home) the branch time can easily be reduced allowing the staff more opportunities for upselling other products.

This process can be made even more efficient when a current member co-signs for someone below 18 years. In this case the current member information is already available with the credit union and by providing a workflow within online banking application to:1. Upload identify documents
2. Provide contact information for the new member (phone, email etc)
3. Transfer fund from existing member account to new account

With features like “Save on File” #1 can be avoided in future. The workflow can be further extended to establish a digital communication with a welcome email encouraging the new member to:

      • Log into their new account
      • Download mobile application
      • Point to information resources

Credit unions have maintained high customer satisfaction standards and have consistently edged over commercial banks. However that branch service quality does not get reflected in the online banking & mobile experience and with millennials dominating the population there is opportunity for credit unions to attract these new members who are just beginning their transactional life.

Note – The objective here is to convey the advantage of optimizing a process or provide convenience. I am sure there are exceptions that will need to be handled.

The post Alerts & Notification for optimizing Account opening process appeared first on Empower Visi.



This post first appeared on Blog - Empower Visi, please read the originial post: here

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Alerts & Notification for optimizing Account opening process

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