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Not long ago the branch was the sole source of credit union transactions. Share drafts were introduced and then came home banking, bill pay and the debit card. Member’s reliance on the branch for transactions has slowly shifted away. With mobile apps, shared branching, deposit-taking ATM’s and mobile deposit capture, visits to the branch are becoming less frequent.

digital account opening credit unionIf credit unions want to attract new/younger members, they will need to focus on how to engage remote members. My two sons, both in their mid-twenties, have been credit union members for over 10 years. They have never stepped foot into their credit union’s branch. They utilize Shared Branching, mobile banking & the ATM Network. The times of consumers living in one house, working at one job are long gone. They are more mobile now and credit unions need services that cater to them.

The first step is to streamline account opening. Last year Javelin Strategy & Research released a white paper with straightforward data: consumers want online and mobile account opening. Digital account opening has grown by leaps and bounds in a few short years, reaching over 88.5 million Americans opening an account online or with a mobile device. About 20 percent of applications for checking or savings accounts were made on a mobile device, according to the study.

“The challenge for many banks is that they have a long-standing culture of branch-centric banking,” says Mark Schwanhausser, director of omnichannel financial services at Javelin, and author of the report. “You can’t wait for the customer to come in [to the branch] with their problems. You need to be proactive and reach out to the customer with answers through the digital channels.”

The report indicated credit unions are lacking behind on their digital account opening offerings compared to banks. Credit unions members will usually go to the branch to open an account. To change this trend, credit unions need to have a seamless account opening experience online or on the mobile device.

“Digital account opening is an opportunity to introduce your new customers to your digital offerings. It’s a critical welcome mat,” says Schwanhausser.

Does your credit union have a successful mobile-centric process for account openings? If so, share your story!

By Brian McCue, VP Remote Transaction Resources, Credit Union Resources, Inc.

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