While the pandemic forced credit unions and members to quickly transition to remote options, many consumer and business online account opening and loan applications still fail to live up to their expectations. Long and unintuitive forms, limited online capabilities, and one-size-fits-all processes lead to poor user experience that ultimately drives abandonment.
Frustration with a sub-par online experience can be even more pronounced among small business owners, particularly as they get ready for a busier 2021 as vaccination efforts and rosier economic forecasts take hold. Look at how HSBC is touting its recent digital transformation for corporate customers. According to their website, HSBC promises a process that is: “Simplified. Digitized. Accelerated. So that you can focus on what’s important – running your business … HSBC realizes that onboarding is the most pivotal point in a customer interaction.”
How easy is it to open a new account at your credit union?
The future health and success of your institution, along with the level of support you can deliver for your local community, may very well depend on the honest answer to this question. “Digital transformation” may have been the buzzword of the year in 2020, but simply having an online or mobile option available doesn’t mean that it is serving the needs of current or potential members.
How many of your credit union’s online applications are being abandoned?
How long does it take to complete your process?
According to recent research published by The Financial Brand, the answers to these questions are likely still “too many” and “too long” for many financial institutions. As of Q4 2020, a staggering 79% of online checking applications took at least 5-10 minutes (or more) to complete. Even though as many as 60% of consumers abandon online applications that take more than 5 minutes.
Where do we go from here?
Credit unions have an opportunity to move beyond simply having a digital option in place and revamp their account opening processes to make them easier for consumers and businesses. Even if your organization has done away with all its old paper forms, digital applications must offer new efficiencies for both the end-user and the institution.
For example, does your digital solution include:
- Photo Data Capture
- Automated Approval and Account Opening
- Easy-to-Use Interface
- Online Funding Options
- Mobile Friendly Save + Resume Functionality
- Integration with Any Core System
eCU Technology is here to equip credit unions of all sizes with the tools and resources needed to compete and succeed in a digital world. Using a simple, agile design that integrates with any core system and offering a 100% mobile platform, we’ve helped slash online abandonment rates and launched applications that can be completed in just 5 minutes for both business and consumer memberships.
We’re here to help you improve your digital experience for members while realizing new internal efficiencies. Wherever you are in your digital transformation, we invite you to contact us to discuss how to make it easier to do business with your credit union.