fbpx

ROI of online account opening is a win-win for credit unions

Online account opening (OAO) acts as a digital front door to your credit union and is a guaranteed, cost-effective way to build stronger relationships with your members. By making it effortless for members to apply for an account, submission rates increase, and members who begin an application tend to actually follow through.

The success of an OAO initiative depends on finding a solution that meets your needs. A high-performing OAO solution has been shown to deliver a 20% lift in new accounts with no additional marketing required, with net new customers making up 60% of those signups. Coupled with advanced KYC and AML automation and smart product design, high performing OAOs result in higher approval rates, and ultimately a higher conversion rate.

The right high-performing OAO solution can:

  • Cut the time it takes to open an account for new members to under 3 minutes
  • Leverage an abundance of data sources to minimize fraud by 60%
  • Lower the overall cost of deposits & generates 200x as much per month
  • Expand your credit union’s reach online and on mobile devices

Close the OAO expectation gap: 58% of consumers say OAO is a must-have, yet only 53% of community institutions offer it.

Download our white paper and see how OAO helps credit unions leverage their personalized approach to onboard new members.