Gaining some efficiency (and cross sales!)

I see everyone’s had a nice little vacation this past week. Not too much action in the CU blogging world! But last week was a busy one for me!

Just last week, I put the final touches (I guess I’m actually just getting started now) on our new “New Account Process”. I just got the CEO to sign off on our new contract with Andera, a FiServ company that specializes in providing online membership and share account opening. Not only will our FSR’s no longer have to do triplicate entry to open a new membership anymore, it’ll take the time down from over 30 minutes to about 10 minutes! Now with all of that extra time, our FSR’s will be able to do some more effective cross selling because they’ll have the potential member’s credit report in front of them to!!

AND we are now going to be able to full open, and fund, new accounts online!! How cool is that! Now I just have to figure out how to get the high-yielding savings account thing figured out. But I think I’m almost there……..

8 thoughts on “Gaining some efficiency (and cross sales!)”

  1. Whoa! 30 minutes down to 10! Not only will your FSRs thank you for relieving 66% of the most monotonous part of their days, the cross-selling opportunities are certainly a good fill of the extra time.I’m sure credit unions miss plenty of opportunities to get new loans on the books. If someone has a free and clear auto but they’re paying upwards of 21% on credit cards and struggling to make monthly minimum payments, I almost think it should be a crime to not offer a consolidation loan and educate the member on the difference between revolving lines of credit and installment loans.And about the online accounts … you absolutely rock. Need any new SEGs? 🙂

  2. That is unbelievable. If you have an email address you can join? At first I thought you were pulling my leg. Surely that’ll get shut down soon … but you might want to get that figured out and rolling in your credit union before it gets challenged. OOH OOH – it especially would be helpful in an online account offering … if anyone with an email address could open such an account, you really could have some online marketing doors open with it ….VERY INTERESTING!

  3. I think that Meadows has been doing that for about 8 years or so. (They post their emails and phone #’s on their webpage so we gave them a call.) And they are certainly not the only CU doing it. I’ve stumbled upon quite a few who got their state regulator to approve it. More power to ’em!

  4. I retract my “surely that’ll get shut down soon” statement then! I must admit I’d never heard of “have an email address” as a common bond!

  5. I’ve been in touch with some of the folks at Andera – I’ll be interested in your implementation experience…. We’re probably 6-8 months out from that type of initiative, but looking at it!

  6. The new account process is a function at many credit unions that is in dire need of streamlining and most importantly improving the member experience. We have developed our own new account process involving the automation of checking third party services for qualification as well as evaluating cross-sell opportunities. We have been able to shave the process down to really just seconds. Just launching the new service at the credit union but initial tests are creating happy credit union teammates which does translate into happy members. Robbie – I applaud you and your credit union for your innovation. I am also enjoying your posts and conversations. May I have your permission to link your blog on my site?

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