Deepening relationships with members while maintaining the personal touch that defines credit union service is at a crossroads. Some feel new digital advancements detract from one-on-one banker/member engagement. But the reality is the right technology within an account opening and onboarding solution can bring personalization to the next level.
Automation Can Strengthen Member Engagement
Integrating personalization features into the account opening process has some credit union leaders concerned automation might diminish the personal touch that is so crucial to the credit union credo. However, when properly utilized, cross-sell features in the account opening process can strengthen banking interactions. These technologies not only help credit unions offer tailored solutions but also empower staff to deliver more consultative advice to members, driving better financial outcomes for all. Automation also frees up staff from mundane tasks such as document verification and allows more opportunities to focus on expanding member engagement.
With personalization capabilities within the account opening process, credit unions can provide thoughtful suggestions that would only work to benefit members. Customized experiences allow the credit union to make relevant recommendations, such as a personalized loan offer. Leveraging data such as age, location, spending habits, major life events, and goals can provide a much more customized account opening experience and enhance member engagement. It can also demonstrate a deeper understanding of their needs.
Further, the general population wants personalization. In a recent survey by Zendesk, 72% of customers said personalization is highly important to them, and 77% of banking leaders said it leads to increased customer retention.
Transforming Dialogue With Automation
Credit unions have an incredible opportunity to offer personalized advice by leveraging account opening technology that contains cross-sell features. Staff can take advantage of what the software informs members to consider based on their lifestyle. And they can reach them one-on-one to further discuss the benefits. With advanced customer insight analysis, account opening platforms provide personalized recommendations for each member so bankers can present the right offer at the right time in the right channel — humanizing this digital feature. And when done right, this can only improve members’ financial wellbeing.
With personalization and cross-sell features integrated into the account opening process, onboarding becomes less like a transaction and more like a consultative relationship. It allows credit union staff to engage in meaningful conversations with members about their financial goals. For instance, if a member starts to open a savings account online and the account opening software finds they are a professional who travels a lot, the software might suggest a credit card that offers rewards points for airfare and lodging. And if that member comes into the branch, staff could look at the details from the platform and proactively suggest products that would fit this member’s needs. This process builds loyalty and deeper relationships, making members more likely to remain engaged with their credit union over their lifetime.
Meriwest Credit Union ($2.2B, San Jose, CA) has distinguished itself through a combination of innovation, technological adaptability, and member-centric focus. Embracing financial technology partnerships to accelerate growth, the credit union has seamlessly integrated an account opening platform through its partnership with Candescent (formerly Terafina, an NCR Voyix company) making onboarding simple and quick.
Gene Fichtenholz, vice president of digital strategy and engagement at Meriwest Credit Union, highlights the importance of cross-sell capabilities during onboarding, stating: “The need to cross-sell accounts cannot be overstated. The [Candescent] Account Opening platform accommodates cross-sell opportunities not only based on set criteria but also through Meriwest’s proprietary AI algorithm. Over 10% of customers select an additional account from the cross-sell screen, enhancing customer engagement and penetration. This results in a win-win scenario: better service for our customers and increased profitability for the institution.”
A Dynamic Way To Find Products To Fit Member Needs
Personal interactions are disrupted today with siloed account opening channels. An omnichannel platform like Candescent’s account opening solution effectively eliminates these silos through seamless continuity among digital, branch, and call center channels. For example, credit union staff can easily access applicant information if an applicant needs assistance or has an inquiry and can inform members of their application status, pending tasks, or next steps without any redundancies.
Unique to the Candescent platform is its financial needs analysis technology. The technology provides an intuitive experience designed to guide members to financial solutions that best meet their needs. While members and businesses are provided with the products and services suitable for them, credit unions can gather key data through concise analytics to stay informed and personalize experiences. Branch sales staff can view these insights to optimize member interactions and increase the likelihood of greater wallet share. The account opening platform can further be configured to send digital applications to credit union staff for review. Staff can see member QualiFile score, credit score, and in the event of a KYC red flag, the details of the issue. Staff can then proactively call the member and ask for specific information to quickly resolve any red flag and approve the application — making it effortless for the member.
The Cooperative Advantage
Automation and cross-sell abilities integrated into the account opening process are a win-win scenario for both staff and members. Members receive tailored solutions that fit their lifestyles, while credit union bankers are equipped with insights that allow them to advise and consult members. This technology elevates — not substitutes — the personal connection credit unions specialize in. These features work hand in hand to optimize the human connection, driving digital innovation and personal relationships forward together. Adapting to new technological advancements is, without a doubt, a positive outcome for member-centric service today.
For more information, visit candescent.com.
Emma Spellman is senior marketing manager at Candescent. Candescent brings together transformative technologies that power and connect account opening, digital banking, and branch solutions — helping financial institutions extend, differentiate, and illuminate digital-first experiences.
