Sponsored Content

Provide The Best Member Experience With Omnichannel

Now more than ever, credit unions must be ready to serve new and existing members across a variety of channels.

As the financial landscape rapidly evolves in 2023, it’s more critical than ever for credit unions to seize growth opportunities by meeting the changing demands of their members.

With inflation at a 40-year high, credit unions can’t afford to have excess waste from inefficient account-opening operations. By maximizing application-conversion rates and reducing manual operational tasks, they can effectively capture the demand in their local markets or expand nationwide without the need to increase headcount. In fact, with the right technology partnerships, credit unions can grow their volumes tenfold with no additional staff.

The new reality is that account-opening preferences are split across channels, with 35% of members preferring online only, 35% preferring in-branch only, and the rest wanting a combination of both options.

Brick-and-mortar locations still remain a vital part of the omnichannel banking equation, but they cannot be the sole focus. Credit unions must now adapt to meet the needs of tech savvy members, and find more cost-effective ways to run operations and grow deposits.

Getting ahead of banking trends

So where should credit unions focus their efforts?

Omnichannel account origination is the future of the banking industry, and now is the perfect time to invest. With only 12% of financial institutions currently offering omnichannel account opening for businesses and consumers, the market is still ripe with opportunity.

Omnichannel account origination bridges the gap between online and in-branch, facilitating the seamless flow of information across channels. Applications are securely updated across devices and channels in real time, enabling bankers to engage with members where they are, using whatever channel they prefer, precisely when their input is needed. Omnichannel account origination increases application conversion, optimizes operational efficiency, and improves member satisfaction.

Making the right investment

3 Keys To The Best Possible Member Experience

  • Speed: Enable members to start and finish an application in one sitting
  • Simplicity: Make eligibility verification as intuitive and streamlined as possible
  • Security: Ensure member safety by fighting fraud with best-in-class data sources.

Financial institutions that capitalize on these trends by implementing an automated omnichannel banking strategy will be well-positioned to remain agile and competitive amid continued economic uncertainty.

This includes providing self-service opportunities for customers and making sure omnichannel banking technology extends to the branch staff. There should be one digital front door, and branch staff must have visibility across all deposit-origination applications — even those started on digital channels

But for Alliant Credit Union ($18B, Chicago, IL), nothing on the market could meet their standards for a more streamlined approach to becoming a member. So Alliant — always a leader and innovator among financial institutions — decided to partner with MANTL to build the ideal deposit-origination solution from scratch.

“Instead of trying to modernize an old solution with a patchwork strategy, we wanted to find a partner with a completely modern approach to the entire application process,” says Sumeet Grover, Alliant’s chief digital & marketing officer.

Today, the MANTL platform serves as Alliant’s digital front door, delivering a “wow factor” for new and existing members alike.

Read the full Alliant story to learn more about how they partnered with MANTL to create a deposit-origination solution specifically for the needs of credit unions, and why omnichannel is the way forward in 2023

Nathaniel Harley, Co-founder and CEO, MANTL

Nathaniel Harley is the CEO and co-founder of MANTL, an enterprise SaaS company helping traditional financial institutions modernize and grow. Founded in 2016, MANTL’s mission is to expand access to financial services. Before founding MANTL, Nathaniel founded and invested in several startups and began his career in investment banking at Goldman Sachs. He is passionate about helping other founders, everything sports, and finding the best restaurants.

MANTL:

MANTL is a financial technology firm offering omnichannel account origination software for banks and credit unions. MANTL’s customers have raised billions in core deposits to date. Founded in 2016, MANTL is a privately held company headquartered in New York with the backing of prominent venture capital investors.

 

This article is sponsored by a recognized solutions provider in the credit union industry. Callahan & Associates does not endorse vendors or the solutions they offer, and the views and opinions offered here might not reflect those of Callahan. If you are interested in contributing an article on CreditUnions.com, please contact the Callahan team at ads@creditunions.com or 1-800-446-7453.
March 20, 2023

Keep Reading

View all posts in:
More on:
Scroll to Top