Ah … the account opening process. A universally vexing credit union challenge. As in, how do you make the most of the golden opportunity presented at the first meeting? How do you empower your account opening staff to make a jaw-dropping first impression, sell more products and establish a smashing relationship between your credit union and a new member from the get-go? And, uh, quickly?
That’s what Chinook Credit Union asked us. Here’s how we helped them transform a dated and inefficient process into a member-on-boarding, sales generating, staff empowering, make-members-happy account opening solution.
Chinook Credit Union*, a 13-branch CU in Alberta recognized that their account opening process wasn’t working well for them. It wasn’t meeting the expectations of potential members, who wanted to open accounts in as little time as possible. It didn’t set staff up for success or empower them to cross-sell additional products and services. On top of that, multiple data entry points created too many openings for error, which led to follow up calls and irritated members. They were looking for a solution that would help them overcome all of these challenges and help them better tap the potential of the account opening process.
We met all of these challenges—and more—with our award winning open(up). We worked closely with Chinook CU to understand staff and member needs, account matrices, compliance requirements (forms, FINTRAC, etc.) and strategic business goals. We ensured that open(up) flexed in every direction that Chinook CU needed it to and then we showed them how to use it.
With open(up) fine-tuned to Chinook CU’s processes, we then worked closely with their IT team to install it on their system. After a rigorous testing phase, we ensured that key staff was poised to lead their team through a simple (and brief) training process that was achieved via web conference.
No one speaks to this better than the Chinook CU staff. Here are just a few of their comments:
‘All training was done via web conference. It was very easy to understand and only took about an hour.’
‘It used to take us an hour to open a new account. With open(up), it now takes 20 minutes.’
‘Having open(up) select and then fill out the forms is a huge win – our staff love this feature.’
‘If you fill open(up) out completely, then you can’t really make a mistake.’
‘open(up) meets all of our compliance and risk requirements, including FINTRAC.’
meeting members’ needs
‘We feel more confident that we’re doing the job right, which makes it easier to talk with members.’
‘open(up) has helped us to build stronger rapport with new members from the first time we meet them.’
‘The scripting is so great … it helps us out tremendously.’
referrals and leads
‘open(up) offers such a natural way to generate conversation with the members which easily leads to referrals in loans, investments, RESPs, etc.’
what management has to say
‘Because it used to take so long to open an account, staff weren’t always cross selling our products and services. With open(up), they have the time to focus on the member needs and get them the services that are a fit for them.’
When we asked Tony Hamlyn, Senior Manager Business Systems at Chinook CU to describe the best features of open(up), she told us that ‘open(up) is great because it saves time and complies seamlessly with regulatory requirements, making our staff more efficient and confident.’ For Chinook CU, this new efficiency ‘empowers staff to increase our wallet share through cross-selling our products and services.’
Last but not least, Hamlyn adds, ‘Now, they have the time to focus on members’ unique needs and get them the services that are a fit for them.’
If you’d like to find out how open(up) could help your credit union overcome account opening challenges, give us a call or drop us an email. We’d love to hear from you.
*Chinook Credit Union is one of Alberta’s largest credit unions serving a membership of 22,198 members. With $735 million in assets, they provide a full complement of financial, insurance and wealth management services in its 13 branches.