Because of the unique parameters associated with Health Savings Accounts (HSA), most enrollment and account opening solutions don’t quite fit the bill. fiVISION, a CRM solutions provider that enables enhanced member service and sales for credit unions, has developed an affordable Health Savings Account Opening Module for credit union members and nonmembers alike. E Federal Credit Union ($240 million; 24,472 members; Baton Rouge, LA) launched the module, called autoENROLL, on June 18, 2009.

According to E Federal’s EVP of Operations, Stephen Mathews, new and existing members are able to go online, complete an application, open and fund an HSA account with E Federal Credit Union. As part of the online process, they are able to order checks as well as a debit card to access funds in their HSA account. Through automated cross-sell offers, they will be able to gain additional products and services.

“One way we will be attempting to use this module is in marketing our HSA account offering to employers,” Mathews says. “We believe that it is extremely attractive if we are able to offer an employer’s staff the ability to go online and open and fund their HSA account at their leisure versus doing the same thing at some type of annual benefits meeting.”

According to Mathews, online account opening and funding allows E Federal to leverage technology by opening and funding accounts much less expensively than traditional brick and mortar. The technology also creates
greater uniformity in account opening and procedures. It also allows for cross selling of other credit union products and services to these members. “Convenience is extremely important in this day and age,” he says. “We also believe that members that can actually open and fund an account online versus having to mail paperwork or visit a physical location are much more likely to complete the account opening. The ‘closure rate’ on online account opening increases.”

For more information

Read the full press release here.

or visit our ACCOUNTworks 2G information pages.