fiVISION has implemented its new ACCOUNTworks 2G solution at Members Exchange Credit Union ($64 million; 14,509 members; Ridgeland, MS). Members Exchange went live with the technology in March 2011, using ACCOUNTworks 2G for online account opening for both existing and new members.
Prior to ACCOUNTworks 2G, Members Exchange had an existing “online membership application.” Because of the requirements of the USA Patriot Act, however, the credit union would still have to contact the potential member and have them bring in or mail identification. This procedure did not give them the ability to provide that ‘quick response,’ and therefore, had never been very successful.
Susan Boshart, Senior Vice President for Members Exchange, explains that fiVISION’s online account opening service gives potential members easy access to her credit union. Additionally, it allows existing members to apply online for a checking account product and instantly fund the account. Karen Root, Senior Vice President for Members Exchange adds, “We reviewed several vendors and found fiVISION to be one of the more user-friendly solutions for potential members.”
During the first week of offering its new Online Account Application, the credit union opened 10 new membership accounts and four checking accounts – almost the same amount they expected for a full month! Because ACCOUNTworks 2G is so user-friendly, Members Exchange intends to use the online application during on-site company enrollment activities.