Providing credit unions with a more streamlined application technology to enhance the ease of member enrollment and account opening efforts both online and in the branch, technology provider fiVISION has upgraded its original accountWORKS software to the new ACCOUNTworks 2G solution. E Federal Credit Union ($250 million; 26,946 members; Baton Rouge, LA) went live with the technology in Q1 2011.

ACCOUNTworks 2G provides all the cool technology features credit unions and applicants expect nowadays – and more. Not only does it allow members to open new accounts and new members to enroll in mere minutes, it also gives the credit union a lot of control over managing the applicant’s experience to meet each organization’s own unique business needs.

To help credit unions like E Federal build broader relationships, ACCOUNTworks 2G automatically offers qualified products not previously selected by the applicant – based on criteria set up by the credit union. It also allows the applicant to fund new accounts through multiple means including electronic check, credit card, and PayPal. For compliance and consistency, the new technology ensures the decision process used for disclosures and background checks are the same every time.

Even the flow of the application – like account selection, collecting applicant information, disclosure delivery, performing identity verification, cross selling, and account funding – can be modified and tweaked for the credit union’s needs for different delivery channels and multiple types of applications.

E Federal is deploying both a general New Member/New Account application and a Health Savings Account application. The primary goal is to expand online capabilities for current and new members to be able to open new accounts at the credit union.  They expect that ACCOUNTworks will help reduce our staff workload by automatically pulling credit checks and performing, OFAC, and ID verification and allow staff to focus on managing the exceptions and simply complete processing on those that automatically meet our decision criteria.

One of our most useful enhancements of the new generation of ACCOUNTworks is the flexible fulfillment options credit unions can leverage to control their costs. Those fulfillment options include:

  • Manual – for low or unknown volumes at smaller organizations
  • Batch data export – for small to mid-sized organizations that can import data to other systems
  • Real-time integration – for high volume or large organizations looking to maximize staff efficiency