Sb1 Federal Credit Union ($535 million; 31,835 members; Philadelphia, PA) used to employ six different programs for its new membership opening process. To consolidate this cumbersome operation, Sb1 implemented fiVISION’s automated account opening solution, ACCOUNTworks 2G, in July 2011. Since then, SB1 has saved nearly 30 minutes for each membership account opening, cutting the operation from 30 minutes down to 5 minutes in most instances. In addition to opening new member accounts, ACCOUNTworks 2G allows existing Sb1 members to quickly and conveniently open new accounts without ever having to visit a branch.
According to Sb1’s Vice President of Member Service, Linda Weber, the credit union was able to work with fiVISION to create its online and in-branch membership applications that integrated with its XP Systems’ core solution for auto downloads to their system. This streamlined process establishes the new membership account, pulls the ChexSystems and OFAC, along with member credit reports – integrating the four programs into one quick auto step.
“This online application has improved how individuals join our credit union as well as improving our internal opening processes for new members, which is a big time saver for new members and staff alike,” she says. “Staff can now spend their time getting to know each new member’s specific financial needs and be able to offer products and services that will benefit that member.”
Overall, Weber says she is very pleased with fiVISION’s ACCOUNTworks 2G, as it has vastly improved Sb1’s new member enrollment and account opening processes. The credit union also uses fiVISION’s member care platform, MEMBERworks, to “on-board” its new members – which allows Sb1 to follow up easily with these individuals. Both technologies’ automation has virtually eliminated any manual keystroke mistakes.