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Posts by fivision
In each release of ACCOUNTworks2 there is some gem of an enhancement that makes the account opening and member enrollment platform just that much more valuable for our clients. In late May we released Version 2.12.4 with a slew of enhancements, bug fixes and performance improvements.
The gem this time is a combination of upgrades that allow you to run different approval rules on your existing members than you would on new applicants. Why do we want to do this?
Glad you asked …
For starters, lets talk about the member experience. An existing member that already has a checking account and a couple of loans uses applies to open a new certificate savings account. In the processing of the application, you run all of the various credit, Qualifile and ID Verification checks and for some obscure data reason on the credit check the applicant’s request is set aside for manual review instead of approving them on the spot.
Of course, they’ll get approved and open that new account – but what did you tell them by not opening that new savings account right away? Not very flattering. Especially when you consider that we validated them and looked up their information from the host processor to begin with!
The second reason is to avoid running costly background checks when you are not going to use them. Like we said, you already authenticated the applicant as an existing member. So why run an added checks at a couple bucks a pop when you don’t need the information.
In ACCOUNTworks2 you can now bypass these issues – because the newest rev of the platform allows you to bypass running the checks or approval rules on members you already know.
Of course, there are lots of other improvements too – so check out the Release Notes here.
The most recent update to ACCOUNTworks2 (v2.12.3) gives clients more ways to analyze and monitor your account opening processes. In addition to the Dashboard tools that were highlighted recently, the newest release provides the first slug of reporting tools to help you drill down into various aspects to see what is going on.
Applications are unique. They come from different places, different channels, new members and existing members. Several new Application Reports help you take a look at many of these factors. Each – of course – allows you to filter report results by the time frame that you are interested in.
Along with the Application Reports, we updated the Form & Task Reports to be more helpful and provide more information. Want to know how many open tasks a staff member has on their plate? … or how many new forms from this week are still pending review? Just fire up a Form or Task report and find out.
To learn more about the analysis tools in ACCOUNTworks clients can check out the help site article called Analyzing Information (Search, Reports & Charts).
As always … look for new features from fiVISION soon!
Recently we added a new feature we think is pretty cool in the ACCOUNTworks 2G platform. We call it ‘The Dashboard’.
The purposes is to give users more information about what is happening in their organization with account applications – how many are coming in? being approved? how much funding is involved? When we sat down to figure out the best way to help people get that information we reached two important design decisions. First, depending on what you do in the organization you might be interested in different things. Second, pictures are better than numbers.
So, today we are telling you about the dashboard. Here’s an example widget (chart) that is already available to you.There are several initial widgets to choose from (we say ‘initial’ because we know you’ll want more soon!). To learn more about how to set up your Dashboard – go to the help site for ACCOUNTworks and read more about it! (easiest way is to type ‘Dashboard’ in the search box there …) Have fun!
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. (more…)
fiVISION CEO Mike Winter met with CUbroadcast.com’s Mike Lawson to talk about the challenges small CUs face trying to ‘keep-up-with-the-Joneses’ technologically. In the face of a societal trend to offer more and more services online, how do they find the resources to be able to keep their offerings on par with the competition? Take a look at the discussion here …
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.
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. (more…)
fiVISION has launched a new process automation tool in its MEMBERworks platform to improve workflow and cut workload to process Wire Transfer requests. The new Wire Transfer Automation module that integrates the process of becoming a new member and getting a loan approval at the same time. The new module simplifies and streamlines the processes associated with capturing, approving, and sending wire transfer requests from members. This process also has the capability of “auto-approving” a member’s request in real-time while alerting staff to investigate other requests before processing.
The new module, launched initially at Digital FCU ($3.9 billion; 331,202 members, Marlborough, MA) is shaving several minutes off the processing time of each request. According to Craig Roy, Vice President of Support Services for Digital Federal Credit Union “We process a lot of wire requests – and the automation features in this new module are very smooth, and allow us to focus on the exception items in our daily operations. It also helps our staff do a better job more efficiently, saving us costs in the long run while maintaining a high level of service.”
When new members join credit unions, it’s well known that this time period is essential in selling them certain products and services that will meet their financial needs. To accomplish this goal, credit unions are in constant contact with their new members to induct them into the credit union and all its offerings – a process called “onboarding.”
Sb1 Federal Credit Union ($490 million; 32,881 members; Philadelphia, PA) was searching for a tool to facilitate its onboarding process and has signed with fiVISION, a CRM solutions provider that enables enhanced member service and sales for credit unions, to use the company’s memberWORKS product as a contact
management system to support this process. Sb1 goes live with memberWORKS in early November 2009.
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.