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.]]>
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!]]>
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!
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.
Read the full press release here.
or learn more about ACCOUNTworks here.]]>
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:
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.
For more information read the full release here or learn more about ACCOUNTworks on this site.]]>
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.”
The module benefits credit unions like Digital by streamlining and simplifying the entire wire transfer process, increasing compliance, reducing risk (through automated security, fraud and OFAC checks, etc.), focusing staff effort on items that need attention and automatically processing those that don’t. This process significantly reduces the required work effort by having the system automatically perform steps that staff had to perform manually – often cutting the workload in half.
In addition to reducing the workload, fiVISION’s Wire Transfer Automation Module can be used as a standalone tool without requiring the use of the full memberWORKS CRM system. Wire transfer requests can be submitted
by staff or by members directly through fiVISION’s “Online Service Request” technology. Maximum benefit using the module is gained with host integration, but significant processing efficiency can be gained without integration to the host processor.
Read the full press release here
Find out more about MEMBERworks here]]>
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.
At Sb1, fiVISION’s memberWORKs will be used at this point as a stand-alone contact management system tailored specifically to SB1’s onboarding needs.
“Our onboarding process with new members is an absolute crucial time in exposing them to the credit union’s product offering to benefit their individual needs. So any tool we can use to enhance this opportunity, I’m going to take a serious look at it,” states Tom Swerzy, CEO of Sb1 Federal Credit Union. “A tool like this helps our staff remain in contact with the new members, keeping them organized and enabling them to track what’s been offered and what hasn’t. It’s a very important time to get the new member off on the right foot, and we’re pleased to have partnered with fiVISION to leverage memberWORKS in this fashion to achieve our goal.”
At fiVISION’s suggestion, part of Sb1’s onboarding process has been transformed into a living “member profile” asking questions about their life events to better understand their needs for improved target marketing. This profile can be updated periodically with members as time goes on.
Read the full press release here.
or learn more about MEMBERworks here.]]>
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.”
Read the full press release here.
or visit our ACCOUNTworks 2G information pages.]]>