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…)
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…)
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.
Like you, I keep up on industry trends and industry news … and this one caught my eye. Online account opening has gained pretty significant traction in the minds of consumers and already makes up a pretty good portion of all accounts that are opened at financial institutions. Leading industry analysts like BAI are now predicting that in a mere 5 years half of all accounts will be opened online. The chart below is an estimate of online account activity in 2009 – by age range:
The folks at creditunions.com have offered up this explanation of the graph – which makes a lot of sense …
‘Younger generations have a much stronger demand for the ability to open new checking and saving accounts online. The graph represents the percentage of individuals that have attempted to open an account online in the past year. This also includes those who had to abandon the process due to process not being fully automated, such as requiring the individual to mail in an application or visit a branch. BAI Banking Strategies estimates that by 2015, approximately 50% of all new accounts at financial institutions will be opened online.’
How much is fully automated?
Part of fiVISION’s business is to offer online enrollment & account opening solutions, so I do check credit union websites pretty often – and find out more often than not that the online offer is of the ‘print & mail’ variety. In reaction, some of you may be thinking things like ‘We’re too small and can’t afford online account opening’ or ‘Our host processor does not support online account opening’ or ‘We’re keeping our expenses down and are not doing any projects right now’ as reasons you are not moving toward offering these services.
But read the analysis closely – the consumer is the judge of the level of automation – and the hurdle you need to meet is to make it so they don’t have to mail anything to you or visit one of your branches In other words, make it so they can do it online from anywhere they want to at any time of day. If you’d like some assistance on meeting that hurdle, give me a call.
fiVISION has developed an online loan application module that integrates the process of becoming a new member and getting a loan approval at the same time. This consolidated process bypasses all data entry screens, streamlining this task and eliminating the redundant manual inputting of member information – which allows the individual to become a new member and get a loan all in one session without retyping any personal and financial data.
The new module, launched initially at Digital FCU ($4.4 billion; 370,309 members, Marlborough, MA) is replacing an outsourced solution to provide a quicker, enhanced member experience at a reduced cost. According to Diane Richard, Vice President of Consumer Loans for Digital Federal Credit Union “Thirty-two percent of our members do their loan applications online,” Richard says. “So it’s very important that this process works well and is efficient. And fiVISION’s web loan module does just that. Its automation simplifies the whole process for our members by doing most of the work for them.” (more…)
Liberty Bay Credit Union ($529 million; 26,789 members; Boston, MA) has selected fiVISION to use its accountWORKS platform to enhance the speed and seamlessness in enrolling new members (both online and in-person) and open new accounts online for existing members. The credit union, which runs on XP Systems’ XP2 core processing system, will also leverage fiVISION’s Enrollment Cross Sell module to offer additional products the member applicant is qualified for but did not select during the application process. (more…)