Credit Unions Can Elect to Grow Mobile Through Better Onboarding

Energizing credit union digital marketing and sales strategies such through a streamlined mobile account opening experience for both current and potential members can lead to a more successful overall program.

Atlanta based Gro Solutions, a provider of digital growth solutions for financial institutions, announced the $1.7 billion Fitchburg, Mass.-based Workers Credit Union selected Gro to power mobile account open opening process.

Workers found Gro’s innovative solutions enhanced the credit union’s mobile account opening capabilities and provide members with a quick and easy online experience. The platform will reduce the number of keystrokes needed on the application, allowing applicants the options of either scanning their license or simply entering their mobile number to provide information. Additionally, the credit union plans to expand the solution into its branches giving its staff the ability to open accounts easily and quickly for anyone, regardless of channel or location.

“In today’s digital world, being able to offer member solutions that help them overcome, or even avoid, hurdles is very important,” Christopher Saari, assistant vice president, digital banking manager, for Workers, said. “With Gro, we are able to provide a fast and convenient experience, streamlining the application process for anyone, anywhere, whether in the branch or on their phone.”

David Eads, CEO of Gro said, “When you reduce friction in the application process, you create a better user experience, which lowers abandonment and ultimately fosters member growth.”

Eads provided suggestions on how credit unions can better leverage digital strategies. “When it comes to digital banking technologies, credit unions should look for a platform that allows all types of accounts in one online/mobile session (i.e. checking, credit card, line of credit, etc.). They should also make sure it offers a comprehensive solution that plays well with their other systems. Due diligence here can save a lot of money (and headaches) down the road.”

The Gro CEO also recommended credit unions focus on digital marketing and sales strategies. This provides a proven method to both establish market share in new areas, without the expense of traditional brick-and-mortar branch locations, and allows the ability to more strategically plan future branch construction or purchases to meet existing, localized member demand based on digital banking usage seen in these areas.

“While many credit unions already do a good job of recommending products for their members, the right digital platform can help them not only better track their data, but also aid them in suggesting the right product, at the right time, for the right member based on their specific needs and situation,” Eads noted. He added these platforms can also help credit unions scale up and take their growth plans to the next level. “Being able to see all the data across all members and accounts can have profound impacts across the whole organization.”

Eads held this can allow credit unions to onboard more members, more efficiently as well as reduce attrition by two or three times because improved up-selling and cross-selling (saving time and money).

“Bottom-line – it’s better, faster and cheaper for today’s credit unions to grow by effectively leveraging and utilizing digital technology than through traditional means, such as M&A or building more physical branches,” Eads said. “Additionally, since a strong digital presence helps to build a strong deposit base, this ultimately offers a more cost-effective method for overall growth.”