CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Bring New Members Onboard
Operations

Bring New Members Onboard

Bank Transfer Day resulted in hundreds of thousands of new members. Now what?

December 6, 2017
No Comments

A CU’s ‘eWelcome’

New members who join $1 billion asset Meriwest Credit Union, San Jose, Calif., get an “eWelcome” in the form of emails sent at staged intervals throughout their first 90 days of membership, says Tony Cortez, vice president of marketing. The first week’s email welcomes the new member and offers a link to the credit union’s website for more information.

At the 14-, 21-, 30-, 60-, and 90-day marks, the credit union sends messages highlighting specific services—online banking, bill pay, and direct deposit—to those who haven’t yet signed up for them, Cortez explains. Emails promoting core products are also sent to segmented groups that have yet to adopt them.

The electronic communications work in tandem with an outbound calling program with similar criteria. While many members choose email as their preferred mode of contact, members can also specify other communication channels.

“Members can select the best method of contact—in-person, phone, mail, or email—and their favorite method of banking, whether it’s in-person, by ATM, mail, or online,” Cortez says.

An online account-opening process allows new members to join Meriwest and fund their accounts in one session. The same process is used for members adding products at a later date.

A switch kit offers a master account application, a close-and-transfer letter, and a direct deposit switch form. Setting up online banking and bill pay is a simple process supported by online videos. But members still face the time-consuming challenge of transferring their accounts.

This highlights the reality that switching financial institutions represents a major commitment for new members—making onboarding an ongoing challenge.

“Bank Transfer Day made a splash and caught the attention of many, especially the media,” Cortez says. “But something as serious as choosing your financial institution deserves more than a single day’s attention.”

Avoid the 'Emotional Unsubscribe’

Credit unions must ponder the timing and content of onboarding messages to avoid prompting new members to “emotionally unsubscribe,” says Ron Daly, president/CEO of DigitalMailer.

DigitalMailer and other vendors offer a “product matrix” to identify the next likely purchase for members based on current product use and demographics.

Daly compares this to online retailers’ recommendations for “products that may interest you” based on other purchases by “people who bought this item.”

“It’s not one-to-one-marketing, but it’s an approach based on making the messaging more relevant to the receiver,” Daly says.

Products and features most likely to engage new members include:

  • Low loan rates;
  • Better credit practices to extend offers to more borrowers;
  • Free checking;
  • Remote deposit capture, which allows members to make deposits remotely using images captured with a scanner or smartphone; and
  • Convenience services, including the virtual branch offered by online and mobile banking, as well as shared branching.

Daly says it’s essential to use the communication channels members prefer or they’ll simply ignore your messages.

 

Automated Onboarding

Member onboarding tools that are integrated with the core system make it easier to collect data, send mailings, and ensure members get the right offers, says Eric Olsen, director of professional services at Sedona Corp. Surveys and outbound calls can reinforce the relationship and gather data used to determine future offers.

“You’re trying to get a sense of who these people are, what their relationship with the credit union is, and what they want out of it,” Olsen says. “It’s not a one-size-fits-all environment.”

One way to impress newcomers is to facilitate an easy transition and ensure you have the right products to meet their ongoing financial needs, according to Harland Clarke, a CUNA Strategic Services alliance provider.

Harland reports the most successful onboarding strategies:

  1. Make it easy. Send every newcomer a personalized, no-hassle switch kit to encourage an easy transition from competitors and make it easy to sign up for a range of services.
  2. Communicate monthly. Deliver targeted communications to new members at least three times during the first 90 days.
  3. Ask how they feel. Schedule a new member experience survey early in the relationship to gain valuable feedback.
  4. Automate. Use triggers such as check re-order dates and anniversaries.
  5. Take aim. Use predictive intelligence to cross-sell the right product at the right time.
  6. Crunch your numbers. Measure the impact of your onboarding program.
  7. Do it right. Ensure compliance with regulations and legal requirements regarding security and confidentiality.

Resources

  • Aite Group
  • CUNA Marketing & Business Development Council
  • Deluxe Corp.
  • DigitalMailer
  • Fiserv
  • Harland Clarke, a CUNA Strategic Services alliance provider
  • Sedona Corp.

Previous 1 2 3 Next

Post a comment to this article

Report Abusive Comment

Credit Union Magazine - Winter 2020

Winter 2020

Credit Union Magazine’s Winter 2020 edition features CUNA’s 2021 lending outlook, CEO insights on adjusting to the pandemic, and board recruitment strategies.
Digital Edition •  Subscribe

Trending

  • Compliance: 2020 Year in Review, Checklist now available

  • 5 fraud predictions for 2021

  • CUNA sends recommendations to incoming Biden administration

Tweets by CUNA_News

Polls

Will you ask employees to receive the coronavirus vaccine?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors