Elevate the employee experience: 5 key insights

Top-notch digital services like online account opening create a next-level experience for staff.

December 6, 2021

It’s no secret that well-equipped, well-trained, and well-nurtured credit union employees provide their members with efficient and courteous service.

But while credit unions are known for delivering positive and personalized experiences for members, they may be overlooking opportunities to do the same for their employees.

One of the best ways credit unions can uplift their employees is by offering them the right digital tools to help members succeed. Top-notch digital services like online account opening (OAO) take the employee experience to the next level so you can truly meet members where they want to be met.

Five ways OAO can boost the employee experience:

1. Open new accounts faster

Many credit unions currently use legacy fraud prevention software that generates false positives, relies on manual processes, and leads to hours of employee effort with little reward.

With high-performing OAO, your employees can expedite the decision-making process by automatically drawing data from multiple sources. This allows your risk and compliance teams to deliver on precise decisioning without requiring tedious manual labor.

2. Reduce effort spent on routine tasks

Credit unions, especially smaller ones, can’t always afford to manage high volumes of potentially fraudulent cases. But with the right automation capabilities, more than 90% of account decisions could be approved without manual intervention. 

Instead of reviewing and approving endless applications, your employees can focus on welcoming new members into your community.

3. Lower member acquisition costs

Building, operating, and staffing a brick-and-mortar branch is expensive. But with a digital branch that boasts OAO capabilities, credit unions can spend far less while still attracting new members.

This allows you to stretch your marketing dollar, freeing up funds to invest elsewhere.

4. Optimize member outreach efforts

You’ll need to manage all the new members you attract through OAO. Luckily, the highest-performing OAO software offers data and analytics capabilities that empower employees to help members even more precisely. 

With the insights necessary to offer more personalized product recommendations to their members, OAO helps create a more seamless experience for all. 

5. Streamline the member experience

With high-performing OAO, employees can access a self-serve console without vendor support. This eliminates wasteful back and forth, and cuts down on wait time for new updates, implementations, and modifications. 

OAO also enables you to unify branding across all platforms, including new account applications, contributing to a streamlined experience no matter how new members open accounts.

Digital transformations like online account opening are an investment in your employees, your members, and the future of your credit union. With proper tooling like OAO, credit union employees can do their jobs faster, easier, and more effectively for both members and staff.

This lets credit unions, now and in the future, do what they’re best known for: making members happy through personalized service.

RAJ PATEL is COO and co-founder of MANTL. Contact him at 646-791-1757.