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Member Onboarding for Credit Unions

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Improved member onboarding represents a unique opportunity to build member loyalty, uncover and address member needs, and turn new members into advocates for your Credit Union.

Automating your member onboarding process with OpenAdvantage® from Doxim allows you to take the focus off the paperwork and onto the member service experience. Your member service representatives can now rely on a fully automated system to run mandatory field checks and ensure all relevant forms are completed, freeing them up to have a goal-based conversation with a new member and identify new sales and service opportunities.

Perform faster and more accurate member onboarding while reducing costs with Doxim OpenAdvantage®. Download this handy brochure, and visit www.doxim.com for more information.

Published in: Economy & Finance, Business
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Member Onboarding for Credit Unions

  1. 1. content.community.connected www.doxim.com WHY IS MEMBER ONBOARDING SO CRITICAL FOR CREDIT UNIONS RIGHT NOW? While Credit Unions still lead the pack in terms of the member service experience, over the last few years Client Service Index research has nevertheless indicated a downward trend in customer service ratings for Credit Unions, with major banks beginning to close the gap. The historical advantage that Credit Unions have had over major banks, built on more personalized service, is eroding over time, and Credit Unions need to find ways to reverse this trend to maintain their competitive differentiation. Improved member onboarding represents a unique opportunity to build member loyalty, uncover and address member needs, and turn new members into advocates for your Credit Union. Automating your member onboarding process with OpenAdvantage® from Doxim allows you to take the focus off the paperwork and onto the member service experience. Your member service representatives can now rely on a fully automated system to run mandatory field checks and ensure all relevant forms are completed, freeing them up to have a goal-based conversation with a new member and identify new sales and service opportunities. OpenAdvantage® Member Onboarding for Credit Unions
  2. 2. OpenAdvantage® Member Onboarding for Credit Unions WHAT IS OPENADVANTAGE® ? The OpenAdvantage® platform helps Credit Unions streamline their businesses by bringing critical business processes online. It’s a flexible platform that can be implemented quickly to automate your member onboarding processes. Your manual, paper-based onboarding processes are transformed into elegant, online workflows which do away with paper, speed up end-to-end activity, ensure accuracy through embedded business rules, and drive significant cost savings. At the end of the process, a customized welcome package is generated for your new members, which can be easily configured to incorporate your Credit Union’s logo and other corporate brand elements. PERFORM FASTER MEMBER ONBOARDING Eliminate slow, manual, error-prone member onboarding processes by deploying an OpenAdvantage® solution that’s customized to automate your workflows, forms, business rules, data checking and approval processes. This reduces the time-consuming, complex aspects of the member onboarding process, while helping meet your business and compliance requirements. • Reduce Data Entry – Using our unique dynamic questionnaire, you can speed up the member onboarding process by ensuring forms are filled out right the first time. Responses are used to populate multiple forms, eliminating duplicate data entry. Partially completed questionnaires and smart forms can be saved, allowing the member onboarding process to be completed at a later time without having to start over. When the final form is submitted, a mandatory field check is run, ensuring that all required fields are filled in and preventing costly rework. • Deliver A Complete Member Onboarding Experience - The scalable platform and configurable workflows simultaneously support multiple lines of business and can be expanded easily as your business grows. • Perform Real-time Member Onboarding – OpenAdvantage® can perform member onboarding in real time, enabling accounts to be opened and transaction-ready on the same day. PERFORM ACCURATE CLIENT ONBOARDING Institutionalize best practices and compliance standards with OpenAdvantage® by automating workflow, approval processes, and business rules. OpenAdvantage® will increase the accuracy and speed of your member onboarding process by: • Reducing Errors – Mandatory fields can be highlighted, enforcing compliance and eliminating the need to visit or call a prospect multiple times to gather additional information. • Providing Advanced Error Checking– OpenAdvantage® automatically checks for errors, reducing processing time and ultimately improving the member experience. • Identifying and Initiating Updates – Automatically view and report on accounts that do not meet prescribed business rules, KYM requirements, or compliance standards by using our customizable dashboard. REDUCE MEMBER ONBOARDING COSTS With OpenAdvantage® , new members can be onboarded quickly and effortlessly, taking the focus off paperwork and allowing member service representatives to spend more of their valuable time cross-selling/up-selling to your members. Cost reduction benefits you will experience include: • Reduced Hard Costs – Eliminate costly paper forms, carbon copies and the costs associated with wasted inventories due to business and compliance changes. • Reduced Soft Costs – Reduce the sales and administrative burden associated with error correction. • Increased Staff Productivity – OpenAdvantage® dramatically reduces the burden of opening and updating accounts on sales and administrative staff by reducing data collection. • Reduced Application Abandonment Rates – Simplifying and speeding up the process for members leads to many fewer abandoned applications. content.community.connected www.doxim.com
  3. 3. OpenAdvantage® Member Onboarding for Credit Unions • Simplified Staff Training – The OpenAdvantage® interface guides member service representatives through the process of gathering all vital information. This dramatically reduces the need to “understand the paperwork requirements,” enabling the Credit Union to institutionalize best practices across all staff and business units. IMPROVE COMPLIANCE AND REDUCE RISK Simplify and improve compliance reporting by automating time consuming, manual tasks. OpenAdvantage® improves the quality of data captured by ensuring that all required values are entered and that all required documents are tracked. The related customized workflow and business rules are designed to help meet compliance and regulatory obligations and reduce liability risks. • Produce Business, Compliance and Audit Reports – OpenAdvantage® can produce more than thirty reports, including comprehensive compliance and audit reports business metrics, operational efficiency and supervisory reports. • Generate Missing Document Reports – With OpenAdvantage® , you can quickly access and view a report outlining the status of documentation at any business level. • Configure Security Levels – The OpenAdvantage® permissions structure allows administrators to configure the application to limit account and forms access to a user’s own assigned accounts. • Improve Resiliency of Business Backups – Electronic documentation is secure and can easily be replicated to meet institutional security standards. • Comprehensive Log Archiving – Log data is archived and indexed in perpetuity to meet data retention regulations. MANAGING DOCUMENTS ELECTRONICALLY The OpenAdvantage® platform can be fully integrated with existing instances of Doxim Enterprise Content Manager (ECM) to enable centralized management and fast retrieval of documents online while enhancing corporate compliance practices and policies. Doxim ECM helps speed up the member onboarding process by eliminating the need for paper forms to be couriered. Access to the archive can be securely shared by authorized users across departments and organizations. Using Doxim easyCapture™ , any related paper documents can be scanned, stored and routed using barcodes – transforming a paper trail into an easy-to-access, cloud-based, digital document archive. MAKING FIRST IMPRESSIONS COUNT Member service is at the heart of everything your Credit Union does. Credit Unions that implement OpenAdvantage® can keep costs down while improving branch service levels and dramatically reducing the time needed to open an account. These Credit Unions will also experience increased staff productivity and the ability to keep easily accessible electronic onboarding records. But most importantly, automated onboarding allows Member Service Reps to open accounts quickly and correctly while building crucial rapport with new members, and helping those members to select the services which are the right fit for them. A first impression is a lasting impression. Why not use OpenAdvantage® member onboarding software to make that first impression count, every single time? content.community.connected www.doxim.com Doxim builds and delivers automated client on-boarding software, cloud-based Enterprise Content Management, and advanced document processing solutions for Financial Service Providers and their outsourcing partners. These solutions are used by thousands of clients in banking, credit unions, wealth management and investment brokerage to create, deliver and manage business critical documents and content more efficiently and cost effectively. Doxim solutions help these organizations to improve client communications, streamline document access and meet the stringent compliance requirements associated with transactional document output and delivery. Doxim is an SSAE16/CSAE 3416 compliant organization. Toronto | Kitchener | Vancouver | Montreal 1.866.475.9876 | info@doxim.com

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