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Delivering an end-to-end digital account opening solution


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Delivering an end-to-end digital account opening solution


Key Results

  • 40% reduction in time for back office operations
  • 6 minutes or less to process a new application
  • 50% less time spent by members to open an account online

Background:

People’s Credit Union has been providing banking services to its members since 1922. With over 35,000 members and with locations throughout the Northeast, People’s partners with the communities it serves to provide an extraordinary member experience through its innovative products and customer-focused employees.

Looking for a Digital Experience that Enhanced the Brand

People’s Credit Union was looking to enhance the member experience by offering a mobile optimized account opening solution for their new and existing account holders. The credit union recognized that to remain competitive against the larger financial institutions and to grow their membership, they needed to provide a more engaging digital experience that allowed new accounts to be opened securely from any digital device.

Finding A True End-to-End Digital Process

In searching for the right solution, the credit union found that most account opening solutions were digital from the member’s perspective, but continued to require manual work on the back-end of their operations. As their communications partner, Computershare Communication Services offered a digital communication solution that would meet the credit union’s business objectives. With Computershare’s customer onboarding platform, People’s would be able to offer an end-to-end digital process that allowed members to securely open and fund an account and protected them against fraud.  In addition, as a partner with their core processing provider, Computershare was able create a workflow that allowed application data to feed into People’s core system directly allowing new accounts to be opened immediately as opposed to requiring members to visit the branch or wait three to four days to receive their new account information while the operations staff manually processed the application.

Digitizing the Customer Experience and Back End Workflow:

With a digital end-to-end account opening solution, the credit union was able to make a great first impression. The new platform allowed new and existing members to securely open an account from any digital device, fund the new account during the application process and receive their new account information all within a few minutes. In addition, by digitizing the back end of the process, the workflow of data to create new accounts was improved. The credit union was able to reduce the risk of error in manual inputs of application data into its core processing system. By feeding the data directly to the core, the credit union reduced the amount of time spent on new applications by 40%. In the end, People’s was able to deliver a better customer experience and improve efficiencies within its back-end processes resulting in time and cost savings. 

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