In today’s fast-paced world, convenience and speed are essential. First Florida Credit Union has set a remarkable industry standard for a seamless account opening experience through our innovative Online Account Opening (OAO) solution. Tailored to meet the specific needs of the credit union, OAO simplifies the account opening process, making it more accessible and efficient for members.

A Tailored Approach

The OAO solution stands out because it was meticulously crafted to address the specific requirements of First Florida Credit Union. Joseph Carpenter, the credit union’s chief operating officer, said, “The driving force of this initiative was to create an exceptionally simple and frictionless experience that enables members to open an account in under five minutes without compromising any security measures.” Carpenter also stated, “By integrating advanced real-time identity verification into the workflow, we have confidently added more qualified members through an automated decision-making process while minimizing the risk of fraud.”

This customized approach ensures that every aspect of the process aligns with the credit union’s operational goals while improving the user experience. With minimal prompts and decisions required from members, the software enables a seamless journey from interest to account opening.

Streamlined Process

The OAO solution features a user-friendly backend process that facilitates the opening and funding of Membership Accounts. Members can easily navigate through a step-by-step application, inputting necessary information without feeling overwhelmed. By enabling potential members to choose products directly from the credit union’s website, OAO empowers them to initiate applications with ease.

Users can complete the entire process in just minutes. The solution conducts essential identity checks, collects required data, and presents various funding options—all within an estimated completion time of under five minutes. This impressive efficiency enhances user satisfaction and significantly boosts the volume of applications processed.

Meeting Strategic Goals

By implementing the OAO solution, First Florida Credit Union has achieved impressive results. The credit union’s chief strategy officer, Angela Garman stated, “Since launching the OAO solution in July, we immediately changed the trajectory of our net members.” Garman noted that the OAO solution has caused a 500% increase in account openings over the previous online platform

The streamlined account opening process allowed the credit union to meet its strategic goals effectively and expand its membership base within the region. Consequently, the credit union is better positioned to serve the financial needs of its community, fostering both growth and member loyalty.

Innovation in Action

The OAO solution exemplifies how innovative technology can transform traditional banking practices. By prioritizing user experience and operational efficiency, First Florida Credit Union has set a new standard for the industry. The user-friendly platform simplifies account opening and creates a welcoming environment for new members, reinforcing the credit union’s commitment to service excellence.

In conclusion, the Online Account Opening solution is more than just software; it’s a game-changer in the realm of financial services. With its seamless integration, tailored design, and focus on consumer satisfaction, First Florida Credit Union is paving a way for a future where opening a bank account is as easy as a few clicks online. This innovative solution is a testament to the credit union’s dedication to leveraging technology for improved service delivery and membership growth.

 

In today’s digital age, offering members more digital convenience is not just a goal for credit unions – it’s a mandate. With the right financial technology, credit unions can become more deeply integrated into the daily lives of their members, fostering loyalty and generating revenue. One such innovative solution is CU NextGen’s Pay A Loan.

 

Introducing Pay A Loan

Pay A Loan is a cutting-edge payment tool housed within the credit union’s digital banking experience. It simplifies the loan payment process by allowing members to make payments using funds from virtually any account, including external accounts. This integration enhances convenience and flexibility, making the loan payment experience seamless and efficient.

 

The Innovation Behind Pay A Loan

Developed from the ground up, Pay A Loan integrates external payment sources, enabling account linkage, secure storage, and scheduled payments. Utilizing open banking, micro-deposit, and NACHA file support, Pay A Loan ensures top-tier security and efficiency. This innovation represents a paradigm shift in loan payments, blending state-of-the-art technology with user-centric design to set a new standard for financial tools.

Unlike off-the-shelf solutions, Pay A Loan is customizable to meet each credit union’s unique preferences. This adaptability ensures that the solution meets immediate needs while allowing for future enhancements, offering functionality and flexibility.

 

The Value of Pay A Loan

At its core, Pay A Loan is about providing value to members. The solution offers a more straightforward loan payment experience, enhancing convenience, security, and efficiency. By integrating external payment sources, members can make loan payments directly from the credit union’s platform without logging into multiple external accounts. Scheduled payments ensure timely transactions without manual intervention, empowering members to manage their financial commitments easily.

Pay A Loan enhances member satisfaction and confidence in credit unions, capturing more member transactions and deepening relationships. This increased engagement translates into significant value, including fee income.

 

Pay A Loan in Action

Our credit union partner, Meritrust CU, faced challenges during a critical digital banking conversion. Struggling with existing, off-the-shelf payment vendor options, they turned to CU NextGen for a customized, more functional solution. CU NextGen developed Pay A Loan as an agile, reliable tool for credit unions and their members.

 

For Meritrust, Pay A Loan delivered measurable value right away:

First 90 Days: 31,000 transactions

Convenience Fee per Transaction: $4

Total Fee Income: $126,000

Projected Fee Income for First 12 Months: $500,000

 

Continued Innovation

With the success of the first use case of Pay A loan, CU NextGen extended the capabilities to include an external website integration featuring an express checkout tailored for indirect members. This enables credit unions to engage with indirect members and generate fee income while offering a fast, secure, and user-friendly payment experience.

 

Payment Innovations

Pay A Loan is a proven solution to seamlessly meet critical digital banking needs. By prioritizing security, control, and accessibility, Pay A Loan significantly elevates the overall value for members and credit unions.