3 minutes
Discover how one platform can transform your credit union’s member experience and streamline operations.
As credit unions continue to navigate the evolving financial landscape, one of their greatest opportunities is enhancing the member experience to make it even smoother and more seamless. This opportunity becomes even greater when dealing with multiple systems for various financial products. A single origination platform offers a solution to this problem, bringing numerous benefits to both the credit union and its members.
Unified Member Experience
A single origination platform provides a unified member experience. Credit unions have the opportunity to streamline processes, making it easier for members to open different types of accounts or apply for loans, creating a more cohesive and satisfying experience. For example, the process of opening a deposit account can be vastly different from applying for a home equity loan. This inconsistency can be frustrating for members and lead to a negative perception of the credit union's services.
By integrating all financial products into one platform, credit unions can ensure that the look, feel, and overall user experience remain consistent across all touchpoints. This unified approach not only enhances member satisfaction but also reinforces the credit union's brand identity, making it easier for members to navigate and engage with their financial services.
Improved Operational Efficiencies
From an operational standpoint, a single origination platform can significantly reduce inefficiencies. Credit unions often deal with high acquisition costs and the risk of losing potential members due to cumbersome and time-consuming processes. With a single platform, data can be reused across different products and services, eliminating the need for repetitive data entry and reducing the potential for errors.
For instance, if a member applies for a loan and later decides to open a deposit account, the credit union can leverage the data already collected during the loan application process. This not only speeds up the new account opening process but also provides a more comprehensive view of the member’s financial health. Credit unions can then make more informed decisions and offer personalized financial products that better meet the needs of their members.
Enhanced Cross-Selling Opportunities
Cross-selling is a crucial strategy for credit unions to increase their share of wallet. However, without a single origination platform, it can be challenging to effectively cross-sell products. A unified platform allows credit unions to present relevant cross-sell opportunities at the right time, such as offering a promotional deposit product when a member is applying for a credit card.
This integrated approach to cross-selling ensures that members receive timely and relevant product recommendations, enhancing their overall experience and increasing the likelihood of them engaging with additional services. It also helps credit unions better manage risk by having a complete view of the member’s financial activities and obligations.
Seamless Integration and Data Reuse
A single origination platform allows for seamless integration across various systems within the credit union. This means that critical data, such as member data and fraud checks, can be reused across different products and services, reducing the time and effort required for each new application.
For example, if a member has recently undergone a fraud check for a loan application, the same fraud report can be used for other loan products within the same session. This not only speeds up the approval process but may also reduce costs for the lender.
In today's competitive financial environment, credit unions must prioritize member experience and operational efficiency to stay relevant. A single origination platform addresses these needs by providing a cohesive and streamlined approach to managing financial products. By unifying the member experience, improving operational efficiencies, enhancing cross-selling opportunities, and enabling seamless data integration, credit unions can better serve their members and achieve their strategic goals.
Sean Ferguson is vice president of product strategy for direct lending and account opening at Origence and focuses on transforming technology solutions to create exceptional user experiences. He joined Origence in 2018 and has more than 15 years of experience in product management with a Master’s in Business Administration from USC Marshall School of Business.
