AUSTIN, Texas.-While Randolph-Brooks FCU first began implementing Andera software to streamline online banking methodologies in 2008, it's now building upon the existing platform by offering new resources to members.
"In today's environment we do not do auto-approved loan products during the flow, but if the member says they are interested in a loan, they are presented with the online loan application the first time they log in to online banking," said Randolph-Brooks Chief Information Officer, Mary O'Rourke. "New members can also select other complimentary products in the flow, such as overdraft options and identity theft protection. Marketing later follows up with these new accounts through various communications channels, including smart banners, e-mail and direct mail."
When O'Rourke says "flow," she is referring to the "join online system" that helps to serve the $5-billion-plus credit union with more than 400,000 members and 42 branches. The online platform provides members with the ability to open savings and checking account, apply for loans and fund initial deposits with debit/credit card and/or ACH transactions.
"It took a few months to get the new platform up and running. As we incorporate an additional portion, Andera's oFlows, in the future, the process will take about six months to go live as we will customize the workflow to fulfill the processes automatically," said O'Rourke. "By automating, we seek to generate cost-savings and efficiency, eliminate the potential for human error, and provide continued member satisfaction."
Improving Online Banking Offerings
Charlie Kroll, chief operating officer of the Providence, RI-based Andera, Inc., said oFlow is the next logical step in the credit union's online evolution. "By taking advantage of the oFlows platform, Randolph-Brooks will be able to provide their members with a completely virtual retail account opening experience from wherever and whenever their members choose."
O'Rourke said oFlow is both intuitive and scaleable. "Using our current process and with oFlows, we will be improving our process by presenting pre-approved MasterCard and line of credit options. Joint members will be able to work on the same account opening from different locations."
As the credit union continues to enhance and improve its online offering, lessons will be recounted from prior rollouts. "The join online system was first available to employees and family members," said O'Rourke. "They evaluated the language used in the application process for ease of understanding and member friendliness, seeking to avoid confusion in areas such as identification questions." The same process will occur as oFlow is vetted.
Assistance When Needed
For those members having difficulty with online functions such as opening an account or completing a loan form, employees in the support center can individually monitor member progress and assist as appropriate. "We will be able to contact potential members who don't complete the application and offer assistance with issues and help them complete the process," said O'Rourke.
As for determining ROI, O'Rourke said metrics related to member activity and product offerings are cross-referenced and analyzed.
"Each year, we see an increase in members using the online channel to join, and we also see the products these members choose. They are borrowing at a higher ratio than members who use traditional channels, which again speaks to the desire for ease and convenience in personal finance."