CREDIT UNION MEMBER ONBOARDING BEST PRACTICES

A strong, lasting relationship between credit unions and their members starts with an effective onboarding process. A seamless, personalized credit union member onboarding process can enhance satisfaction by meeting diverse member needs and preferences. Through actively engaging members during onboarding, a credit union can foster loyalty, increase product adoption rates, and contribute to long-term member retention. 

Credit unions are already doing a good job at member onboarding, with only 21% of credit union members surveyed by Lightico responding that they had difficulty with online onboarding. This result was better than many large banks, but not all. So, there is room for credit unions to gain a competitive edge by delivering an exceptional onboarding experience.

8 Best Practices for Credit Union Member Onboarding

A smooth, informative, and welcoming onboarding process will establish member trust, increase member satisfaction, and encourage the use of a wider range of services. By following these eight onboarding best practices, credit unions can enhance member loyalty, promote a sense of community, and develop sustainable growth and customer satisfaction.

8 Credit Union Member Onboarding Best Practices
Best Practice	Description	Benefits
1) Personalized Welcome Communication	✔ Send a personalized welcome email, text, or video message to new members.	+ Builds rapport, enhances member engagement, and makes members feel valued.
2) Clear and Simple Onboarding Process	✔ Design a streamlined onboarding process with clear steps and minimal paperwork.	+ Reduces friction and improves member satisfaction, leading to higher retention rates.
3) Offer Multiple Onboarding Channels	✔ Provide omnichannel onboarding (online, mobile app, in-branch) to accommodate different member preferences.	+ Increases convenience and accessibility, improves member experience and enrollment rates.
4) Educational Resources and Tutorials	✔ Offer easy-to-understand resources (videos, guides) on how to use products/services and manage finances.	+ Empowers members with knowledge, leading to better product usage and reduced service inquiries.
5) Proactive Support and Check-ins	✔ Follow up with new members within 30-60 days to address questions and offer support.	+ Strengthens relationships and prevents member drop-offs during the early engagement phase.
6) Feedback Collection	✔ Request feedback on the onboarding process to identify areas for improvement.	+ Helps optimize the onboarding experience, fostering continual improvement.
7) Seamless Digital Onboarding Tools	✔ Use digital tools such as e-signatures, document uploads, and real-time account setup for onboarding.	+ Improves convenience and reduces time spent on administrative tasks, improving overall experience.
8) Data Analytics  for Personalization	✔ Leverage data analytics to personalize the onboarding journey.	+ Increases relevance and engagement, leading to higher satisfaction and loyalty.

These best practices will go a long way toward ensuring credit union members have a positive, engaging, and informative onboarding experience, which will contribute to long-term satisfaction and retention.

Latest Tools for Engaging Credit Union Member Onboarding

Here are some of the latest tools for enhancing and personalizing credit union member onboarding experiences:

• Digital Account Opening Platforms: Tools like Temenos Infinity and Entrust streamline digital account opening, making it easier for new members to open accounts quickly and conveniently.

• Video Onboarding Platforms: Vidyard, Loom, and similar platforms help credit unions engage new members through personalized video messages.

• Automated Communication Tools: Credit unions can send automated, personalized email and SMS onboarding messages through platforms like HubSpot, Salesforce Marketing Cloud, and Braze.
  
  
• AI-based Chatbots: AI-based chatbots like Intercom and Drift offer 24/7 support, answering common questions and providing real-time assistance during onboarding.

• Interactive Learning and Resource Centers: Credit unions can offer new members interactive guides and onboarding tours through apps and websites such as WalkMe and Whatfix.

• Electronic Signature Platforms: Documents can be signed digitally using tools such as DocuSign and Adobe Sign, making the onboarding process seamless.

• Feedback Collection Tools: Credit unions can gather member feedback on the onboarding process using platforms like SurveyMonkey and Typeform.

• Gamified Onboarding Experiences: Using gamification features, such as rewarding members for completing tasks or exploring new features, can enhance the onboarding experience.

These tools streamline the onboarding process, making it more accessible, personalized, and engaging for credit union members while promoting trust and loyalty.