ST. PETERSBURG, Fla.– PSCU and Mercator Advisory Group have published a new white paper, “Digital Account Opening: Keys to Success in Credit Union Lending.”
According to PSCU, the paper details the importance of digital onboarding options like account opening for credit union member retention and acquisition.
“Today’s consumers expect immediacy in all aspects of their lives, including from their financial services provider,” said Scott P. Young, managing vice president. “Emerging Services at PSCU is meeting this demand by providing a digital-first credit card application process is critical for credit unions, as account opening meets the member at the beginning of the card relationship and sets the stage for future account access.”
PSCU noted the 2021 Consumer Credit Market Report published by the Consumer Financial Protection Agency (CFPB) found more than 50% of credit card applications came from mobile devices in 2020, a metric that continues to rise, with the CUSO adding that credit unions should consider this trend when developing their account acquisition strategies.
The Highlights
According to PSCU, the white paper highlights key aspects of digital account opening, including:
- Why digital engagement is an essential strategy for credit unions
- The business case for digital acquisition
- How a digital acquisition solution can improve the user experience and application flow
- Key considerations and best practices for developing a digital application process
Easier to Implement
PSCU said that in order to make it easier for its owner credit unions to implement a digital-first credit card application, it has partnered with Amount, a fintech focused on next-generation digital account opening and lending solutions for some of today’s larger financial institutions.
“Through this partnership, PSCU and Amount will provide credit unions with digital loan origination technology through an innovative platform that delivers the digital experience members expect,” PSCU said. “With Amount’s data automation and advanced identity verification technology, consumers can quickly and easily apply for credit cards from anywhere and be approved instantly. Additionally, consumers who are not yet credit union members will have the ability to apply for membership as a part of the credit card application process.
Click here to download “Digital Account Opening: Keys to Success in Credit Union Lending.”