For credit unions, bringing in new members is only part of the challenge. The real test is making sure those new members feel welcomed, supported, and ready to make the most of their membership.
Unfortunately, many onboarding processes don’t deliver. In fact, 44% of new checking accounts go inactive within the first year. Considering that credit unions spend about $200 to acquire each new member, this is a big loss of value and opportunity.
So, what can credit unions do?
Bring on a dedicated onboarding solution, of course! Currently, credit unions have two main choices:
Swaystack and Digital Onboarding. Read on to see how they stack up.
Swaystack: Modern, Gamified Onboarding
Swaystack makes the new member onboarding process simple, engaging and fully integrated with major digital banking platforms. The whole process is automated to reduce staff workload. Through a multichannel combination of emails, in-app widgets, push notifications, and SMS messages, members are guided from account creation through all the major touchpoints:
- Account Funding
- Direct deposit switch (DDS)
- Subscription transfers
- Loan Payments
- Mobile banking setup
- E-statements
- Cross sell
Members are led to complete their account switch process with a progress bar (and other elements of gamification). It tickles the psychological need to finish things.
It’s… effective. Very effective, in fact.
One of our favorite features—aside from the gamified bits—is the subscription transfer tool. New members are encouraged to move their subscriptions to their credit union account. It simplifies and centralizes for them, increases interchange for the CU, and it’s a big step towards attaining top of wallet status.
Key takeaways for Swaystack:
- Gamified onboarding keeps members engaged and simplifies complex steps.
- Direct deposit switching secures primary financial institution status.
- Digital wallet setup positions credit union cards as the top choice for payments.
- Indirect members deserve onboarding journeys too.
Ultimately, Swaystack has created a modern, multichannel onboarding solution that feels optimized for digital-first members.
Digital Onboarding: Focused on Simplicity
Digital Onboarding offers a more traditional approach. The platform uses email and text reminders to guide members through key onboarding steps, such as setting up online banking or enrolling in eStatements. Automation ensures that members stay on track without requiring constant manual follow-up from credit union staff.
Digital Onboarding’s strength is its simplicity. By focusing on essential actions, it helps members quickly get comfortable with their new accounts. Credit unions also benefit from detailed analytics that show how members are progressing through the onboarding process. This makes it easier to identify any bottlenecks or areas for improvement.
While Digital Onboarding is effective at streamlining workflows, it’s not as interactive or personalized as Swaystack. Its focus is more on efficiency than engagement, which may be a better fit for credit unions looking for a task-oriented solution.
Key takeaways for Digital Onboarding:
- Automated workflows guide members through critical onboarding steps.
- Clear messaging encourages action and keeps members on track.
- Analytics help credit unions measure success and improve processes.
Ultimately, Digital Onboarding has been around for years. Their onboarding solution isn’t quite as optimized for today’s (or tomorrow’s) digital members, but they have a considerable track record.
How Important Is Onboarding, Anyway?
There are two answers. The first answer uses a lot of words to convince you of the importance of creating a delightful member experience, building a relationship, and instilling trust or whatever.
But the second answer is better:
A good onboarding process decides whether you keep the member or lose them. It improves member engagement and product adoption from the get-go. It’s the difference between someone who opened an account once and someone with direct deposit, e-statements, and a credit card.
Swaystack and Digital Onboarding keep members from ghosting you. That makes them critically important to your long-term growth.
Which Solution Do We Recommend?
We’ve worked with and looked under the hood of both organizations. And, although we can’t tell you which is right for your credit union, we’re comfortable giving a rare recommendation to Swaystack.
The gamification and extra steps to ensure funding, engagement, and top-of-wallet status give them a definite edge.
You can learn more about them here:
