In a previous blog, we discussed the importance of reducing friction in the onboarding process. One good way to do so is through integration to a robust onboarding solution that manages the process for members as well as credit union staff. Leveraging your core system’s Application Program Interfaces (APIs) can provide a myriad of benefits that lead to increased efficiency and convenience, and ultimately reduce costs and boost revenue for your credit union. Here’s how APIs have become a popular tool in improving the member onboarding processes.
Real-time Account Opening
Integration with software that allows members to open their account in real time can be accomplished with APIs. Gone are the days waiting to get a checking or savings account up and running. Especially with the vast number of FIs offering digital account opening, members expect real-time results. 48% of financial institutions worldwide offer a digital checking account opening process, and credit unions can offer real-time account opening online, in-branch, or through the call center. Examples include Lending360’s New Account Opening, touted as a simple, quick, and reliable solution to open and fund new accounts online anytime, and MeridianLink’s XpressAccounts, an end-to-end web-based account opening and funding transaction service that is growing in popularity in the financial industry.
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