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One of the biggest things prospective members want is simplicity. A simple and accommodating enrollment and application process means members are more apt to open an account with your credit union. Good thing Sharetec is The Technology of Simplicity! At Sharetec, our main focus is member facing experience. If the process to enroll or the technology that handles it, is difficult or outdated, the prospective member will be less likely to sign up. This goes for current and new products and features. If a current member could benefit from a new product but they have a hard time understanding or signing up, they will decide not to and the credit union loses out on that piece of business. This is the case for many credit unions around the country. Their core partner is either not evolving with them and their members or they simply do not have the proper guidance in order to serve their current members and prospective members.

Planites Credit Union had a unique situation. This credit union is located on the 14th floor of a high-rise building in downtown Chicago. The CU serves members across the state of Illinois covering 300+ miles from this one office. The CU wanted to use technology to service members rather than build branches. Sharetec’s Online Member Enrollment facilitates new member enrollment and provides a channel for new shares and loans to be opened by existing members – at any time, from anywhere. Online Member Enrollment validates identity, providing a secure solution and reducing fraud in the online application process.

Planites Credit Union has been utilizing Online Member Enrollment for many years and has had great success enrolling members online and in return, provides maximum efficiency to their staff. Online member enrollment allows Planites Credit Union’s new members to enroll and existing members to open new accounts and apply for loans – at any time. In addition, security is enhanced by validating identification and reducing fraud via its secure application process.

Planites Credit Union analyzed a number of data points from its membership and evaluated the ways members are joining the credit union. The results showed 75% of new members were onboarding remotely using this technology. According to Danny Valkanos, President of Planites Credit Union, “The online member module has significantly increased our new membership drive. It makes joining the credit union quick and effortless, mainly because you can do it from the comfort of your home. Lastly, it has greatly reduced paperwork here in the office.” Additionally, Sharetec has provided Planites Credit Union with a secure and efficient ID verification method. The CU now has the ability to perform online security checks.

To read the full case study, click here.