Digital Account Opening Excellence: Credit Union Surpasses 90% eSignature Completion and Achieves Over 70% Instant Funding

The newly launched For Members Only (FMO) Federal Credit Union has recently garnered attention by achieving an impressive 90%+ eSignature completion rate along with 70%+ Instant Digital Funding, milestones that not only set a new industry standard but also highlight the transformative impact of comprehensive digital account opening solutions.

Overcoming Traditional Hurdles

Historically, deposit account opening solutions have been restricted primarily to collecting data, with the bulk of the tasks such as Eligibility Determination, KYC, eSignature, Online Banking Registration, and Initial Deposit Acceptance left to manual processing by retail operations teams. This traditional approach often resulted in disjointed customer experiences and operational inefficiencies.

The Transformation with CreditSnap

FMO Federal Credit Union's remarkable leap in efficiency and customer experience began with the integration of CreditSnap. This shift marked a significant transformation in their approach to account opening:

- Comprehensive Automation: CreditSnap provided full automation of the deposit account opening process, revolutionizing traditional methods.

- Innovative eSignature Process: The platform introduced an automated eSignature process, streamlining the verification and approval stages.

- Seamless Digital Workflows: With fluid digital workflows, CreditSnap ensured a smooth, uninterrupted online journey for applicants from start to finish.

- Efficient Initial Deposit Handling: The platform streamlined the initial deposit process, enabling quick and efficient funding, a key factor in achieving high success in Instant Digital Funding.

‍- Elimination of Manual Processes: The comprehensive digitalization by CreditSnap removed the need for manual interventions, significantly enhancing operational efficiency.

Setting Industry Benchmarks

By achieving a 90%+ eSignature completion rate, this newly established credit union has surpassed the previous financial services benchmark of 68%, as per DocuSign's analysis. Additionally, they have achieved an impressive milestone with 70%+ Instant Digital Funding, further setting a new standard in the financial sector for efficiency and customer engagement. These accomplishments are a testament to the potential of modern account opening platforms in revolutionizing traditional banking practices.

To learn how these digital innovations can reshape your financial institution, contact us at community@creditsnap.com. Discover the transformative capabilities of our platform; request a straightforward demo today.