SAN FRANCISCO-Andree Kirk was having a conversation with her CEO about consumers' lack of knowledge regarding credit unions, when she suggested that something was really needed to spread the word about credit unions to all those dissatisfied bank customers.
That conversation led Kirk, an online services administrator at the $800-million San Francisco FCU, to develop an idea for the "Shared Member Application Platform," a website where consumers can learn about and apply to numerous CUs. The idea was that the site would be different from some of the others that set out to do similar things, including those sponsored by trade associations, by housing all the information on the CU the consumer is interested in, and people could join on the spot.
That idea landed Kirk among three finalists for the CO-OP THINK Prize 13.
Kirk said the one-stop sign-up tool not only could provide CUs with a means to further capitalize on all the anti-bank sentiment, but also protect against losing potential members as they shop online for a better banking alternative.
"Today, there are sites out there to locate credit unions, to show people where credit unions are and how to reach them," explained Kirk. "But they require the consumer to go to the credit union's website to learn more and to sign up online, if that service is even offered. A potential member can get easily lost, discouraged, or lose interest with that process. The overall objective of this platform is to increase membership nationwide. I project the site could account for 1% to 3% of all member growth annually."
With the member app platform, a potential member visits the site, enters information (such as home address) to narrow search results. "Once they have a short list of credit unions to choose from, they fill out an online application using various underwriting rules and fraud-checking mechanisms. If the application system approves the member, the system would then create the new account through the shared branching network."
Two-Minute Video
Part of the CU selection process involves the potential member viewing a two-minute video on each CU. Partipating CUs would have to be financially sound, offer online and mobile banking, be part of the CO-OP shared branching and ATM networks, and offer checking accounts.
The platform makes it easy for credit unions that want to leverage the Bank Transfer movement or run a national campaign, said Kirk. "They now can offer a single means of advertising and fulfillment of new account requests and inquiries. Plus, it also is a means for credit unions-especially the small ones-to play bigger against large banks."
Kirk acknowledged the concept would take some time, effort, and HR to get off the ground. She sees a CUSO managing and administering the effort, with fees charged to CUs based on participation and volume to ensure the viability of the CUSO. "Constant and consistent update of website content and underwriting engines would need to occur to maintain system viability and integrity. Financially, the CUSO would be self-sufficient within three years."
