ORLANDO, Fla. -
With the aid of Andera, Providence, R.I., an online accounting opening solutions firm, IFCU's website began offering eAccounts directly online last spring. Using direct mail, print and outdoor advertisements and a $25 cash bonus, the $415 million asset IFCU pulled in 309 applications in its first three months.
Nearly a year later, the CU has opened has opened 333 new savings accounts and 211 new checking accounts, said Lynn W. Owen III, President/CEO of Insight Financial.
"eAccounts have slowed down a bit since the service was first launched, but it is still generating 15 to 20 new savings accounts per month and 6 to 8 checking accounts per month," he said. "These members continue to expand their relationship with the credit union by opening other accounts such as money markets, credit cards, and auto loans."
He said they users comes from all over the CU's five-county area surrounding metro-Orlando-some in areas that areas that aren't close to branches.
Owen said member feedback about the service has been very positive.
"Some of the new members who opened eAccounts are referrals from existing members, and they loved the idea of not having to be near a branch," he said. "We also find that it is popular among our younger members 18 to 28 or so."
Members have to be at least 18 to open an eAccount.
The intricate technology with its decisioning matrix and predetermined criteria makes this service possible by verifying identity using "out of wallet" questions and running basic credit scoring. It also has the ability to cross sell products and allow money transfer from other financial institutions or credit cards.
Owen said the CU is drawing members through billboard signs that offer Point. Click. Bank. Open an eAccount.
"When someone visits our website, they see the Point. Click. Bank. Banner which encourages them to open an eAccount," Owen said. Whenever we promote checking accounts, especially through direct mail to non-members, we always include eAccounts."
