RALEIGH, N.C.-It was a good year to develop a new checking account switch kit, reports State Employees CU.
The $24-billion SECU introduced "The Switch" in Q1 and produced 16% growth in new checking accounts prior to all the Bank Transfer Day hoopla and then 30% growth in September and October.
"As important as those numbers are, I think the big benefit we will see from The Switch will come in 2012 when we begin to more effectively cross-service these new members," said Leigh Brady, SVP of education.
SECU plans to change the title of tellers to financial services reps, give them more product and sales training, and then focus on getting the new members more products they need.
The Switch provides members and tellers with the tools and knowledge they need to make changing a checking account less difficult. The tool simplifies and speeds the account changeover by having tellers partner with members, working closely with members to guide them through the process of moving a checking account from one financial institution to another. All of the forms needed to open the account are online and are completed with the member at a teller's PC. Other forms and information needed to switch direct deposit and other services, such as automatic debit, are online and ready as well.
The Switch allows any teller to quickly call up the member's new account and view the progress of the changeover and stay on top of the account for the member until the first deposit hits.
