Not Offering Online Account Opening? It's Time

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COSTA MESA, Calif.-If a credit union is not offering online account opening and loan processing, it is a topic that should be broached during strategic planning for 2012.

That was the message from MeridianLink, a provider of enterprise business solutions, including Web-based credit reporting, and loan- and account-origination technologies. Branwyn Rhodes, the company's director of communications, said there is ample financial industry research available showing most consumers under age 55 prefer conducting financial transactions online. Cost savings also are a factor: a Javelin Strategy & Research study found processing an online application costs approximately four times less than handling an application in branch.

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