RALEIGH, N.C.-As switch kits evolve away from paper packets and become more automated, one credit union is cautioning that if too much of the human touch is lost, the tool becomes ineffective.
The $24-billion State Employees' CU here has increased checking accounts by 16% since it introduced its switch kit in March, and it credits the front-line team "handholding" members through the changeover for the success.
"Our tellers take the time to forge relationships with members," said Leigh Brady, SVP of education. "If you have that relationship and are seen as the trusted financial partner, people know that if the credit union says it has a better deal we are not putting money in our pockets and it's time to change. Have a great switch kit and no relationship, and those checking accounts are not coming."
Called The Switch, SECU's program can be handed out in the branch or picked up online. It contains a checklist to organize the process, making sure consumers are thinking about all the relationships associated with the checking account that need to come over, and reminds them they need to obtain all pertinent information on their current account. A new account form is included, as well as direct deposit authorization, change automatic payments, and account closure forms. Detailed instructions are also on the credit union's Web site.
The Difference-Maker
But what really makes the process faster and simple, said Brady, is having tellers partner with members, working closely with them to guide members through the process of moving a checking account over. SECU has a tracking system that allows any teller to quickly call up the member's new account and view the progress of the changeover and keep the member updated. Tellers stay on top of the account for the member until the first deposit hits.
SECU front-line staff are schooled on the basics of government direct payments, such as Social Security, so they know how to answer questions and offer resources.
"Members are very busy and if you don't do hand holding then you are not going to be as successful in getting them to move their account," offered Brady.
Since much of the success of The Switch falls onto the tellers' shoulders, SECU provides extensive up-front training on the tool, sparks competition between branches by posting new checking account openings by location, and makes sure the service is top of mind. Brady said the credit union recently added a prompt tellers see on their PC when members who do not have an SECU checking account stop in. The prompt reminds tellers the individual does not have a checking account and that the kit can help them make the switch.
New members who join via The Switch are targets for new products, which the CU calls "cross-servicing."
