TUKWILA, Wash.—BECU is engaging with new members faster and getting more products in their hands as the result of a move to back away from its old onboarding process, which handed members a lot of information up front.
Instead, the $13.9-billion CU focuses first on providing members with the tools and knowledge they need to transact with the credit union, and learning what they need. Moreover, BECU has a dedicated team making outbound phone calls to build relationships.
Stacey Collins, director of experience design and implementation, said BECU now sees the first 30 to 90 days of a member’s new relationship as “the dating period.” She said the time to make a true impact with members who engage with the credit union has been reduced from more than a year to months.
Don’t Rush
What the credit union does not want to do is “rush” the relationship, said Collins.
“We used to do that, try to load up members early so they could be armed with everything needed to work with BECU. It used to be more like a one-time event,” she said. “Doing that overwhelmed members, we came to learn.”
Instead, in the first 30 days BECU focuses on making sure new members have what they need to interact with the credit union for daily needs.
“We want members easily transacting and utilizing us in the first 30 days,” said Collins. “Once they are able to do that, then doors open for conversations about more complex types of needs.”
Video Tutorials
Aside from reaching out to new members via e-mail and phone to make sure they have their checks and debit cards, BECU educates new enrollees on how to sign up for and use online and mobile banking.
“We have a video tour for online banking as well as a demo on how to use mobile,” she said. “We also share detailed maps on where they can access ATMs and shared branching. So early it is all about helping make sure members can get money into and out of the credit union.”
Stacey Collins, BECU
Collins said the “purposeful approach” works.
“Once we meet members’ basic daily transaction needs we can expand on that. We are working to gain their confidence that they made the right choice, as well as their trust, so they feel more comfortable having deeper conversations with us about a car loan or a home equity loan, if that is what they need,” said Collins, noting that process can take six months.
Outbound Calling
The dedicated outbound calling team reaches out on a monthly, or as-needed basis, which not only drives conversations but delivers a “human touch” to the onboarding process that is sometimes left behind at CUs once the member signs up at the branch. It also puts a friendly face on the credit union with members who joined online, said Collins.
Collins said the outbound calling has been “incredibly effective,” as opposed to just e-mail or direct mail.
“We can engage with members on the phone, ask questions, start digging a little deeper into what is important to them,” said Collins, adding how that has made follow-up e-mails for products and services much more effective. “We talk to members about what they need from the credit union as opposed to what we might want to sell them.”
Laying The Groundwork
The CU’s extensive branding efforts over the years and community involvement gives BECU a head start with onboarding, said Public Relations Manager Todd Pietsch
“People in the communities we serve have a very good understanding of who we are and how we are working for their best interests. So we have that level of trust when they walk in the door,” Pietsch said.
“When a potential new member walks in, for the most part we don’t have to convince them on why they should join BECU, they have already made their decision,” said Collins. “We then simply have to deliver.”
The credit union has a “new member portal” that houses information people need when they join, which members are encouraged to browse. Collins said BECU is working to expand the portal to become “a virtual storefront,” containing more videos and demos on how to work with the credit union and take advantage of its products.