Improved member onboarding represents a unique opportunity to build member loyalty, uncover and address member needs, and turn new members into advocates for your Credit Union. Automating your member onboarding process with OpenAdvantage® from Doxim allows you to take the focus off the paperwork and onto the member service experience. Your member service representatives can now rely on a fully automated system to run mandatory field checks and ensure all relevant forms are completed, freeing them up to have a goal-based conversation with a new member and identify new sales and service opportunities. Perform faster and more accurate member onboarding while reducing costs with Doxim OpenAdvantage®. Download this handy brochure, and visit www.doxim.com for more information.
content.community.connected www.doxim.com WHY IS MEMBER ONBOARDING SO CRITICAL FOR CREDIT UNIONS RIGHT NOW? While Credit Unions still lead the pack in terms of the member service experience, over the last few years Client Service Index research has nevertheless indicated a downward trend in customer service ratings for Credit Unions, with major banks beginning to close the gap. The historical advantage that Credit Unions have had over major banks, built on more personalized service, is eroding over time, and Credit Unions need to find ways to reverse this trend to maintain their competitive differentiation. Improved member onboarding represents a unique opportunity to build member loyalty, uncover and address member needs, and turn new members into advocates for your Credit Union. Automating your member onboarding process with OpenAdvantage ® from Doxim allows you to take the focus off the paperwork and onto the member service experience. Your member service representatives can now rely on a fully automated system to run mandatory field checks and ensure all relevant forms are completed, freeing them up to have a goal-based conversation with a new member and identify new sales and service opportunities. OpenAdvantage ® Member Onboarding for Credit Unions
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content.community.connected www.doxim.com
WHY IS MEMBER ONBOARDING SOCRITICAL FOR CREDIT UNIONS RIGHTNOW?
While Credit Unions still lead the pack in terms ofthe member service experience, over the last fewyears Client Service Index research hasnevertheless indicated a downward trend incustomer service ratings for Credit Unions, withmajor banks beginning to close the gap. Thehistorical advantage that Credit Unions have hadover major banks, built on more personalizedservice, is eroding over time, and Credit Unionsneed to find ways to reverse this trend to maintaintheir competitive differentiation.
Improved member onboarding represents aunique opportunity to build member loyalty,uncover and address member needs, and turnnew members into advocates for your CreditUnion.
Automating your member onboarding processwith OpenAdvantage® from Doxim allows you totake the focus off the paperwork and onto themember service experience. Your member servicerepresentatives can now rely on a fully automatedsystem to run mandatory field checks and ensureall relevant forms are completed, freeing them upto have a goal-based conversation with anew member and identify new sales and serviceopportunities.
OpenAdvantage®
Member Onboarding forCredit Unions
OpenAdvantage® Member Onboarding for Credit Unions
WHAT IS OPENADVANTAGE®?The OpenAdvantage® platform helps Credit Unionsstreamline their businesses by bringing critical businessprocesses online. It’s a flexible platform that can beimplemented quickly to automate your member onboardingprocesses. Your manual, paper-based onboarding processesare transformed into elegant, online workflows which doaway with paper, speed up end-to-end activity, ensureaccuracy through embedded business rules, and drivesignificant cost savings. At the end of the process, acustomized welcome package is generated for your newmembers, which can be easily configured to incorporate yourCredit Union’s logo and other corporate brand elements.
PERFORM FASTER MEMBER ONBOARDINGEliminate slow, manual, error-prone member onboardingprocesses by deploying an OpenAdvantage® solution that’scustomized to automate your workflows, forms, businessrules, data checking and approval processes. This reducesthe time-consuming, complex aspects of the memberonboarding process, while helping meet your business andcompliance requirements.
• Reduce Data Entry – Using our unique dynamicquestionnaire, you can speed up the member onboardingprocess by ensuring forms are filled out right the first time.Responses are used to populate multiple forms,eliminating duplicate data entry. Partially completedquestionnaires and smart forms can be saved, allowing the member onboarding process to be completed at a later time without having to start over. When the final form is submitted, a mandatory field check is run, ensuring that all required fields are filled in and preventing costly rework.
• Deliver A Complete Member Onboarding Experience - The scalable platform and configurable workflowssimultaneously support multiple lines of business and canbe expanded easily as your business grows.
• Perform Real-time Member Onboarding –OpenAdvantage® can perform member onboarding inreal time, enabling accounts to be opened andtransaction-ready on the same day.
PERFORM ACCURATE CLIENT ONBOARDINGInstitutionalize best practices and compliance standards withOpenAdvantage® by automating workflow, approval processes, and business rules. OpenAdvantage® will increase the accuracy and speed of your member onboarding process by:
• Reducing Errors – Mandatory fields can be highlighted,enforcing compliance and eliminating the need to visit orcall a prospect multiple times to gather additionalinformation.
automatically checks for errors, reducing processing timeand ultimately improving the member experience.
• Identifying and Initiating Updates – Automatically viewand report on accounts that do not meet prescribedbusiness rules, KYM requirements, or compliancestandards by using our customizable dashboard.
REDUCE MEMBER ONBOARDING COSTSWith OpenAdvantage®, new members can be onboardedquickly and effortlessly, taking the focus off paperwork andallowing member service representatives to spend more oftheir valuable time cross-selling/up-selling to your members.Cost reduction benefits you will experience include:
• Reduced Hard Costs – Eliminate costly paper forms,carbon copies and the costs associated with wastedinventories due to business and compliance changes.
• Reduced Soft Costs – Reduce the sales andadministrative burden associated with error correction.
• Increased Staff Productivity – OpenAdvantage®
dramatically reduces the burden of opening and updatingaccounts on sales and administrative staff by reducingdata collection.
• Reduced Application Abandonment Rates –Simplifying and speeding up the process for membersleads to many fewer abandoned applications.
content.community.connected www.doxim.com
OpenAdvantage® Member Onboarding for Credit Unions
• SimplifiedStaffTraining – The OpenAdvantage®
interface guides member service representatives through the process of gathering all vital information. This dramatically reduces the need to “understand the paperwork requirements,” enabling the Credit Union to institutionalize best practices across all staff and business units.
IMPROVE COMPLIANCE AND REDUCE RISKSimplify and improve compliance reporting by automating timeconsuming, manual tasks. OpenAdvantage® improves thequality of data captured by ensuring that all required valuesare entered and that all required documents are tracked. Therelated customized workflow and business rules aredesigned to help meet compliance and regulatory obligationsand reduce liability risks.
• Produce Business, Compliance and Audit Reports –OpenAdvantage® can produce more than thirty reports,including comprehensive compliance and audit reportsbusiness metrics, operational efficiency and supervisoryreports.
• Generate Missing Document Reports – WithOpenAdvantage®, you can quickly access and view areport outlining the status of documentation at anybusiness level.
• ConfigureSecurityLevels– The OpenAdvantage®
permissions structure allows administrators to configurethe application to limit account and forms access to auser’s own assigned accounts.
• Improve Resiliency of Business Backups – Electronic documentation is secure and can easily be replicated to meet institutional security standards.
• ComprehensiveLogArchiving– Log data is archivedand indexed in perpetuity to meet data retentionregulations.
MANAGING DOCUMENTS ELECTRONICALLYThe OpenAdvantage® platform can be fully integrated withexisting instances of Doxim Enterprise Content Manager(ECM) to enable centralized management and fast retrieval ofdocuments online while enhancing corporate compliancepractices and policies. Doxim ECM helps speed up themember onboarding process by eliminating the need forpaper forms to be couriered. Access to the archive can besecurely shared by authorized users across departments andorganizations. Using Doxim easyCapture™, any relatedpaper documents can be scanned, stored and routed usingbarcodes – transforming a paper trail into an easy-to-access,cloud-based, digital document archive.
MAKING FIRST IMPRESSIONS COUNTMember service is at the heart of everything your CreditUnion does. Credit Unions that implementOpenAdvantage® can keep costs down while improvingbranch service levels and dramatically reducing the timeneeded to open an account. These Credit Unions will alsoexperience increased staff productivity and the ability tokeep easily accessible electronic onboarding records. Butmost importantly, automated onboarding allows MemberService Reps to open accounts quickly and correctly whilebuilding crucial rapport with new members, and helpingthose members to select the services which are the rightfit for them.
A first impression is a lasting impression. Why not useOpenAdvantage® member onboarding software to make thatfirst impression count, every single time?
content.community.connected www.doxim.com
Doxim builds and delivers automated client on-boarding software, cloud-based Enterprise Content Management, and advanced documentprocessing solutions for Financial Service Providers and their outsourcing partners. These solutions are used by thousands of clients in banking, credit unions, wealth management and investment brokerage to create, deliver and manage business critical documents and content more efficiently and cost effectively. Doxim solutions help these organizations to improve client communications, streamline document access and meet the stringent compliance requirements associated with transactional document output and delivery.Doxim is an SSAE16/CSAE 3416 compliant organization.
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