Vibe Credit Union attracts new customers with a unique online mobile banking experience.
Founded as a credit union for telephone employees in 1936, Vibe Credit Union, formerly known as Telcom Credit Union, opened its doors to residents in the Southeast Michigan region in 2013. Today the not-for-profit, community-oriented financial institution serves over 36,000 members and has over $400 million in assets.
To connect with a wider and younger audience, the credit union changed its name to Vibe and underwent a major brand makeover. But it wasn’t all about image. Vibe Credit Union also knew it needed to launch a new website with an enhanced suite of online and mobile banking capabilities to convert younger and larger audience into customers.
Bottomline’s Online Account Opening
Vibe selected the Bottomline Technologies Online Account Opening for Consumers solution to provide an easy, secure, remote self-service option to improve and complete the online account applications process, and to increase the efficiency of employees originating accounts in the branch.
Previously, prospective members could start a membership application online, but were still required to visit a branch to complete the process. With Bottomline, members can now apply, open, and fund their accounts online. If prospects walk into a branch to open an account at a busy time and employees cannot immediately help them, they can step up to a Bottomline self-service kiosk and complete the process themselves.
Whether online or in the branch, the Bottomline solution employs a multilayered approach to verify the information provided by new members complies with Bank Secrecy Act requirements and Vibe’s own conservative, by-the-book commitment to fraud detection and prevention. In addition, Bottomline’s platform eliminates the need for prospective members stop by a branch with their driver’s license.
Vibe has seen a tremendous increase in the use of online account openings since it introduced the Bottomline Online Account Opening for Consumers solution. Vibe believes that the more streamlined account opening process has reduced customer frustration leading to improved customer satisfaction. And because the user interface conveys how easy it is for prospective and existing members to open accounts or to apply for a mortgage, home or car loan, it has been very successful at increasing the sales of additional products per member.
In the Customer’s Own Words
“The goal is to migrate every employee in our branches to use Bottomline because it’s an easier and quicker process for prospective members. And the information we can capture in the 10-minute application process represents a tremendous amount of data.”
Tyler Ross, Chief Marketing Officer, Vibe Credit Union