When Entegra Credit Union approached us in 2012 to design and develop a robust, engaging and easy to use online account opening and member onboarding system, we were thrilled to say the least. That’s because Entegra’s request was right in line with our own vision for ‘cumulus™’ – a software solution that would make opening an account online simple, fast, secure, fun and 100% FinTrac compliant.

the challenge

Entegra would need the solution to provide users with all the tools required to open an account online. They also wanted it to:

• make users feel welcome, supported and optimistic about becoming a member
• be easy to use and require minimal time to complete
• meet internal and regulatory requirements
• provide easy access to information or additional support should it be required
• minimize the need for paperwork
• automatically inject the member’s information directly from the application into its DNA banking system

a new delivery channel

The solution would need to work hand-in-glove with Implicity, a new delivery channel being developed by Entegra. Dawn Borges, Sales and Service Manager at Entegra Credit Union explains:

We were developing our Implicity brand with our main focus on making saving simple for our members. To support this goal, we wanted a user-friendly account opening process that could be integrated with our DNA banking system. It was important to us to make it convenient and simple to use, allowing people to open an account on their own time without the hassle of having to mail in paper forms. When we were researching account opening software, we had seen the open(up)™  product developed by thirdstream and liked how nicely it injected into DNA. We approached thirdstream about an online account opening system, hoping that they had a forward facing software similar to open(up)™. They didn’t, but they were willing to work with us to create this software to help us achieve our goals.

goals exceeded … by 243%

The results for Entegra Credit Union since implementing Implicity and cumulus™ have been nothing short of spectacular. In 12 short months:

• Entegra’s total member deposits grew by 18.39%
• Entegra has gained 1340 new memberships via cumulus™ for an average of 111 new memberships per month
• 1.17 accounts/member/month were opened via cumulus™
• the overall time spent on the account opening process has been reduced by 75%

All told, cumulus™ has helped Entegra Credit Union to exceed its goals by 243%.

how it’s working today

Dawn Borges tells us, ‘Since the launch of Implicity and the implementation of cumulus™, our deposits have met and exceeded our expectations and we continue to grow on a consistent monthly basis. This is only the beginning for us. We are very excited about where cumulus™ can take us. As the needs of our membership grow and change, we will continue to expand on its possibilities. Whether it is broadening our product offering or incorporating new services offered to our members online, this system holds tremendous potential for us.’

congratulations from thirdstream

We’re thrilled for Entegra Credit Union and congratulate them on their ongoing success with Implicity. At the heart of their success was a clear vision to build stronger relationships, deliver richer experiences and empower their members on their financial journeys. Way to go, Entegra Credit Union. Our hats are off to you.

what’s ahead for cumulus™

We are always working on new initiatives that provide added value to clients like Entegra and their members. Features that have been implemented or are coming soon include:

integration to Canada Post
This enables users to input a postal code to automate address population, reducing the potential for member call back to correct data input.

eSignature capture
This utilizes industry-accepted Digital Signatures to allow for authorization of required documents when the user isn’t physically present.

responsive design
This has evolved the system into a mobile platform, making it easy to open an account online from a smart phone or tablet.

Remote Deposit Capture (RDC)
This will make it possible for applicants to take a photo of their deposit cheque from a smart phone or tablet. RDC will scan the cheque and capture all the pertinent cheque data.

ID scan technology
This will allow users to scan their photo i.d. (driver’s license) from a phone or tablet, capturing key information (name, dob and address) that will be automatically uploaded into the application form.

lending cross-sell
This will expand cumulus™ to include an online loan application. Not only will this allow credit unions to cross-sell loans, mortgages and lines of credit to online applicants, it will turn cumulus™ into a highly integrated sales tool that does even more to help our clients – and their members – reach their financial goals.

Come to our webinar on March 19, 2014 to learn more about how cumulus™ could help your credit union grow or call us at 403.381.1360 for a personal demo.