ATLANTA –USALLIANCE Financial Credit Unions is reporting that after selecting Gro Solutions’ to tailor its account opening process for a mobile environment, it has reduced abandonment rates to 34% vs. the industry average of 80%.
USALLIANCE said it was seeking “an innovative technology that would enable potential members to quickly and easily join USALLIANCE by opening an account or applying for a loan using a mobile device. Gro Account Opening did just that by leveraging features such as GPS, imaging, and email parsing to condense USALLIANCE’s account opening process from upwards of 30 minutes down to four minutes or less.”
“Paper forms are a thing of the past, so in order to stay competitive in the digital age, mobile experience must be a priority,” said Kevin Randall, CIO and SVP for USALLIANCE. “Because Gro Solutions clearly understands our mobile-first strategy, as well as our business practice of putting people first, we were able to make the mobile onboarding process drastically faster and easier.”
“Financial institutions need to come to grips with the fact that many of their account opening solutions accommodate mobile by merely presenting a smaller form factor, and high abandonment rates are a testament to the fact that this just isn’t enough,” said David Eads, CEO of Gro Solutions. “Time and again, Millennials have demonstrated that they go where mobile is good, so financial institutions must present a front door that exceeds the expectations of these mobile-first customers if they are to thrive.”
USALLIANCE said it implemented the mobile version of Gro Account Openingin January 2015, followed by the rollout of its mobile web and Android/Apple mobile app versions in June 2015. The credit union’s employees now rely on the native app to open accounts in the branches and at off-site events, and members can also open new accounts through the USALLIANCE mobile app and mobile website.