Vibe Credit Union Case Study: Designing a truly unique banking experience

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1 Vibe Credit Union Case Study: Designing a truly unique banking experience IN PARTNERSHIP WITH

2 Profile: Vibe Credit Union Vibe was founded as Telephone Employees Credit Union in 1936 (renamed Telcom Credit Union in 1982) to serve the employees of the Detroit Division of Michigan Bell Telephone Company. Vibe now has $431 million in assets and serves 32,000 members, mainly in Southeast Michigan. Membership is open to anyone who works, lives, attends school, or worships in Southeast Michigan. Summary & key takeaways Vibe recently underwent a dramatic transformation by introducing a number of key initiatives & technological capabilities: New brand. To connect with a wider and younger audience, the credit union changed its name to Vibe and underwent a major brand make-over. New website & mobile app. Vibe launched a full suite of remote services: mobile account access, remote deposit capture, and a new website with enhanced online banking capabilities from Digital Insight, including its online financial management application, FinanceWorks TM. Online account opening. Vibe selected Andera s core-connected account opening platform to provide an easy, secure self-service option for members applying online and to increase the efficiency of employees originating accounts in the branch. Robust onboarding process. To build relationships with new members, Vibe has designed a robust onboarding process that increases products per member. Featuring: Tyler Ross, Chief Marketing Officer (Vibe) & Derrick Barber, Chief Operations Officer (Vibe) 2

3 Transformed by a new brand and investment in technology In March 2013, Vibe Credit Union premiered its new name, launched a mobile site (vibeisdifferent.com) and a new website (vibecreditunion.com), and added mobile & online services. The tandem rollout of a fresh brand identity and cutting-edge technology underscores Vibe's new brand pillar: a truly unique banking experience. The new name will change the way Vibe members think of their credit union. The expansion of electronic access will transform how existing members manage their finances and how new members learn about Vibe's services and open new accounts. Vibe's old website and brand 3

4 It wasn t just about changing our name from Telcom to Vibe, says Chief Marketing Officer Tyler Ross. It was about changing our brand pillars, changing the look and feel of all of our marketing pieces, even changing our voice in how we write and communicate and add to all that a launch of the most farreaching banking technology platform that s offered in Southeast Michigan through Digitial Insight (formerly known as Intuit Financial Services). We ve launched a new website and online banking, we have mobile apps for Apple and Android TM devices, and we have a mobile website. Vibe's new website: A key component of Vibe s new remote offerings is Andera s online account opening platform, which allows prospective and existing members to open and fund new deposit accounts remotely. We are seeing tremendous use of online account opening since we introduced the service, says Chief Operations Officer Derrick Barber. Previously, prospective members could choose to start a new membership 4

5 application online, but were still required to visit a branch to complete the process in a more traditional manner. With Andera, members can now truly apply, open, and fund their accounts online. A new brand name to connect with a wider, and younger, audience A survey of Southeast Michigan residents found that only 2% had heard of Telcom Credit Union or knew they were eligible to join. After presenting a business case for a name change to the board of directors in the fall of 2011, the executive team began an 18- month-long endeavor to select a new name and implement new remote channels most likely to attract the target audience of 25 to 49-year-olds. "Our primary goal is to attract younger members and have them say, Hey, this is a place that has cutting-edge technology, and it seems very unique and youthful. " The credit union worked with a brand marketing consultant to come up with a name that simultaneously pays tribute to its heritage and has broad appeal without implying any membership limitations. "Vibe" works on many levels. It evokes the idea of sound vibration, a nod to the credit union s historical ties to the 5

6 Vibe's mobile website: vibeisdifferent.com telecommunications industry. At the same time, it calls to mind vibrant, with undertones of being youthful and modern. The new name is short, simple, and memorable. A variety of components go into this name that make it seem attractive and interesting and stand out as unique from other banks and credit unions in the Michigan marketplace, Ross says. Our primary goal is to attract younger members and have them say, Hey, this is a place that has cutting-edge technology, and it seems very unique and youthful. We have a really cool brand micro-site, vibeisdifferent.com, to convey that message, and we ve been promoting it in brand awareness advertisements on television, radio, Pandora, Hulu, and other digital channels. Vibe s redesigned website conveys how easy it is for prospective and existing members to open accounts online or to apply for a mortgage, home equity or car loan. 6

7 Making account opening easier, quicker, and more secure for staff and members Its online deposit account opening process is powered by Andera and implemented in conjunction with Digital Insight platform that also encompasses online banking, FinanceWorks, a purchase rewards program, a mobile website, and iphone and Android apps. A few months after its main technology launch, Vibe also introduced remote deposit capture. Branch employees were introduced to the new account opening platform from Andera about two months before it was unveiled online to members. Employees opening accounts for members currently have the option to use either the traditional process available through the core banking system or the Andera platform. "The goal is to migrate every employee in our branches to use Andera because it's an easier and quicker process for prospective members." The goal is to migrate every employee in our branches to use Andera because it s an easier and quicker process for prospective members. The information we can capture in the 10- minute application represents a tremendous amount of data, Barber says. The new account opening system powers another convenient service option: If members walk into a branch at a busy time 7

8 and employees cannot immediately help them, they are welcome to step up to a self-service kiosk and open new accounts themselves. Thus, Vibe is moving toward relying on Andera s platform to open accounts across all channels. The automated solution introduces prospective members to the credit union and shows how easy it is to do business with it. "Andera does a series of identity checks, including asking out-of-wallet questions. It does a great job answering the question: who are we doing business with, and are they a viable person to do business with?" Ross adds that they expect traffic to their online application to accelerate as Vibe shifts its marketing focus from building brand awareness to promoting specific products and services. The account opening platform differentiates between existing members opening additional accounts and prospective members who need to supply proof of identity and undergo a few additional checks. Andera does a series of identity checks, including asking out-of-wallet test questions, to validate your identity, Barber explains. It does a great job answering the question: who are we doing business with, and are they a viable person to do business with? Andera s platform employs a multilayered approach to verify that the information provided by new members complies with 8

9 Bank Secrecy Act requirements and Vibe s own conservative, bythe-book commitment to fraud detection and prevention. Andera has eliminated the inconvenient requirement that prospective members stop by a branch with their driver s license to complete an application they started online. "That requirement took the convenience aspect out of the experience for applicants, making them take follow-up steps to open an account. The frustration came in when they were told they still had to come in to the branch to finalize the process, Barber notes. Welcoming new members and growing relationships with multi-channel marketing Vibe has a robust onboarding process to build relationships with new members once they open their first account(s). Whether their initial contact with the credit union is online or in person, new members receive a handwritten thank-you note two days after joining and a personal phone call, an , and a postcard two weeks later. Vibe's new members receive a handwritten thank-you note two days after joining and a personal phone call, an , and a postcard two weeks later. The onboarding continues with monthly mailed offers tailored to each member based on the accounts and services they are using. Ross explains, It wraps up with a congratulatory one- 9

10 year anniversary letter. We ve had this process in place for five years, but it was completely redesigned when we redefined our brand and implemented the new technology. We have found it to be very successful at getting additional products per member for our new members. "We re continuing to discover and use any opportunity we can in our electronic channels to build relationships with members, Ross adds. Even when you re chatting about a specific member question or issue, there may be marketing opportunities. Our cutting-edge technology affords us the ability to establish our brand with members and potential members at every touchpoint, and we re going to leverage that. More reports & studies from Andera: REPORT: The Future of Account Opening REPORT: Seven Reasons Applicants Quit Online Applications REPORT: Randolph Brooks FCU: A Growth Story VIDEO: Born Digital, Native Mobile: How to Redefine Your Customer Experience Using Mobile Technology VIDEO: 8 IT Habits of High Performing Financial Institutions Read our blog: blog.andera.com