A partnership on a mission to build credit union awareness and create new member accounts online
California-based FinTech, MK Decision (MK) announced its partnership with Credit Union National Association’s subsidiary CU Awareness, LLC (CUA) to increase member conversions by empowering credit unions with MK’s digital account opening platform. CUA’s Open Your Eyes to a Credit Union® digital campaign continues to exponentially grow its reach and connection with consumers. In the last 12 months, over 5 million consumers have visited YourMoneyFurther.com to learn more about credit unions. Dedicated to strengthening credit unions’ presence in local economies, CUA launched its campaign in conjunction with MK’s platform to deliver on the shared mission of excellent member experiences, transparent financial products, and the financial success of every member. Amidst the pandemic, MK’s platform offers an intuitive, online shopping experience to start the first transaction in the credit union relationship, opening a deposit account.
While credit unions make up 50% of the financial institutions in the United States, they own only 8% of the account opening market (Shevlin, 2020). To take back account opening market share, CUA and MK committed to providing credit unions the critical online infrastructure needed to support their members.
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“From awareness to consideration to actualization, consumers are seeking a seamless, digital journey,” said Chris Lorence, CU Awareness, LLC Executive Director. “MK Decision provides the capacity for credit unions of any asset size to actualize memberships via a smart, easy-to-use, secure application. ‘Open Now’ is a realistic possibility for credit unions ready to expand their membership opportunities through the Open Your Eyes campaign and MK Decision.”
Credit unions who contribute to the campaign and choose MK as their FinTech partner will gain access to a seamless member experience branded to their institution. MK’s online Store educates and informs members on product offerings with side-by-side comparisons for account details. After consumers click “Open Now” they are guided through a mobile-first application with IDology’s ID scan to pre-populate application data and perform real-time identity verification. Once the application is submitted, members can electronically sign agreements, upload documents, and receive automated messaging on status updates with MK’s cloud-based platform. MK encourages faster funding by integrating with Plaid’s bank account authentication or debit card funding. Driven by ease-of-use and compliance, MK’s digital account opening process can be completed in three minutes.
“When the Credit Union Awareness Team came to MK Decision, they presented an opportunity. Credit unions across the nation, who lacked a strong foundation to convert new members digitally, would miss out on the benefits of CUA’s Open Your Eyes campaign. CUA recognized MK as an up-and-coming FinTech and chose MK to bring high-quality digital account opening technology and build service-oriented relationships with the credit union industry,” said Har Rai Khalsa, MK’s Chief Executive Officer. By leveraging this partnership, credit unions can expand their market reach, exceed consumer expectations for digital financial services, and ensure their members’ financial success for generations.
