You’re standing in line at a branch on your lunch break, or maybe you’re on the couch with your phone, trying to open an account.
Either way, you want the process to take minutes, not a stack of forms and a follow-up call. That’s the experience BrightBridge Credit Union set out to build, and its approach recently got a spotlight at the New England Financial Marketing Association (NEFMA) Fall Conference.
A look behind the curtain
Theresa Hayes, BrightBridge’s Senior Vice President of Digital Banking and Data Management, presented a session called “A Look Behind the Scenes: Digital Transformation with a Member First Mindset.” Her subject was how credit unions can adopt new technology without losing the personal, community-minded service they’re known for.
She used BrightBridge’s own project as the case study. The credit union rebuilt its digital deposit account opening and consumer loan application platforms, and Hayes walked attendees through the challenges, the planning, the rollout and the measured results. Several departments worked on it, and the goal was a consistent experience whether a member applies online or in a branch. Team members got a lighter manual workload out of the deal, too.
“Digital transformation is not simply about adopting new technology,” Hayes said. “It’s about understanding what members need, identifying barriers within existing processes and building solutions that make it easier for people to achieve their financial goals. The most successful initiatives keep the member experience at the center of every decision.”
The numbers
Six months after launch, the results were hard to argue with:
- Online deposit account conversion rose from 18% to 45%.
- New member growth increased 150%.
- Digital deposit account openings grew 141%.
- Auto loan workflow complexity dropped 69%.
- Call center inquiries about applications fell 41%.
- Manual fraud reviews declined significantly.
For members, that translates to opening a deposit account in three minutes or less and finishing a consumer loan application in six minutes or less.
The person behind it
Hayes has spent 21 years at BrightBridge, starting as a teller and working up to executive leadership. Along the way she held roles in retail operations, marketing, digital channels and data management. Having seen the work from both the front counter and the strategy table, she brings a practical view of what members and staff actually need.
“We are incredibly proud of Theresa and the leadership she’s demonstrated throughout her career so far,” said Stephen Lynch, BrightBridge’s Executive Vice President and Chief Digital Officer. “The success of these digital initiatives is a testament to her vision, collaboration and unwavering focus on our members. We’re honored that she had the opportunity to share BrightBridge’s story with peers from across the region.”
What to watch next
The NEFMA conference gathers marketing, business development and financial services professionals from across New England to swap ideas and look at emerging trends. After a session like this one, expect other institutions in the region to start asking harder questions about their own application flows. Watch whether conversion rates, workflow complexity and call volume become the yardsticks they measure themselves against, and whether BrightBridge’s early gains hold up as more members use the new platforms.