How Mountain America Credit Union Plans to Streamline Commercial Account Opening with Abrigo
Streamlining Commercial Account Opening with Abrigo
COVID-19 dramatically changed the need for financial institutions to work with customers and members remotely. While most financial institutions have incorporated digital banking and online services at some level, the increased demand for these amenities has made banks and credit unions reassess their strategies.
Mountain America Credit Union, for example, had internally built a system for online account opening. However, the system had its challenges due to resource constraints and manual, repetitive processes. To open an account remotely, Mountain America had been relying on fillable PDFs. While the PDFs did allow for business members to fill out documents remotely, it didn’t make the process much quicker. To help streamline the account opening experience for business members and free up valuable resources, Mountain America has recently implemented Abrigo Commercial Account Opening.
“Our move to Abrigo for business account opening will help us align our focus to make it easy for business members to do business with us and simplify the account opening process for both members and Mountain America employees,” said Don Youngberg, AVP Business Services at Mountain America Credit Union.
Youngberg identified three key benefits Abrigo’s Commercial Account Opening solution offered MACU:
- Remote account opening
- Document management
- Cash management services
A user-friendly, remote commercial account opening experience for business members
Remote account opening will be a huge efficiency gain for Mountain America. Since Mountain America had relied on fillable PDFs to open accounts remotely in the past, account opening was more difficult and time consuming. Youngberg is particularly excited about the dynamic application, which asks tailored questions contingent on previous answers and requires answers to be input to submit the application. It also simplifies the application process when multiple owners are involved.
“We could send out a portal invite to owners that were in multiple locations, and they could input their information – essentially completing the account paperwork, sign, and everything, right from their office,” Youngberg said.
A centralized, efficient process for bankers
Abrigo helps to centralize all business member documents so that the information is digital and all in one place.
“We can access if [business members] had a commercial loan with us and any documents already in the database in the lending side, such as organizational documents or financial statements we would need for cash management approvals. Plus, it has cash management services incorporated directly into the solution,” Youngberg noted.
Cash management had been a manual pain point for Mountain America. The Abrigo Commercial Account Opening solution makes it easier to gather all of the necessary paperwork and automates much of the process with treasury management services making it easier to grade and review.
Abrigo Commercial Account Opening offers Mountain America the ability to gain more efficiencies for its staff while creating a better member experience.
“We have about 100 branches, and we open about 300 business accounts each week. There are a lot of opportunities for us to provide members with a great experience and we feel that implementing Abrigo’s Commercial Account Opening Solution will help us accomplish that.”
Mountain America was named the #1 credit union lender in the nation and Utah by the Small Business Administration (for the 2020 fiscal year).1 Mountain America also ranks as the #2 credit union in the nation for business deposits during Q2 2021, as reported by NCUA. 1
1 Callahan and Associates
were in multiple locations, and they could input their
information – essentially completing the account
paperwork, sign, and everything, right from their
Don Youngberg, MACU