fiVISION’s autoENROLL works like this: Applicants are walked through a structured application that results in the opening of a Health Savings Account. The application asks for different information based on whether or not the consumer is already a member.  Applications can be made in person, over the phone, or online and all channels utilize the same decision criteria for opening the new account.  In addition, credit unions can either choose to be integrated with their host processor on a real-time basis or use these features in a cost-saving batch environment.

“HSAs are a fabulous deposit-based product opportunity for credit unions,” states Mike Winter, President of fiVISION. “One of the challenges for all products is to make them as easy as possible to put these accounts into place. With this application process, members and non-members can get an HSA in place in under five minutes.”

According to E Federal’s EVP of Operations, Stephen Mathews, new and existing members are able to go online, complete an application, open and fund an HSA account with E Federal Credit Union.  As part of the online process, they are able to order checks as well as a debit card to access funds in their HSA account.  Through automated cross-sell offers, they will be able to gain additional products and services.

“One way we will be attempting to use this module is in marketing our HSA account offering to employers,” Mathews says. “We believe that it is extremely attractive if we are able to offer an employer's staff the ability to go online and open and fund their HSA account at their leisure versus doing the same thing at some type of annual benefits meeting.”

E Federal’s initial rollout included moving all of its employees' HSA accounts to the credit union from a local bank.  The HSA module allowed E Federal’s employees to go online and open their HSA accounts without devoting a lot of credit union time and energy to the effort.

“We would like to have five to 10 small employers signed up for our HSA product when open enrollment for most employers comes around later this year,” he adds. “We currently have around one hundred accounts but we would like to increase this to several hundred by the end of the year.  We also see HSA accounts as a tool that will assist us when we begin to offer member business services.”

According to Mathews, online account opening and funding allows E Federal to leverage technology by opening and funding accounts much less expensively than traditional brick and mortar.  The technology also creates greater uniformity in account opening and procedures.  It also allows for cross selling of other credit union products and services to these members.

“Convenience is extremely important in this day and age,” he says. “We also believe that members that can actually open and fund an account online versus having to mail paperwork or visit a physical location are much more likely to complete the account opening.  The ‘closure rate’ on online account opening increases.”

“For us, this module opens up additional markets on a couple of fronts,” Winter says. “First, it is obviously aimed at credit unions that specifically want to offer Health Savings products to their members.   Second, the ability to provide a batch solution gives credit unions with smaller budgets the ability to offer online member enrollment and account opening solutions and to streamline their internal processes.”

About fiVISION

fiVISION provides technology platforms that enable enhanced member service and sales for credit union clients through its flagship CRM product memberWORKS and accountWORKS member enrollment solution. fiVISION, headquartered in Indianapolis, Ind., is a CUSO that was established to bring industry leading – and practical – contact management, cross selling and workflow automation technology solutions to progressive credit unions. For more information, contact fiVISION at 317.612.3350 or visit www.fivision.com.