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SPOTLIGHT: Credit Union Service Network

Online Account Opening No Longer Optional

According to a published study by the Aite Group, it is projected 13% of all checking accounts will be opened online in 2010.1 Another study showed that almost half of those who opened or attempted to open checking accounts in 2008, did so online.2 As the current credit union demographic profile continues to age, it will be imperative for credit unions to capture a larger percentage of new, online savvy members. Immediate and instantaneous information and access are now required to attract and retain members. What better way to gain a stronger market share then by offering online membership opening and loan origination?

Participants in shared branching with Credit Union Service Network (CUSN) have access to both a new membership opening product and a loan origination product through CUSN’s partnership with Meridian Link’s Xpress Account product. “Our goal is to become a one-stop shop for our subscriber credit unions and help them take advantage of new options and technologies to assist them in connecting with their members,” explains Doug Burke, CEO for CUSN.

Xpress Accounts gives credit unions a huge cross sales advantage. Upon establishing membership, additional accounts and loans are individually marketed to the new member based on established parameters. Data is smoothly integrated into a credit union’s core processing system. Funding the new accounts is done within the application process, making the entire process seamless to the new member.

Still leery or hesitate to use an online product for new accounts or loans? The CashEdge 2006 Consumer Online Banking Survey found 74% of respondents preferred to open and fund their new account online, with 80% expecting the new account to be available for use the same day.3 Online accounts have also been shown to be cost effective, with savings of almost $200 per new account holder.4

For more information on Xpress Accounts, please contact our CUSN Business Development team, 720-945-7250 or info@cusn.com. We also welcome credit unions who do not participate in shared branching to contact us regarding Xpress Account.


  1. Aite Group, LLC. Online banking: moving toward a new paradigm. Report #200608281.Accessed 02/24/10, www.aitegroup.com.
  2. Javelin Strategy & Research. Online account opening adoption forecast: the market is ripe for direct banking investments. September 2007. Accessed 02/24/10, www.javelin.com.
  3. CUNA. 74% of consumers surveyed prefer opening accounts online. Accessed 02/24/10, www.cuna.org.
  4. BancVue & First ROI. Online account opening: act now or pay later. Accessed 02/24/10, www.bancvue.com.


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