Redesigning the account opening experience with inclusion in mind

first_imgThe pandemic shined a bright light on the financial inequities that exist across America. While credit union leaders were already well aware of the challenges faced by traditionally underserved communities, COVID-19 provided extra motivation to aggressively solve those challenges. Since March, we’ve seen the industry rise up with creative, compassionate and smart strategies to advance financial inclusion in multiple ways. And, we’re hearing some really great ideas and bold proposals for doing even more as the country continues to strive for recovery. As momentum for inclusive products, processes and outreach builds, there’s an important prerequisite credit unions must consider. As credit unions work to achieve big-picture things, like reengineering impact strategies to better engage the underserved, it must turn a critical eye to a crucial and often overlooked touchpoint – the account opening experience.  Ensuring prospective members become actual membersToday, account opening is often a credit union’s only shot at a first impression. Whereas prospective members once had to visit a branch to initiate a relationship, that is not always the case today. Many credit unions have innovated to allow for online or mobile account opening, which can mean the first introduction to a credit union – and importantly, it’s commitment to inclusivity – happens in the digital realm. Of course, a smooth account opening is not only about making a good first impression. More pragmatically, it’s about ensuring a prospective member becomes an actual member, quickly, easily and in a way that aligns with their expectations. An account opening process, redesigned with inclusivity in mind and staying within regulatory requirements, drives right at the heart of those expectations. GRC pros as inclusivity championsMy governance, risk and compliance (GRC) colleagues out there will be excited to hear that your expertise can be a highly valuable contribution to the redesign of the account opening experience. That’s because many of the hurdles that have traditionally stood in the way of an inclusive account opening practice center on fears of non-compliance. You are in a perfect position to help your team members understand that those compliance hurdles are not insurmountable. Here are a few things GRC leaders can implement within their cooperatives to improve the inclusivity of their account opening policies and procedures:Train frontline staff on different forms of ID: The Bank Secrecy Act (BSA) requires credit unions to verify a new member’s identification with a government-issued ID, which includes foreign governments. However, frontline staff may not be as comfortable determining the legitimacy of a foreign-issued ID. That discomfort can create an awkward or strained interaction between a prospective member and the first person at the credit union they meet.  Helping team members understand what is allowed under the credit union’s policy, as well as which security features to look for on non-traditional IDs, can ease their discomfort and help them provide a more welcoming first impression for newcomers to the credit union. The same is true for identification numbers. GRC leaders can help educate team members on forms besides Social Security numbers that are allowable, such as Individual Taxpayer Identification Numbers (ITINs).Prepare for less common situations: A key piece of information credit unions must collect from a prospective member to open an account is a physical address. However, the economic ripple effects of COVID-19 have created financial strain for many people in America. Some are even struggling to stay in their homes. They may be moving from place to place or even experiencing homelessness. Beyond the immediate pandemic circumstances, the same can be true for recent college graduates, migrant workers, victims of domestic abuse, newly divorced individuals or previously incarcerated people. A relationship with a human-centered financial institution may be exactly what they need to get on the path to financial wellness or access critical social services. GRC pros can review existing polices to be sure they encompass the full scope of permissible physical addresses. For instance, Title 31 Chapter X concerning customer identification programs states that an address must be collected. However, the regulation also allows for individuals who do not have residential or business street addresses to provide an Army Post Office (APO) or Fleet Post Office (FPO) box number, or the residential or business street address of next of kin or of another contact individual. GRC team members can also help staff prepare to answer prospective member questions who may struggle to provide a personal address. Focus on establishing a reasonable belief: BSA/AML guidelines call on credit unions to establish a “reasonable belief” that an individual is who he or she claims to be. This year put front and center the fact that not everyone conforms to a static, inflexible checklist of items to prove who they are. It is imperative that credit unions continue to assist in fraud detection and financial crimes. However, GRC leaders have a meaningful opportunity to become change agents by designing new ways for credit unions to establish reasonable belief in a person’s identity. Start by reviewing the cooperative’s BSA and CIP policy; it may be more restrictive than it needs to be. While it can be fine to retain the traditional checklist, credit unions should look to build in alternatives for prospects who aren’t able to provide mainstream evidence. Consider additional supporting methods, such as calling the member back at a phone number provided, checking bill payment histories or even requesting references. It is also important to remember that all prospective members should be treated fairly when confirming identity. Each of us carries unconscious bias that can show up particularly when we find ourselves in new or different circumstances. Credit unions must provide training and resources for staff to ensure they handle new member applications appropriately. Ensure disclosures are fully understood: New members are presented with account disclosures that may not be easily understood by someone who speaks a different language, comes from a different financial system or struggles with poor eyesight or literacy challenges. Frontline staff should be properly trained on ways to help everyone understand the terms and conditions of their newly established relationship with the credit union. Credit union members are as unique as the cooperatives they want to be a part of. While no credit union can be prepared for every circumstance, proactively investigating the underserved segments within a local community can point the cooperative’s inclusivity advocates and compliance preparedness in the right direction. With a few small tweaks to the way things have always been done, credit unions can open their doors to a larger and more diverse group of individuals, more fully living out the people helping people mission. 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Erin O’Hern As Vice President of Strategic Initiatives, Erin O’Hern supports PolicyWorks’ market expansion through management of strategic relationships, development of market and product integration strategies and thought leadership in the governance, … Web: www.policyworksllc.com Detailslast_img read more

Cricket News Cummins makes ‘bold, brave’ call, says Kohli won’t score 100 in Australia this time

first_imgNew Delhi: Australia fast bowler Pat Cummins has made a ‘brave and bold’ prediction: Virat Kohli will not score a hundred when Indian team plays a four-Test series Down Under later this year.”My brave, bold prediction; I’d say I think Virat Kohli is not going to get a hundred and we’re going to knock them off over here,” Cummins said at a Channel 7 event here on Tuesday.Kohli averages 62 in the eight Tests he has played in Australia, more than his career average of 53.40. He has five Test centuries to his name while playing in Australia.In the absence of the suspended Steve Smith and David Warner, India have a good chance of winning their maiden series in Australia.Australian fast bowling great Glenn McGrath was present at the function alongside Cummins. McGrath predicted that Australia would blank India 4-0. He also wants to see the home team target Kohli.”I want to see Australians put pressure on Kohli and just see how he handles it. It’s going to be a good, hard, tough series. Kohli has got a bit of an aggressive attitude, but showed last time he was out here he’s not going to take a backward step,” he said.”The Windies of the late 70s, early 80s were an incredible team and they used to target the captain of the opposition team and get on top of him and have a big impact. I tried to bring that in by targeting players when I played.”If you get on top of them, the No.1 player and their captain, it makes the job so much easier. If they can get on top of Kohli I think it can have a big effect on the game,” McGrath added.India will be touring Australia for the 12th time this summer. They are yet to win a Test series in 11 attempts, having drawn in 1981, 1985 and 2003. India have won just five out of the 44 Tests. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more

Suspect in Lauderhill fish market murder collared

first_imgTrace Walker The man who is suspected of shooting a Jamaican national to death in the parking lot of a fish market in Lauderhill, South Florida is now behind bars.He has been identified as Trace O’Brian Walker.Walker was caught on video as he pumped 13 bullets into the upper body of 34-year-old Gary Wallock on January 16 outside the Lobster and Seafood Warehouse, 1854 NW 38 Avenue, Lauderhill.Wallock’s female companion, who was with him at the time of the murder managed to escape although the suspect aimed his handgun and fired two shots in her direction as she scampered to safety.Walker was arrested in Palm Beach County without incident by the Lauderhill Police Department with the assistance West Palm Beach Police Department, Palm Beach Sheriff’s Office and the U.S. Marshalls Service.Walker is in the custody at the Broward Main County Jail being held without bond.The Lauderhill Police say they have established no motive for the murder but word on the ground in his hometown of Flankers in Montego Bay, Jamaica is linking the incident to an ongoing lotto scam.last_img read more

Džeko keen on Bundesliga return

first_imgManchester City forward Edin Džeko has denied claims he has held talks over a move to Borussia Dortmund but confirmed he would love to return to the Bundesliga.Džeko, who won the Bundesliga with Wolfsburg in 2009, has long been linked with a move back to Germany after failing to fully establish himself in the first-team at City.In an interview with kicker magazine, the 26-year-old said: “I love the Bundesliga and I will return to the Bundesliga. The only thing I don’t know is when.”In recent weeks, there have been reports that Dortmund are leading the race for his services as speculation persists that Robert Lewandowski will depart the Westfalenstadion.However, Džeko dismissed claims he had met with Dortmund coach Jurgen Klopp and club officials at a hotel outside the German city recently.“That’s not true,” he said. “There is a lot of talk and a lot is written. If you believed every word, I’d be playing at FC Bayern or AC Milan by now.”Even so, Džeko did little to hide his admiration for Dortmund and is tipping Klopp’s men to reach the Champions League final.The German champions, who took four points from City as they finished top of Group D, are well-placed to reach the quarter-finals after securing a 2-2 draw away to Shakhtar Donetsk in the first leg of their second-round tie.“I knew Borussia from the Bundesliga,” he said. “Essentially, I knew nearly everything about the team but, all the same, they managed to impress me.“Borussia showed how strong they are. They lost Shinji Kagawa [to Manchester United] ahead of the season, but now they have Marco Reus, who might be even better. Dortmund are a top club. Everyone in Europe was able to see that. With Jurgen Klopp, they have a great coach working there. This team can go a long way.“I am convinced Borussia will make it into the final. That’s my wish for the club. Anyone who comes out on top of a group with Real Madrid in such fashion can beat anyone.”The BiH international also said he was flattered to have received praise from Klopp in the past.“When it comes from one of the best coaches in Europe, I’m delighted, of course,” he said.Speaking to Sky on Sunday, Dortmund CEO Aki Watzke also tried to cool the Džeko rumours and claimed there were 100 to 150 Bundesliga players to look at, adding he would not comment any names.last_img read more