First Tech Credit Union offers membership to people working in ICT. Prior to 2020, in-person site visits to ICT companies across Ireland was a key acquisition and retention channel.
Before using ID-Pal, members struggled to be document-ready to complete onboarding in-person during site visits. Not having all the necessary documents led to a percentage of new members not completing the signup process or pausing onboarding due to incomplete document uploads. The risk for First Tech Credit Union was losing the potential new member as they did not complete a part of the onboarding process or downloaded forms to finish it manually later.
The arrival of Covid-19 and restrictions placed meant the challenges of in-person onboarding were greater as all signups were now remote.
Another key AML and KYC requirement for First Tech Credit Union is updating back books of existing members. Maintenance of records is another compliance regulation that credit unions must comply with. Requiring customers to provide in-date versions of expired documentation was time-consuming and was a manual process completed by the compliance officer and the members.
